In Unicaja (XMAD:UNI) we invested for the first time in its IPO in June 2017 at a very attractive entry price. This occurred shortly after Banco Popular was sold to Banco Santander for 1 euro, which generated a very negative sentiment towards small banks. In addition, we had very good references regar-ding its Board, and we were comforted by the evidence of prudence in its accounts. In less than a year, it went up more than 40%. We sold, and we bought back shares when they fell months later.
From Francisco Garcia Parames (Trades, Portfolio)' first-quarter portfolios commentary.
