Investment funds

Azvalor Managers FI

Best of breed managers under one single fund.
calificacion azvalor Product


calificacion azvalor Product


calificacion azvalor Product



* Source and Copyright: Citywire. Javier Sáenz de Cenzano is A rated by Citywire for their rolling 3 year risk-adjusted performance, for the period 01.06.2021-31.05.2024

Azvalor Managers FI is a tax-transferable UCITS fund that invests in equities (at least 75%). The portfolio consists of companies of any size, region and sector, listed on public markets.



The objective is to find the best investment opportunities worldwide through investment delegation to specialist Managers. These external managers are selected by Azvalor Asset Management’s investment team, that applies an exhaustive qualitative manager research process, looking for those that comply with a strict set of requirements:

  • Independent and employee-owned investment boutique
  • “Skin in the game”: managers that personally invest in the strategies they manage
  • Stable, vocational and hard-working investment team
  • Specialised in a particular strategy
  • Strong stewardship mindset towards investors’ interests
  • Reasonable asset base and capacity conscious
  • Lengthy experience and excellent long-term track record
  • Investment process focused on fundamentally-driven stock selection, unconstrained relative to benchmark, long-term horizon through low turnover, and concentrated portfolios
  • Robust operational and compliance process.

  The analysis process is led by Javier Sáenz de Cenzano, with the support of Álvaro Guzmán de Lázaro and Fernando Bernad in the final selection of each manager.

Azvalor Managers FI is not a fund of funds, but a multimanager fund

Delegating the management through separate accounts allows us to select any manager, anywhere in the world, while we avoid a double layer of management fees. Moreover it makes portfolio management much more efficient and transparent.

Long-term co-investment

All managers invest their personal wealth in the strategies they manage, and Azvalor’s partners and portfolio managers personally invest in Azvalor Managers FI. Hence, all interests are aligned.

‘We may have all come on different ships, but we’re in the same boat now’ (Martin Luther King)

The fund’s investment objective is to achieve significant capital appreciation, and is targeted at long-term oriented investors (recommended investment horizon is, at least, 7 years).

The currency risk exposure will be between 0-100% of the total portfolio. The fund does not invest in derivative instruments.

The Managers

Álvaro Guzmán de Lázaro, CFA CEO and Co-director of Investment
Fernando Bernad, CFA Co-director of Investment
Javier Sáenz de Cenzano, CFA Head of Azvalor Managers FI
Files and downloads


Since inception to 14/06/2024

8.9 %

Annualized Return

161.2 €

Net asset value

-0.6 %

Day change
YTD 2023 2022 2021 2020 2019 2018 Since inception


15.5 %

0.5 %

47.2 %

-14.7 %

9.5 %

-5.1 %

61.2 %

Past performance is no guarantee of future performance


Calculadora interés compuesto
Fact sheet

ES0112602000 (€ share class)

Fund category

Global Equities

CNMV registration date


Minimum subscription

€5,000 (€500 under 23 years old)


BNP Paribas S.A., Spanish Branch

Management fee

2,25% per annum

Benchmark. Evolution of 100€ invested

Benchmark: MSCI AC World Index NR

The MSCI AC World Index represents companies with a high and medium market capitalisation in 23 developed markets and 24 emerging markets. The index covers approximately 85% of the variable-income investment universe at a global level