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Half-year letter 1H2024

"Those who have borne with us have multiplied their investment 14 times since March 2003."

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

139.0% *

Azvalor Internacional FI

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

Performance
139.0% SINCE INCEPTION
10.2% ANUALIZED
Net asset value
239.0€ AS OF 10/08/2024
2% YTD
9.8% 2023
45.8% 2022
38.7% 2021
-6.4% 2020
5.5% 2019
-10.5% 2018

Azvalor Iberia FI

50.9% *

Azvalor Iberia FI

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

Performance
50.9% SINCE INCEPTION
4.7% ANUALIZED
Net asset value
150.9€ AS OF 10/08/2024
4.7% YTD
23.9% 2023
19.3% 2022
11.3% 2021
-24.0% 2020
1.9% 2019
-16.8% 2018

Azvalor Blue Chips FI

92.4% *

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
92.4% SINCE INCEPTION
8.9% ANUALIZED
Net asset value
192.4€ AS OF 10/08/2024
-0.4% YTD
10.5% 2023
31.4% 2022
37.1% 2021
-2.0% 2020
2.4% 2019
-8.9% 2018

Azvalor Managers FI

69.2% *

Azvalor Managers FI

Best of breed managers under one single fund.

Performance
69.2% SINCE INCEPTION
9.3% ANUALIZED
Net asset value
169.2€ AS OF 10/08/2024
11.6% YTD
15.5% 2023
0.5% 2022
47.2% 2021
-14.7% 2020
9.5% 2019
-5.1% 2018

Azvalor Capital FI

-2.2% *

Azvalor Capital FI

Performance
-2.2% SINCE INCEPTION
-0.3% ANUALIZED
Net asset value
97.8€ AS OF 10/08/2024
-1.7% YTD
4.3% 2023
2.4% 2022
4.2% 2021
-3.5% 2020
-1.4% 2019
-4.6% 2018

SICAVS

Azvalor Value Selection SICAV

649.9% *

Azvalor Value Selection SICAV

Performance
649.9% SINCE INCEPTION
9.9% ANUALIZED
Net asset value
71.3€ AS OF 10/07/2024
-0.6% YTD
8.8% 2023
41.5% 2022
30.1% 2021
-13.3% 2020
2.8% 2019
-11.6% 2018

Azvalor International Luxembourg I

96.2% *

Azvalor International Luxembourg I

Performance
96.2% SINCE INCEPTION
8% ANUALIZED
Net asset value
1,961.9€ AS OF 10/07/2024
1.9% YTD
9.8% 2023
34.5% 2022
32.3% 2021
-13.4% 2020
0.9% 2019
-11.3% 2018

Azvalor International Luxembourg R

88.8% *

Azvalor International Luxembourg R

Performance
88.8% SINCE INCEPTION
7.5% ANUALIZED
Net asset value
188.8€ AS OF 10/07/2024
1.6% YTD
9.8% 2023
33.9% 2022
31.8% 2021
-13.8% 2020
0.5% 2019
-11.7% 2018

Azvalor Managers Luxembourg I

74.7% *

Azvalor Managers Luxembourg I

Best of breed managers under one single fund.

Performance
74.7% SINCE INCEPTION
11.5% ANUALIZED
Net asset value
17.5€ AS OF 10/08/2024
10.8% YTD
15.5% 2023
-0.6% 2022
46.8% 2021
-15.2% 2020

Azvalor Blue Chips Luxembourg I

76.3% *

Azvalor Blue Chips Luxembourg I

Performance
76.3% SINCE INCEPTION
8.7% ANUALIZED
Net asset value
1,763.1€ AS OF 10/07/2024
0.9% YTD
9.8% 2023
31.8% 2022
35.2% 2021
-2.1% 2020

Azvalor Blue Chips Luxembourg R

34.1% *

Azvalor Blue Chips Luxembourg R

Performance
34.1% SINCE INCEPTION
8.3% ANUALIZED
Net asset value
134.1€ AS OF 10/07/2024
0.5% YTD
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.