Azvalor Internacional FI

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

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.

This is a fund that is closely connected to its managers, Álvaro Guzmán de Lázaro and Fernando Bernad, whose substitution would imply a change in the investment policy. 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 18/10/2021

157.08 €

Net asset value

0.66 %

Day change
YTD 2020 2019 2018 2017 2016 Since inception


-6.39 %

5.49 %

-10.45 %

3.29 %

20.28 %

57.08 %

16.86 %

1 month

21.32 %

3 months

26.3 %

6 months

83.34 %

1 Year

Rentabilidades pasadas no garantizan rentabilidades futuras

Fact sheet

ES0112611001 (single class, currency €)

Fund category

International equity

CNMV registration date


Minimum subscription

€5,000 (€500 under 23 years old)


BNP PARIBAS Securities Services 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.