Two Chilean business families have spent almost two years buying shares of Inversiones Aguas Metropolitanas (IAM), the company that controls Aguas Andinas, Santiago's water utility. Since January 2025, the Cuneo and Bertín Puga families have reported 48 purchases worth CLP 23,357 million, about US$25 million, to the CMF, and together they now hold 11.2% of IAM, according to a review by Diario Financiero published on November 6. According to that count, since 2022 they are the only directors or related parties to have bought shares of Aguas Andinas or IAM.
View the data as a table
| Combined stake in IAM | 11.2% |
| Purchases reported to the CMF | 48 |
| Amount invested | $23,357 million |
| In dollars | US$25 million |
How much the Cuneo and Bertín Puga families own in IAM
The Cuneo family is the longest-standing. Its family office, Inversiones y Rentas Liguria, linked to Juan Bautista Cuneo Solari and his daughters Paola (a Falabella director) and Giorgianna (an Aguas Andinas director since 2019), entered IAM in 2010. Its stake went from 2.62% in December 2010 to 6.82% two years later, 8.37% in 2024 and 8.84% today: 8.52% through Rentas Liguria and the rest in shares held by the two sisters. In Aguas Andinas, the family rose from 0.36% at the end of 2024 to 0.96%.
The Bertín Puga family arrived later. Behind its stake is Inversiones Mardos, owned by siblings Felipe, María Andrea and Francisco José Bertín Puga; the latter reportedly leads the family office. Its IAM stake rose from 1.27% in December 2024 to 1.80% in June 2025, 2.27% in September 2026 and 2.36% now. Felipe Bertín joined IAM's board in April 2025, according to the newspaper with Veolia's support. The two families operate independently and, according to people close to them, have no relationship with each other.
View the data as a table
| Cuneo family | Bertín Puga family | |
|---|---|---|
| dic-2010 | 2.62% | No data |
| dic-2012 | 6.82% | No data |
| 2024 | 8.37% | No data |
| Dec-2024 | No data | 1.27% |
| Jun-2025 | No data | 1.80% |
| Sep-2026 | No data | 2.27% |
| Nov-2026 | 8.84% | 2.36% |
| Family | Vehicle | Stake in IAM | Link to corporate governance |
|---|---|---|---|
| Cuneo | Inversiones y Rentas Liguria | 8.84% | Giorgianna Cuneo, Aguas Andinas director since 2019 |
| Bertín Puga | Inversiones Mardos | 2.36% | Felipe Bertín, IAM director since April 2025 |
| Total | 11.2% |
Source: Diario Financiero, based on filings with the CMF. IAM's controlling shareholder is France's Veolia.
Why IAM and Aguas Andinas attract the families
Aguas Andinas is a regulated business, with 2.37 million drinking water customers as of December 2025 and indexed tariffs. In 2025 it earned CLP 139,808 million, 12.4% more than the previous year, and in the first half of 2026 its profit rose 2.3%. Tariffs rose 3% in March 2025, 1% in December 2025 and 1% in March 2026 (Diario Financiero). For an investor, that means stable cash flows and relatively predictable dividends, the profile family offices tend to seek.
- 2010The Cuneos enter IAM2.62% in December.
- 2019Giorgianna Cuneo joins Aguas Andinas' board
- Jan 2025The run of 48 purchases begins
- Mar 20253% tariff increase
- Apr 2025Felipe Bertín joins IAM's board
- Nov 2026The two families hold 11.2%
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See advertising optionsWhat it means for IAM's minority shareholders
Purchases by directors and related parties are public information: the law requires them to be reported to the CMF, which is why they can be tracked. Two groups with board seats increasing their position is usually read by the market as a sign of confidence, although it guarantees nothing about the stock's future price. If you want to understand how to buy Chilean shares like these, check our guide to investing on the Santiago Stock Exchange.
The Cuneos are also linked to Falabella, where Paola Cuneo sits on the board. To see which families top the country's largest fortunes, read our review of Chile's richest people according to Forbes. Aguas Andinas will publish its September results in the coming weeks; last year it reported them on November 13.
How to track directors' share purchases
The 48 purchases are known because the law requires them to be reported. Article 12 of Securities Market Law 18,045 requires shareholders with 10% or more of a registered company, and directors, managers and senior executives regardless of their stake, to report every purchase or sale of that company's shares to the CMF and the stock exchanges. The CMF publishes those records on its website, in each company's profile. That is how an investor can see who is buying, how much and at what price.
It is no coincidence that the buyers are *family offices*. These offices manage a family's wealth with a long horizon and tend to prefer companies with stable cash flows, such as water utilities, whose tariffs are set by the regulator every five years and adjusted by indexers that include inflation. With annual CPI at 4.5% in October, as we reported in our CPI article, that indexation is part of the appeal. Diario Financiero reported on October 30 that another local fund, Toesca, completed its takeover of the southern water utility Suralis, another sign of interest in the sector.
- Rentas Liguria (Cuneo): 8.52% of IAM; with Paola and Giorgianna Cuneo, 8.84%.
- Inversiones Mardos (Bertín Puga): 2.36% of IAM.
- Cuneo in Aguas Andinas: 0.96%, up from 0.36% at the end of 2024.
- IAM's controlling shareholder: Veolia (France).
Frequently asked questions about IAM and Aguas Andinas
What is IAM?
Inversiones Aguas Metropolitanas, the company that controls Aguas Andinas. IAM, in turn, is controlled by France's Veolia.
How much do the Cuneos own in IAM?
8.84%, adding Rentas Liguria (8.52%) and the shares of Paola and Giorgianna Cuneo.
How much have the two families invested?
CLP 23,357 million (about US$25 million) in 48 purchases reported to the CMF since January 2025.
How much did Aguas Andinas earn in 2025?
CLP 139,808 million, 12.4% more than in 2024.
