We would have purchased CaixaBank (XMAD:CABK) during the fourth quarter of 2016, so we had it ready when we launched our Cobas Iberia fund, but for formal reasons we could not launch the fund until April 2017. By then, its share price had risen 40% and it was not so interesting anymore. For-tunately, during the first quarter of 2019 the price has fallen again and the market has given us another oppor-tunity to have a leading bank in Spain in our portfolio.
From Francisco Garcia Parames (Trades, Portfolio)' first-quarter portfolios commentary.
