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.
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.
- Donald Smith & Co: Watch presentation in Madrid, September 12, 2019
- Mittleman Brothers IM: Watch Chris Mittleman’s Interview at Gurufocus Live, May 12, 2021
- Moerus Capital Mgmt: Watch presentation in Madrid, April 9, 2019
- Goehring & Rozencwajg: Watch presentation in Madrid, November 29, 2019
38.2%Since inception to 25/11/2022
138.2 €Net asset value
0.0 %Day change
3.3 %1 month
-2.6 %3 months
0.9 %6 months
3.0 %1 Year
Past performance is no guarantee of future performance
ES0112602000 (€ share class)
€5,000 (€500 under 23 years old)
BNP Paribas S.A., Spanish Branch
2,25% per annum
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