Our Assets

At Azvalor we invest in real assets, not in stock tickers. We invest in quality companies with good businesses and sustainable competitive advantages, led by capable and honest management teams that have shareholders’ best interests at heart, and whose intrinsic value is not reflected in their stock price.

Our vocation and obligation is to seek and, where appropriate, find and take advantage of the short-term inefficiencies between price and value offered by organized (stock) markets in order to try to maximize the returns of our long-term investments, minimizing as far as possible permanent losses.

When we invest, we strive to do it rationally, without letting our emotions take over, and we do so by applying the Value Investing philosophy, where time is on our side and patience is a key factor.

You, as co-investor of Azvalor, like us, own a percentage of companies with real assets and solid fundaments, among others…

 

 

 

 

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(Datoa as of September 1st, 2020)

Barrick Gold Corporation

Barrick Gold Corporation is the world’s second largest gold mining company, with 5.55 million ounces per year.

Reference shareholder: Mark Bristow (Chairman and CEO) – Peter Munk (founder)

Market capitalization: More than 27.8 billion €

Date of incorporation: 1983

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About Barrick Gold Corporation

Barrick Gold Corporation is the world’s largest gold mining company, with its headquarters in Toronto, Canada. It has more than 23 mines operating in the United States, Dominican Republic, Canada, Australia, Argentina, Chile, Peru, Papua New Guinea and Zambia.

Logista

Leading distributor of tobacco products in Southern Europe: Spain, France, Italy and Portugal.

Reference shareholder: Imperial Brands

Market capitalization: More than 2.4 billion €

Date of incorporation: 1999

Tenaris

Tenaris is a multinational metallurgical company, subsidiary of the Argentinian Techint Group, a world leader in the production of seamless steel pipes for the oil industry.

Reference shareholder: Rocca family (founders)

Market capitalization: More than 16.2 billion €

Date of incorporation: 2001 (subsidiary of Techint founded in 1945 by the Rocca family)

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About Tenaris

Tenaris is a multinational metallurgical company, subsidiary of the Argentinian Techint Group, a world leader in the production of seamless steel pipes for the oil industry. It also manufactures welded steel pipes, and supplies services for the world’s energy industry and other energy applications.

Eurocash

Eurocash is the leading distributor of consumer goods in Poland.

Reference shareholder: Luis Amaral (also, company CEO)

Market capitalization: More than 340 million €

Date of incorporation: 1993

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About Eurocash

Eurocash is a Polish corporate group holding numerous companies, inter alia: Eurocash Cash&Carry and Eurocash Serwis. Founded in 1993, its headquarters are located in Komorniki (Poland). The Polish company also owns the franchises ABC, Delikatesy Centrum, Polska Siec Handlowa Lewiatan, Euro Sklep, Groszek and the pharmaceutical company Drogerie Koliber. It also owns the companies Partnerski Serwis Dataliczny S.A., the supermarket chain DEF, and the chemical and cosmetics company Ambra.

Schlumberger

Schlumberger is the world’s leading provider of technology for reservoir characterization, drilling, production and processing to the oil and gas industry.

Reference shareholder: Schlumberger brothers (Conrad & Marcel – founders)

Market capitalization: More than 59 billion €

Date of incorporation: 1926

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About Schlumberger

Schlumberger is the world’s leading provider of technology for reservoir characterization, drilling, production and processing to the oil and gas industry. Working in over 85 countries and employing people who represent over 140 nationalities, Schlumberger supplies the industry’s most comprehensive range of products and services, from exploration through production and integrated pore-to-pipeline solutions for hydrocarbon recovery that optimize reservoir performance.

Meliá

Hotel group from Mallorca. Meliá is a world leader in holiday resorts.

Reference shareholder: Escarrer Family

Market capitalization: More than 1 billion €

Date of incorporation: 1956

National Oilwell Varco

The American corporation, National Oilwell Varco, is a leading worldwide provider of equipment and components used in oil and gas drilling and production operations.

Reference shareholder: Institutional investors (owners)

Market capitalization: More than 7.1 billion €

Date of incorporation: 2005

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About National Oilwell Varco

National Oilwell Varco is a US provider of oil and gas services through four business divisions: platform systems, complementary platform services, well drilling technologies, and completion and production solutions. The company is a leading provider of equipment and components used in drilling and production operations, and also offers services and solutions designed for the upstream oil and gas industry.

Suzano Papel e Celulose

Suzano Papel e Celulose is a Brazilian company of pulp and paper with presence in over 80 countries.

Reference shareholder: Feffer brothers (founding family)

Market capitalization: More than 12.1 billion €

Date of incorporation: 1924

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About Suzano Papel e Celulose

Suzano Papel e Celulose is a Brazilian company of pulp and paper with presence in over 80 countries. It is the largest pulp and paper company in Latin American and among the 10 largest producers in the world.

Galp

Galp Energia SGPS, S.A., born from Petrogal and Gás de Portugal, is a Portuguese company engaged in the oil and gas industry.

Reference shareholder: Amorim family

Market capitalization: More than 8 billion €

Date of incorporation: 2006

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About Galp

Galp Energia SGPS, S.A., born from Petrogal and Gás de Portugal, is a Portuguese company engaged in the oil and gas industry. It is currently among the largest companies in Portugal, controlling nearly 50% of the fuel trade and all of the country’s refining capacity.

Pan American Silver Corp.

Pan American Silver Corp. is a Canadian mining company that owns and operates mines in Mexico, Peru, Bolivia and Argentina.

Reference shareholder: Ross Beaty (founder)

Market capitalization: More than 16.9 billion €

Date of incorporation: 1994

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About Pan American Silver Corp.

Pan American Silver Corp. is a Canadian mining company that owns and operates mines in Mexico, Peru, Bolivia and Argentina. It is also the world’s premier silver mining company. Pan American Silver has a 25-year track record of responsibly building and operating mines and growing production.

Elecnor

Global development and construction company of projects and services in the infrastructure, energy, renewable energy and new technologies sectors.

Reference shareholder: Cantiles XXI, S.L (founding families)

Market capitalization: More than 883 million €

Date of incorporation: 1958