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Banca March - Crecemos con valores, crecemos juntosInstitutional SICAVs

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Lluc Valores, SICAV, S.A.

Lluc is one of our most emblematic investment strategies, with more than 25 years of success.

What is it?

Investments are designed to protect assets and create value within a controlled risk environment.

Asset allocation is managed dynamically, modulating the equity exposure in terms of the market environment.

The best way to protect assets is to keep them earning more than inflation.

No benchmark is followed when determining the weights of companies, industries or countries.

Why Invest

Investments are designed to protect assets and create value within a controlled risk environment, always bearing in mind that it is an equity investment.

Equity exposure is managed dynamically in line with market conditions.

Currency risk is hedged out in equity investments, except for specific situations in which the currency acts as a natural hedge against market movements.

Risk tables


Lower risk Higher risk

1 2 3 4 5 6 7



1 2 3 4 5 6 7


MARKET CAP Passive Value Blend Growth

Relevant facts

ISIN  ES0158867038




LAUNCH DATE  3-feb-1998




Legal Information SICAV

Management responsibility

Juan Berberana Fernández de Murias
Institutional SICAV PM 

Born in Madrid in 1965, Juan is an Economics graduate from the Universidad Complutense in Madrid and a Chartered Accounts Auditor for the REA (registered in the ROAC as not practising). He began his professional career in 1989 as an auditor and consultant at Arthur Andersen (now Deloitte), specialising in the financial sector.

In 1994 he joined AB Asesores (now Morgan Stanley) as an analyst in charge of the Spanish and European financial sector, receiving various awards from specialist international magazines (Euromoney, Institutional Investor). In 1999 he was appointed a Partner and Director of Equity Analysis at Fortis Bank España, where he had both local and international responsibilities. In 2003, he was appointed the Head of the Alfredo Lafita Family Office and in 2006 he became a Board member of Banco Madrid Asset Management. At the end of 2006, Juan joined March Gestión and took over the position as Manager of the Institutional Sicavs of the March Group (Torrenova, Bellver and Lluc).

Juan Berberana has been Associate Professor at the Universidad Carlos III in Madrid between 2003 and 2011.

Carlos Acitores Peñafiel
Institutional SICAV PM

Juan Carlos began his professional career at Arthur Andersen Corporate Finance and Argentaria´s (Banco Exterior de España y Banco de Crédito Local) financing Analysis department. Afterwards he moved to Ahorro Corporación as an Stock Exhange investment analyst, leading the technology, media and telecommunications team, becoming, after that, Head of European Equities Fund Management. Before joining March A.M. as an Institutional SICAV co-manager, he worked for the British Asset Management firm Threadneedle Investments as Institutional Sales, covering Iberia and Latam clients.

Juan Carlos is a graduate in Law and Business Administration from the Universidad Pontificia Comillas (ICADE E-3).

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