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Value in 'valor'

“Value” represents strength and courage, persistence and perseverance. It reflects our way of being, and also that of our clients.

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8th Annual Investor Conference

Video of the full conference already available on our YouTube channel, "Azvalor You"

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Quarterly letter 4Q2022

"Our funds have fulfilled their objective of being a “safe haven” to protect the savings of our co-investors in the midst of the storm, thanks to our obsessive focus on buying quality at a cheap price."

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Value investing: rewarding confidence (Expansion)

Although we have always told our clients that patience is the key to profitability, this advice must be tempered. [...] Perhaps profitability has less to do with patience than it does with confidence". Fernando Bernad and Álvaro Guzmán de Lázaro's article published in Expansión (Sept 4, 2021).

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Co| investors

With experience, professionalism and total dedication, we invest our clients’ savings as well as our own, in quality companies led by honest and capable business people, enabling us to increase our purchasing power over time.

Another key part of our mission is the desire, through our work, to give back to society what we have so generously been given.

Investment Philosophy

We devote all our time and energy to finding and analysing high-quality companies. We invest in good businesses that offer sustainable competitive advantages over time, high Returns on Capital Employed (ROCE), are led by a strong management team that oversees its shareholders’ interests and whose intrinsic value is not reflected in their share price.

We seek to make the most of short-term inefficiencies between price and value, aiming to maximise the return on our investment in the long term, minimising permanent losses to the greatest possible extent.

When we invest, we do so rationally, without letting emotion lead the way. We always apply the “Value Investing” philosophy, whereby time works in our favour and patience is a key factor.

Patience means more than the ability to wait.

It means knowing what to do while you wait. A well-managed investment is a marathon, not a sprint. Driven by conviction and perseverance. With the stamina to perform over the long term. With level heads that mark us out from the rest, our value investing approach refuses to deviate when faced with the ups and downs that are inevitable on the path to profit. The reward lies in knowing and demonstrating that the results of an investment are gathered in time.

Our funds.

Investment funds
Azvalor Internacional FI
Performance
111.3% Since inception
-1.0% YTD
45.8% 2022
38.7% 2021
-6.4% 2020
5.5% 2019
-10.5% 2018
3.3% 2017
20.3% 2016
Net asset value
211.3€ A 01/06/2023

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Azvalor Iberia FI
Performance
24.3% Since inception
6.9% YTD
19.3% 2022
11.3% 2021
-24.0% 2020
1.9% 2019
-16.8% 2018
19.0% 2017
15.6% 2016
Net asset value
124.3€ A 01/06/2023

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Azvalor Blue Chips FI
Performance
73.3% Since inception
-0.8% YTD
31.4% 2022
37.1% 2021
-2.0% 2020
2.4% 2019
-8.9% 2018
6.1% 2017
Net asset value
173.3€ A 01/06/2023

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Azvalor Managers FI
Performance
34.1% Since inception
2.2% YTD
0.5% 2022
47.2% 2021
-14.7% 2020
9.5% 2019
-5.1% 2018
Net asset value
134.1€ A 31/05/2023

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Azvalor Capital FI
Performance
-4.1% Since inception
0.7% YTD
2.4% 2022
4.2% 2021
-3.5% 2020
-1.4% 2019
-4.6% 2018
-2.1% 2017
1.4% 2016
Net asset value
95.9€ A 01/06/2023

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Pension funds
Sicavs
Azvalor International Luxembourg R
Performance
68.4% Since inception
-1.0% YTD
33.9% 2022
31.8% 2021
0.5% 2019
4.4% 2017
20.8% 2016
Net asset value
168.4€ AS OF 01/06/2023
Azvalor International Luxembourg I
Performance
73.9% Since inception
-0.8% YTD
34.5% 2022
32.3% 2021
0.9% 2019
4.9% 2017
21.3% 2016
Net asset value
1,738.8€ AS OF 01/06/2023
Azvalor Value Selection SICAV
Performance
591.5% Since inception
-0.3% YTD
41.5% 2022
30.1% 2021
2.8% 2019
4.2% 2017
5.8% 2016
Net asset value
65.8€ AS OF 01/06/2023
Azvalor Blue Chips Lux I
Performance
57.6% Since inception
-1.0% YTD
31.8% 2022
35.2% 2021
Net asset value
1,575.8€ AS OF 01/06/2023
Azvalor Managers Lux I
Performance
39.5% Since inception
2.2% YTD
46.8% 2021
Net asset value
14.0€ AS OF 01/06/2023
Azvalor Blue Chips Lux R
Performance
20.6% Since inception
-1.2% YTD
22.0% 2022
Net asset value
120.6€ AS OF 01/06/2023

Our funds.

Investment funds
Sicavs
Investment funds

Azvalor
Internacional FI

A specialized fund made up of global companies with good, understandable and well-managed businesses.

Performance
111.3% Since inception
-1.0% YTD
45.8% 2022
38.7% 2021
-6.4% 2020
5.5% 2019
-10.5% 2018
3.3% 2017
20.3% 2016
Net asset value
211.3€ AS OF 01/06/2023

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Azvalor
Iberia FI

A specialized fund made up of Spanish and Portuguese companies whose businesses have an international vocation.

Performance
24.3% Since inception
6.9% YTD
19.3% 2022
11.3% 2021
-24.0% 2020
1.9% 2019
-16.8% 2018
19.0% 2017
15.6% 2016
Net asset value
124.3€ AS OF 01/06/2023

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Azvalor
Blue Chips FI

It is a manager- driven fund strongly linked to the high conviction approach of its managers which mainly invests in large-caps with good, understandable and well managed businesses.

Performance
73.3% Since inception
-0.8% YTD
31.4% 2022
37.1% 2021
-2.0% 2020
2.4% 2019
-8.9% 2018
6.1% 2017
Net asset value
173.3€ AS OF 01/06/2023

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Azvalor
Managers FI

Best of breed managers under one single fund.

Performance
34.1% Since inception
2.2% YTD
0.5% 2022
47.2% 2021
-14.7% 2020
9.5% 2019
-5.1% 2018
Net asset value
134.1€ AS OF 31/05/2023

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Azvalor
Capital FI

Performance
-4.1% Since inception
0.7% YTD
2.4% 2022
4.2% 2021
-3.5% 2020
-1.4% 2019
-4.6% 2018
-2.1% 2017
1.4% 2016
Net asset value
95.9€ AS OF 01/06/2023

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Azvalor
International Luxembourg R

Performance
68.4% Since inception
-1.0% YTD
33.9% 2022
31.8% 2021
-13.8% 2020
0.5% 2019
-11.7% 2018
4.4% 2017
20.8% 2016
Net asset value
168.4€ AS OF 01/06/2023

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Azvalor
International Luxembourg I

Performance
73.9% Since inception
-0.8% YTD
34.5% 2022
32.3% 2021
-13.4% 2020
0.9% 2019
-11.3% 2018
4.9% 2017
21.3% 2016
Net asset value
1,738.8€ AS OF 01/06/2023

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Azvalor
Value Selection SICAV

Performance
591.5% Since inception
-0.3% YTD
41.5% 2022
30.1% 2021
-13.3% 2020
2.8% 2019
-11.6% 2018
4.2% 2017
5.8% 2016
Net asset value
65.8€ AS OF 01/06/2023

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Azvalor
Blue Chips Lux I

Performance
57.6% Since inception
-1.0% YTD
31.8% 2022
35.2% 2021
-2.1% 2020
Net asset value
1,575.8€ AS OF 01/06/2023

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Azvalor
Managers Lux I

Best of breed managers under one single fund.

Performance
39.5% Since inception
2.2% YTD
-0.6% 2022
46.8% 2021
-15.2% 2020
Net asset value
14.0€ AS OF 01/06/2023

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Azvalor
Blue Chips Lux R

Performance
20.6% Since inception
-1.2% YTD
22.0% 2022
Net asset value
120.6€ AS OF 01/06/2023

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Past performance is no guarantee of future performance

Much more than just a fund

An initiative with the sole mission of promoting social well-being and contributing to sustainable and self-sufficient development.

We focus on projects in education, health, support for vulnerable groups, agriculture and microfinance.

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