Quarterly updates


Quarterly letter 3Q2022

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


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 […]


Quarterly letter 1Q2022

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


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 […]


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 […]


Quarterly letter 3Q2021

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


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 […]


Quarterly letter 2Q2021

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


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 […]


Quarterly letter 1Q2021

Dear co-investor: First and foremost, we sincerely hope that you and your families are well. After some difficult months for […]


Azvalor Managers FI: Update (January 2021)

Dear co-investor, On this fund, each Manager tries to avoid the constant headline noise, focusing efforts on investing in companies […]


Quarterly letter 4Q2020

Dear co-investor: Our International, Iberian and Blue Chips funds continued to have a positive performance through the fourth quarter (+24%, […]