François Derbaix (Indexa Capital): "Forget about the ups and downs of the market, stick to your long-term plan"

MADRID, 15 Oct.

François Derbaix (Indexa Capital): "Forget about the ups and downs of the market, stick to your long-term plan"


François Derbaix, one of the founders and directors of the management company Indexa Capital, has vindicated in an interview with Europa Press its business model based on long-term diversification and low costs and, in line with this, has urged investors to " forget about the ups and downs of the market and stick to the long-term plan.

Indexa, which explains itself as an automated manager with some 1,800 million euros under management and 67,000 clients since its foundation in 2015, boasts its portfolios of index funds and pension plans with global diversification that, according to the firm, offer commissions 88% lower than banks.

In that sense of valuing long-term bets - "forget about the short-term ups and downs, forget about the pressure you may have due to all the noise in the market, stay invested in the long term" -, Derbaix charges against the active management sector, since "they live by having visions or trying to predict what the market is going to do."

"The active management sector is a zero-sum game, which on average will obtain the profitability of the market. Some a little more and others a little less. But they all have very high costs that mean that, on average, they remain below the market," added the Indexa executive.

Hence Indexa's plan: "We say that we are going to give you better profitability and a better risk-return ratio because we are going to diversify more and lower costs."

However, Derbaix insists on the importance of studying the profile of clients in order to assign them to their appropriate range of portfolio and risk, which can range from level 1 (less risk) to 10 (more risk, with up to 90% of the capital). invested in shares).

Once the client enters, Indexa takes charge of the capital: "whatever the client sends to their account we automatically invest, whatever they want to withdraw we automatically disinvest and, along the way, every day we check the portfolio and reactivate it when necessary. ".

Likewise, it has claimed the automation model, indexing and digital distribution because they allow saving, respectively, the costs derived from manual work, active management that entails a high volume of transactions and the classic distribution network through offices. , branches and advisors; which subsequently results in higher or lower commissions for the client.

"At Indexa we have gone with an online product proposal, where it is word of mouth that works: there are no salespeople, we do not call clients, we do not do 'push', we do not pay intermediaries; so we go for the lowest possible commissions and "It is the clients who recommend us and that is what makes us grow so much," says Derbaix.

The Indexa customer profile has an average of 39 years old, is male (although the quota has dropped from 80% to 70%) and is widely distributed throughout Spain, since there are around 4,000 municipalities, practically the half of the total in the country.

Furthermore, Derbaix emphasizes, it is a client that has really grasped the idea of ​​Indexa's long-term management and the tranquility that this requires to avoid the quick fuss of the market, since on average each client only makes one query to the firm per anus.

On the other hand, the manager has pointed out that, despite conceiving the management model with a long-term view, these are liquid investments, that is, the client can withdraw the money whenever they want and, furthermore, "there is no cost of entry or exit", while "on average the client starts in Indexa with 10,000 euros and then contributes more or less 500 per month" - all in all, the minimum investment is 3,000 euros.

Both points draw attention given that the majority of the sector conceives its vehicles in an illiquid manner (the capital is committed and cannot be withdrawn until several years have passed) and that the entry capital to the funds is usually around 100,000 euros - therefore reserved for large assets - although a few months ago a legal modification was carried out that lowered the entry limit for some funds to 10,000 euros with the intention of democratizing them and making them more accessible.

According to the data displayed on the manager's website in mid-October and with an investment of 10,000 to 100,000 euros, the portfolio with a level 2 risk (out of 10) accumulates a cumulative net return of 2.7% ; The level 6 portfolio has a cumulative net return of 29% and the level 10 portfolio - the highest risk - has a return of 53.6%.

The firm debuted last July on the BME Growth, the stock market segment of Spanish SMEs, with a valuation close to 150 million euros because access to the markets "will mean an opportunity to finance new projects, both organic and inorganic", said another Indexa leader, Unai Asenjo.

Since then, Indexa's price has depreciated around 17%, to 10.6 euros per share, although as Ansejo said on the day of the stock market debut: "All the decisions we make are made prioritizing the long term over the short term." , including the decision to exit today on BME Growth."