Letters to investors

Letters to investors

28/02/2024

Half-year letter 2H2023

Dear co-investor, At the end of 2023, most of Azvalor’s funds reached double-digit returns: Azvalor Iberia, +23.9%; Azvalor Managers, +15.5%; […]

28/07/2023

Half-year letter 1H2023

Dear co-investor, During the first half of the year, Azvalor has delivered positive returns in its funds Azvalor Iberia (+9.4%) […]

30/01/2023

Quarterly letter 4Q2022

Dear co-investor, The most representative equity indices in the United States and Europe have had a difficult 2022 and closed […]

27/10/2022

Quarterly letter 3Q2022

Dear co-investor, The most representative equity indices in the United States and Europe have continued to suffer in the third […]

27/07/2022

Quarterly letter 2Q2022

Dear co-investor, The world’s major stock markets have recorded one of their worst starts in decades. In the US, the […]

11/05/2022

Quarterly letter 1Q2022

Dear co-investor, Azvalor funds have delivered an excellent performance in this first quarter of 2022. In the case of Azvalor […]

01/02/2022

Quarterly letter 4Q2021

Dear co-investor, Our funds have continued their upward trend during the fourth quarter, clearly outperforming the indices on a year-to-date […]

30/11/2021

Azvalor Managers FI: Update (November 2021)

Dear co-investor: November marks the third year anniversary of the Azvalor Managers fund. It has currently over 500 co-investors and […]

26/10/2021

Quarterly letter 3Q2021

Dear co-investor: Our funds continued to register gains in the third quarter of 2021 as well as year to date. […]

15/09/2021

Azvalor Managers FI: Update (September 2021)

Dear co-investor: The fund has returned +3.73% since the end of the first quarter of 2021, delivering a +29.95% return […]

28/07/2021

Quarterly letter 2Q2021

Dear co-investor: Our International, Blue Chips and Azvalor Managers funds performed well in 2Q21 (up 12%, 6% and 10%, respectively), […]

11/05/2021

Azvalor Managers FI: Update (May 2021)

Dear co-investor, Azvalor Managers returned +24.6% in the first quarter of 2021. From the trough in March 2020 (when NAV […]