Dunas Capital: Redefining Asset Management in Iberia

Founded in 2016, Dunas Capital Asset Management has quickly become one of the leading independent firms in Spain’s financial landscape, managing over €4.5 billion in assets. With a strong focus on capital preservation, risk management, and a value-driven philosophy, the firm offers clients both traditional and alternative investment strategies across financial and real estate markets. Guided by principles of independence, transparency, and innovation, Dunas Capital combines global expertise with local insight to deliver longterm, sustainable results for institutions and investors worldwide.

Dunas Capital is a Spanish financial group, founded in 2016, that has very quickly become one of the leading independent firms in the asset management industry on the Iberian marketplace, for both financial and real-estate investments, by offering a concentrated and specialized range of complementary and high-quality products with great added value. We are fully dedicated to managing portfolios of financial institutions and third parties, through traditional products and alternative investments. This involves managing global assets and portfolios with return targets that are established with a special concern for capital preservation, while continuously assessing the risk/return relationship, and applying the strictest standards for controlling and managing financial risks.

Thanks to all this, together with a very experienced and recognized management team and our extensive regulatory knowledge, we are extremely well equipped to advise our clients, being supervised by both the Spanish National Securities Market Commission (CNMV) and the General Directorate of Insurance and Pension Funds (DGSFP). We are based in Madrid, Spain, with premises very well located in the city center, but providing investment solutions for both local institutions and international players.

With total assets under management of around €4,5Bn as of July 2025, our business model is designed for the long term, through sustainable and controlled growth in 4 different business areas, with innovative and sophisticated strategies, a solid and diversified customer base and rooted upon our 6 founding principles which are: Independence, Transparency, Flexibility, Innovation, Experience and Sustainability. Furthermore, all the group’s capital is in the hands of independent partners, who have extensive experience in both the financial and insurance industries, and the rest of our more than 80 professionals all have a wealth of proven experience in working on the financial markets.

OUR INVESTMENT PHILOSOPHY: FINDING VALUE ACROSS ASSETS AND MONITORING RISK

Value investing traditionally consists of seeking out shares in companies whose intrinsic value is higher than their market price. If we replace the word “shares” with “financial assets” in the previous definition, we will have a first glimpse into the investment philosophy of Dunas Capital Asset Management, which revolves about the idea of capital preservation through an absolute return approach.

While equities are the quintessential asset in a long-term portfolio with sufficient risk appetite to withstand its volatility, by looking at only one asset class we are already dismissing the value that also exists in other assets within a company’s capital structure and of all the instruments issued in the marketplace by that same company. Therefore, the first thing we did when creating our product range was to provide flexibility to the funds that comprise it, allowing us to invest in different asset classes, with no limitation whatsoever by sector, country, rating or Asset type.

The distinguishing feature of our investment policy is the limitation of market risk, measured by volatility. Volatility allows us to convert the market risk of any financial asset (for which there are recurring market prices, as is the case with our Fixed Income and Equity investments) into unique risk units. It is the link that allows for comparability of different asset classes in terms of risk-weighted returns. Our management team primarily pursues capital preservation. The management model moves from risk to return, not the other way around. All assets in the portfolio are modeled in such a way that, at all times, we have an estimate of the ex ante volatility of our portfolios. This is what we call the risk budget, which we modify based on our market outlook at any given time, always within the limits established in our product range investment policies.

Once this risk budget is established, and also continuously over time, we decide which asset class and, of course, which specific assets within each class to invest in, be it equities or bonds, and within fixed income, be it private debt or public debt, hybrids, convertibles, subordinates, At1 and RT1, etc. Equity investing with a value philosophy is a fundamental part of our portfolio, however, we also aim to apply value investing techniques (long term view, low portfolio turnover, bottom-up selection, stock picking, fundamental analysis etc.) in other asset classes to demonstrate that management flexibility can allow access to investments with very attractive risk-adjusted returns away from the stock markets. We are very cautious about the tail risk in our portfolios. As our standard practice, and depending on option pricing and implied volatility, we use a combination of options and futures to mitigate tail risk in our portfolios — much like car or home insurance with deductibles covers potential losses. Our experience has taught us that avoiding large losses is more profitable than achieving strong gains.

OUR PRODUCT RANGE: DUNAS VALOR

In this sense, we have put a unique investment process and methodology, based on risk management and cross-asset analysis into practice, through a specialized and concentrated range of products, which by the way we encourage the reader to explore and analyze.

Basically, at Dunas Capital Asset Management our product offer is only comprised of four mutual funds, which are managed in the same way, this is, by the same team, with the same philosophy and under the same non-indexed conviction-driven investment process, and they differ from each other only by the return target and risk profile they offer, so it is the final customer who decides which profile of the four we offer to the market best suits their needs and selects it for their portfolios.

Thus, our most conservative fund, Dunas Valor Prudente (which by the way is our flagship fund, with assets under management of close to € 1.5 Bn), has a target return of beating the profitability offered by the 12-month Euribor index by 100 basis points, with a maximum ex ante volatility of 3%, and from there on we simply go up the scale, doubling performance and volatility targets, so that our next product, Dunas Valor Equilibrado has a target return of beating the profitability offered by the 12- month Euribor index by 200 basis points, with a maximum ex ante volatility of 6%, the next in the line would be Dunas Valor Flexible which has an objective of beating the profitability offered by the 12-month Euribor index by 400 basis points, with a maximum ex ante volatility of 10%, and finally, we have recently launched our most aggressive profile, named Dunas Valor Audaz, which has an objective of beating the profitability offered by the 12- month Euribor index by 600 basis points, with a maximum ex ante volatility of 15%.

It is important to bear in mind that all our products share the same value proposition, which is based on the following principles, and which are absolutely immutable for us: A strong and experienced team, which has offered consistent positive returns in the past and who jointly manage all 4 funds, a clear mandate to focus on capital preservation through multi-asset and multi-strategy portfolios based on a total return investment philosophy, and a global active and flexible approach to investment management. Apart from that, we also offer a set of competitive prices to the marketplace, a clear alignment of interests with our end clients in the consecution of the defined goals and full portfolio transparency if required

In the alternative investments space, we have also quite a unique offer with products that invest in areas such as infrastructure, renewable energies, transportation assets and agriculture, from a sustainable point of view and trying to generate a high impact on society.