Half-year letter 2H2024

"In 2024, Azvalor’s fund portfolios saw modest growth, while value creation has been remarkable"

Value in 'valor'

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

Value investing: rewarding confidence (Expansión)

"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).

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

125.8% *

Azvalor Internacional FI

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

Performance
125.8% SINCE INCEPTION
9.1% ANUALIZED
Net asset value
225.8€ AS OF 03/13/2025
-4% YTD
0.4% 2024
9.8% 2023
45.8% 2022
38.7% 2021
-6.4% 2020
5.5% 2019
-10.5% 2018
3.3% 2017
20.3% 2016

Azvalor Iberia FI

58.8% *

Azvalor Iberia FI

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

Performance
58.8% SINCE INCEPTION
5.1% ANUALIZED
Net asset value
158.8€ AS OF 03/13/2025
6.5% YTD
3.4% 2024
23.9% 2023
19.3% 2022
11.3% 2021
-24.0% 2020
1.9% 2019
-16.8% 2018
19.0% 2017
15.6% 2016

Azvalor Blue Chips FI

76.7% *

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
76.7% SINCE INCEPTION
7.3% ANUALIZED
Net asset value
176.7€ AS OF 03/13/2025
-6.4% YTD
-2.2% 2024
10.5% 2023
31.4% 2022
37.1% 2021
-2.0% 2020
2.4% 2019
-8.9% 2018
6.1% 2017

Azvalor Managers FI

62.1% *

Azvalor Managers FI

Best of breed managers under one single fund.

Performance
62.1% SINCE INCEPTION
7.9% ANUALIZED
Net asset value
162.1€ AS OF 03/13/2025
-5.3% YTD
12.9% 2024
15.5% 2023
0.5% 2022
47.2% 2021
-14.7% 2020
9.5% 2019
-5.1% 2018

Azvalor Capital FI

-5.0% *

Azvalor Capital FI

Performance
-5.0% SINCE INCEPTION
-0.5% ANUALIZED
Net asset value
95.0€ AS OF 03/13/2025
-3.1% YTD
-1.3% 2024
4.3% 2023
2.4% 2022
4.2% 2021
-3.5% 2020
-1.4% 2019
-4.6% 2018
-2.1% 2017
1.4% 2016

SICAVS

Azvalor Value Selection SICAV

578.3% *

Azvalor Value Selection SICAV

Performance
578.3% SINCE INCEPTION
9.2% ANUALIZED
Net asset value
64.5€ AS OF 03/13/2025
-5.6% YTD
-4,8% 2024
8.8% 2023
41.5% 2022
30.1% 2021
-13.3% 2020
2.8% 2019
-11.6% 2018
4.2% 2017
5.8% 2016

Azvalor International Luxembourg I

78.2% *

Azvalor International Luxembourg I

Performance
78.2% SINCE INCEPTION
6.5% ANUALIZED
Net asset value
1,781.7€ AS OF 03/13/2025
-5.2% YTD
-2.4% 2024
9.8% 2023
34.5% 2022
32.3% 2021
-13.4% 2020
0.9% 2019
-11.3% 2018
4.9% 2017
21.3% 2016

Azvalor International Luxembourg R

71.2% *

Azvalor International Luxembourg R

Performance
71.2% SINCE INCEPTION
6% ANUALIZED
Net asset value
171.2€ AS OF 03/13/2025
-5.2% YTD
-2.8% 2024
9.8% 2023
33.9% 2022
31.8% 2021
-13.8% 2020
0.5% 2019
-11.7% 2018
4.4% 2017
20.8% 2016

Azvalor Managers Luxembourg I

67.0% *

Azvalor Managers Luxembourg I

Best of breed managers under one single fund.

Performance
67.0% SINCE INCEPTION
9.7% ANUALIZED
Net asset value
16.7€ AS OF 03/13/2025
-5.4% YTD
12.0% 2024
15.5% 2023
-0.6% 2022
46.8% 2021
-15.2% 2020

Azvalor Blue Chips Luxembourg I

59.6% *

Azvalor Blue Chips Luxembourg I

Performance
59.6% SINCE INCEPTION
6.7% ANUALIZED
Net asset value
1,596.2€ AS OF 03/13/2025
-5.3% YTD
-3.6% 2024
9.8% 2023
31.8% 2022
35.2% 2021
-2.1% 2020
2.3% 2019
-10.9% 2018

Azvalor Blue Chips Luxembourg R

21.2% *

Azvalor Blue Chips Luxembourg R

Performance
21.2% SINCE INCEPTION
4.8% ANUALIZED
Net asset value
121.2€ AS OF 03/13/2025
-5.4% YTD
-4.0% 2024
9.3% 2023
22.0% 2022
* SINCE INCEPTION

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.