In the case of Meliá (XMAD:MEL, Financial), we made the exception of buying a Spanish company for our global fund due to the very attractive price (average exchange rate of 3 EUR /share) of its stock at the height of the pandemic. The shares of the company had increased in value by more than 130% when we sold it. Although we still see potential (and maintain it in our Iberian fund), at EUR 7/share the exception is less attractive.
From azValor Asset Management's first-quarter 2021 commentary.
