Legal notice

Introduction and Identifying Data

The website is the property of Inversiones Azvalor, S.L., holder of CIF [Spanish Tax Identity Number] CIF B-87193033, with registered address at 110-3ª planta, 28046 Madrid, registered in the Mercantile Registry of Madrid, page M-595499, Volume 33086, sheet 138.

Inversiones Azvalor, S.L. is the parent company of Azvalor Asset Management SGIIC, S.A.U., with registered address at Paseo de la Castellana número 110-3ª planta, 28046 Madrid, holder of CIF A-85347557 and registered in the Mercantile Registry of Madrid, Page M-454000, Volume 25207, Sheet 101 and thereafter and in the Special Administrative Register [Registro Administrativo Especial] of the Spanish Securities Exchange Commission (CNMV) with number 224.

Inversiones Azvalor, S.L. and its group companies, including Azvalor Asset Management SGIIC, S.A.U., shall be jointly referred to as Grupo Azvalor.

Azvalor Asset Management SGIIC, S.A.U. and the products and services it offers are subject to the legislation in force and the supervision of the CNMV and other regulatory bodies.


Legal Terms and Conditions

Please read the following general terms and conditions carefully. By accessing this website (hereinafter, the “Website”), you are considered to be a user of said website (hereinafter the “User”). Access to certain sections of this website may be restricted for legal reasons or by order of the competent authority. If you encounter this situation, you will not be able to access some or part of the Grupo Azvalor website.

It is important that Users read the following general terms and conditions carefully since access to the Website and its various content, data and information displayed implies the acceptance of all the Website’s terms and conditions. To this effect, if you are not satisfied or do not agree with the terms and conditions, you are requested not to use the Website or view its contents. We recommend that each time a User visits the Website, you review the terms and conditions described here once more, to ensure that you remain aware and informed of any modification, update or deletion.

These general terms and conditions may be modified at the discretion of the Grupo Azvalor, which reserves the right to update, modify or delete part or all of their content or that of any other general or specific policies of use that may apply, such as notices, disclaimers and any relevant content, at any time and without providing prior notice.


Access, Navigation and Use of the Website

The User recognises and accepts they access and browse the Website and/or its contents voluntarily and consciously and at their exclusive responsibility, and they agree to comply with all laws, use of traffic and the present terms and conditions in doing so.

The User agrees to make appropriate and lawful use of the Website and its contents, refraining from manipulating, copying, reproducing or distributing these or accessing or making unauthorised use of its data. The User agrees not to access any restricted resources or areas of the Website without prior written authorisation deriving from a contractual relationship with Grupo Azvalor, or to remove, alter, circumvent or manipulate any security device or system that may be installed on the Website, cause damage to the Website’s systems or access Grupo Azvalor’s source code or devices or those of its suppliers, or to make any reference to the Website or its contents without the prior written authorisation of Grupo Azvalor.

In using the Website or its contents, the User agrees not to engage in any conduct that may damage the image, interests or rights of Grupo Azvalor or third parties, or that may damage, render useless or overload the Website, or that may impede the Website’s normal function in any way.



Grupo Azvalor has obtained the information and materials included in the Website from sources it considers to be trustworthy, therefore Grupo Azvalor does not guarantee that this information and materials are exact, complete or up-to-date. Grupo Azvalor takes no responsibility whatsoever for any error or omission in the information contained on the Website. Consequently, the content of the Website is merely for information purposes and is not binding.

Grupo Azvalor reserves the right to modify the structure, presentation, configuration and localisation of the Website, the links or information available through it, as well as to suspend, interrupt or remove it from operation, on a temporary or permanent basis, at any time and without requiring any prior notification, with the User waiving any claim arising from these circumstances and thereby exonerating Grupo Azvalor from any kind of liability.

The information contained on this Website is published for general use and does not take into account the User’s specific investment objectives, financial situation or particular requirements. This Website does not provide investment recommendations or advice of any kind, therefore nothing contained within it should be used as the basis from which to make any investments or decisions.

With regard to investments, Grupo Azvalor advises you that you may lose some or all of the investment made and that past profits are not an indication of future performance.

As a result, and for the purposes of clarification, the contents of this Website are solely for informational purposes and under no circumstances should be considered as an offer of sale, request for an offer of purchase nor a recommendation to make any other transaction, except where otherwise expressly indicated. Any purchasing decision made by the User or recipient must take into account the existing information in the public domain regarding the financial instrument and, where applicable, the information contained in the brochure registered with the CNMV ( ). Grupo Azvalor recommends seeking appropriate and specific professional advice before making an investment decision.



Where the Website includes links or hyperlinks to other Internet sites, Grupo Azvalor has no control whatsoever over these sites or their contents. Grupo Azvalor does not control and is not responsible for these pages or their content. Grupo Azvalor is required to protect its reputation and that of its registered trademarks and reserves the right to demand the removal of any link to our Website.

Likewise, the inclusion on the Website of these external connections does not imply any kind of sponsorship, recommendation, association or participation in the related companies.


Cookies Policy

Grupo Azvalor may use web analytics cookies to measure and analyse the browsing behaviour of Users on the Website. Cookies are small files that can be placed on your device by websites. Web analytics cookies are used either by ourselves or third parties to quantify the number of visitors and to make a statistical analysis of their behaviour when using our services. Thanks to these cookies, we can study their browsing behaviour on our Website to improve the products and services that we offer.

We do not obtain any information about your name, surname, postal or email address through web analytics. The information that can be obtained relates to the number of users who access the Website, the number of pages visited, frequency and repetition of visits, their duration, the web browser used, the operator providing the service, your language, the device used or the city to which your IP address is assigned.

In addition, the User may manage the use of cookies via the browser stored on your computer: you can find out more about the cookies you have installed, enable their installation or block or delete them from your device. (More information)


Intellectual and Industrial Property

Grupo Azvalor holds, either directly or indirectly, all the intellectual property rights or comparable rights relating to the Website, such as its texts, graphic design, code or other elements, which therefore may only be copied, reproduced, distributed, publicly communicated or changed with the express written permission of Grupo Azvalor.

The trademarks, commercial names, identifying signs of all kinds and domain names contained within the Website are registered by Grupo Azvalor and protected by law.

The identifying signs and domain names that appear, where relevant, on these web pages and are used to identify other suppliers of goods or services belong to their respective owners. Nothing contained within these web pages shall be interpreted as waiving or ceding the rights belonging to Grupo Azvalor or to other suppliers that relate to the intellectual or industrial property or comparable rights over the assets governed by their respective regulations.

Due to the fact that the Website content is protected by copyright, the unauthorised use of the materials contained within it may constitute a breach of intellectual or industrial property or similar laws. In the event that the User downloads the materials from the Website for personal or non-commercial use, they must maintain all the notices on copyright, registered trademarks or similar that are found in the original materials or their copies. The modification, reproduction, public exhibition or distribution of the Website’s materials for public or commercial use is not permitted.


Obligations, Exclusions and Guarantees (*)

Grupo Azvalor is not responsible for any utilisation and/or use, whether fraudulent or not, that the User or third parties may make of the Website or any of its content, data or information for their own or specific purposes, nor is it responsible for the consequences that may derive from existing errors, omissions or inaccuracies, nor for the opinions expressed on the Website or by any other emails

Grupo Azvalor accepts no responsibility for any loss or damages that may result from the use of the Website, its content, data or information, including damage to information systems, the introduction of viruses or the installation of programmes. Grupo Azvalor informs you that although it uses the appropriate and sufficient technology architecture, virus detection and elimination systems and programmes, it cannot control nor guarantee with total reliability the absence of computer viruses or programmes in the services provided via this Website.

Grupo Azvalor takes no responsibility arising from the connection, the contents or the linked services referred to on the Website or for the functioning or links on third-party pages relating to said Website. Grupo Azvalor advises you that it makes previously checked links available to the User and that it does so on the premise that they comply with the applicable legislation. Notwithstanding, Grupo Azvalor accepts no responsibility whatsoever for the contents of said links, nor does it approve or assume ownership of said links. The User is advised that they use the connection and its contents, whether direct, via link or any other means, exclusively at their own volition and risk, and that under no circumstances is Grupo Azvalor responsible for any loss, damage or claim that this use of the same may cause them, or, where applicable, non-use due to interruption of the service or access. Consequently, Grupo Azvalor does not assume any responsibility whatsoever for the content of any link belonging to an external website, nor does it guarantee the technical availability, quality, reliability, accuracy, extent, veracity, validity and constitutionality of any material or information contained in any of the aforementioned hyperlinks or other internet sites.

Grupo Azvalor takes no responsibility for loss, damage or prejudice that may arise from the access on the part of unauthorised third parties of the information available on the Website service.

Grupo Azvalor does not guarantee the uninterrupted or error-free functioning of its Website, nor of the code or software that supports the Website or its contents and reserves the right to suspend, on a temporary or permanent basis, without being required to give prior notice, the accessibility or availability of its content, data or information. Grupo Azvalor informs you that, should it detect or be informed by a third party of any fault, it will use all of the technical and human resources it has available and make every specific and necessary effort to resolve or remove this as quickly as possible.

Under no circumstances does Grupo Azvalor, its administrators, employees, agents and authorised personnel accept any responsibility for any loss or damage, whether direct, indirect, incidental, special, punitive, consequential or of any other type (including, but not limited to, responsibility for the loss of service, information or earnings), regardless of the form of any action, including but not limited to, contractual action filed for negligence or other grievances, that may arise due to the Website or in connection with it, its content or the information accessed by it, or due to the copying, exhibition or any other use that they make of it.


Applicable law and jurisdiction

The present Website terms and conditions are regulated by Spanish law, without prejudice to the application of the necessary legal rules of other Countries that may be applicable in accordance with international private law.

Grupo Azvalor and the User, expressly waiving any other jurisdiction that may apply, agree that any dispute that may arise from the access or use of the Website shall be submitted to the exclusive jurisdiction of the Courts and Tribunals of Madrid, without prejudice to the rules of private international law.