Investment funds

Azvalor Internacional FI

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


calificacion azvalor Product


* Source and Copyright: Citywire. Álvaro Guzmán and Fernando Bernad are A rated by Citywire for their rolling 3 year risk-adjusted performance, for the period 01.04.2021-31.03.2024

Azvalor Internacional FI is a fund designed to be invested entirely in undervalued equity assets listed on the global markets for investors with a long-term investment horizon. Its portfolio mainly comprises European companies listed on secondary markets, individually selected, without preference towards company size, sector or country. It can also have 35% of the total exposure invested in issuers markets of emerging countries. In any case, regardless of the address of the companies where it’s invested, it has a global exposure through the income of its businesses.

This fund follows the Value Investment philosophy, which means buying, with a long term vision, companies at a price below their intrinsic value. The objective is to obtain a satisfactory return, sustained over time.

The exposure to currency risk will be 0-100% of the total exposure and it will not invest in derivative instruments.

The fund’s management objective is to achieve a sustained and satisfactory profit over time, making this fund suitable for investors that have no short-term liquidity needs and with a long-term investment horizon.

Álvaro Guzmán de Lázaro, CFA CEO and Co-director of Investment
Fernando Bernad, CFA Co-director of Investment
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Since inception to 18/04/2024

10.8 %

Annualized Return

238.0 €

Net asset value

0.2 %

Day change
YTD 2023 2022 2021 2020 2019 2018 Since inception


9.8 %

45.8 %

38.7 %

-6.4 %

5.5 %

-10.5 %

138.0 %

Past performance is no guarantee of future performance


Calculadora interés compuesto
Fact sheet

ES0112611001 (single class, currency €)

Fund category

International equity

CNMV registration date


Minimum subscription

€5,000 (€500 under 23 years old)


BNP Paribas S.A., Spanish Branch

Management fee

1.8% per annum

Benchmark. Evolution of 100€ invested

Benchmark: MSCI Europe Total Return Net

Managers use the performance of the MSCI Europe Total Return Net index as its reference, comprised of more than 400 companies representing the stock exchanges of European countries including the United Kingdom, Nordic countries and Switzerland and which takes into consideration the reinvestment of net tax dividends.