Buffett followers in Spain are getting a rare payoff as value investing regains ground after years of being overshadowed by growth stocks. At the center of that comeback is Francisco Garcia Parames, the veteran investor often compared with Warren Buffett (Trades, Portfolio) for his focus on buying businesses below their estimated worth and waiting for the market to recognize their value.

The payoff is visible at Cobas Asset Management, where Parames serves as chairman and chief investment officer. Its Cobas Internacional fund gained about 21.7% in 2026 through July 22, placing it 30th among 582 funds in its global value category. The fund was also up more than 43% over the previous 12 months.

The strategy behind the result is straightforward but difficult to maintain. Parames looks for companies he believes are trading below their underlying value, often outside the market's most popular areas. He then holds those positions through periods when sentiment moves against them. Cobas says its process is built around value investing and identifying assets that the market may be undervaluing.

To me, what's noticeable is the discipline that guides that philosophy. Parames doesn't attempt to forecast all market moves. Rather, he searches for companies that seem more valuable than their market price. That model was both pioneered and crystallized in his accomplishments at Bestinver, as one independent profile states he had an annualized return of 15.7% between 1993 to 2014.

There is a price tag in that pursuit as well. With deep-value investing comes opportunity for underperformance over extended periods of time when markets prostrate themselves in front of higher-priced growth stocks, or when a valuation thesis only starts to be realized years later. Parames' track record demonstrates that volatility can still be alleviated, just as much as it can be eased.

The lesson itself is still relevant now, as Buffett saw his investment in Apple NASDAQ:AAPL flourish due to its long-term business worth. The bigger picture is easy to see: value investing isn't just about coming up with the next big idea; it's about getting a grasp on the potential value of a business.

For investors who want to apply similar principles, GuruFocus' Buffett-Munger Screener offers a practical starting point. It screens for factors including predictable earnings, competitive advantages, manageable debt and fair or undervalued prices.