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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)

Freeport-McMoran

Freeport-McMoran is one of the world’s leading and lowest cost copper producers. Strategic assets: Grasberg mine (Indonesia) and Cerro Verde mine (Peru).

Market capitalization: More than 22 billion USD

Date of incorporation: 1912

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About Freeport-McMoran

Freeport-McMoRan (FCX) is a leading international mining company with headquarters in Phoenix, Arizona. The company operates large, long-lived geographically diverse assets with significant reserves of copper, gold and molybdenum. Its portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits; and significant mining operations in the Americas, including the large-scale Morenci minerals districts in North America and the Cerro Verde operation in South America. FCX is a founding member of the International Council on Mining and Metals (ICMM). Implementation of the ICMM Sustainable Development Framework across the company results in site-level sustainability programs that meet responsible sourcing objectives for the global marketplace. Its stock trades on the New York Stock Exchange under the ticker symbol “FCX”.

Hyundai

Hyundai is the largest South Korean car manufacturer and the sixth-largest in the world.

Reference shareholder: Hyundai

Market capitalization: More than 41 billion KRW (South Korean won) (more than 35 billion USD)

Date of incorporation: 1967

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About Hyundai

Hyundai is the largest South Korean car manufacturer. It is headquartered in the Yangjae-Dong prefecture in the city of Seocho-Gu in Seoul. It is the sixth largest car manufacturer in the world. The Hyundai Group was founded in 1967 by Chung Ju-yung. Hyundai began as a construction company, and with the support of the Korean government and the influences of its founder, it soon expanded into various businesses. The group grew very rapidly and strengthened its presence in such diverse businesses as shipbuilding, logistics, telecommunications or steel. During the Asian crisis of 1997, Hyundai acquired 34% of the capital of Kia Motors, as well as the electronics and household appliance manufacturer LG. In 2000, after the death of its founder, the conglomerate split into various companies. Hyundai Motor Company has been operating since 1968. In 1999, one year before the death of its founder, Chung Ju-yung, his son, Chung Mong-koo, took over his father’s legacy. Hyundai has been one of the fastest growing brands in the automotive industry.

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 5.8 billion EUR (more than 6.9 billion USD)

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.

SOL Group

SOL Group is the Italian leader in the production and marketing of technical, industrial, pure, special and medical gases.

Reference shareholder: Fumagalli family (founders)

Market capitalization: More than 984 million EUR (more than 1.179 billion USD)

Date of incorporation: 1927

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About SOL Group

SOL Group is the Italian leader in the production, applied research and sale of technical, pure and medical gases and home care services, in biotechnology and the production of renewable energy. SOL Spa, leader of the SOL Group, is listed on the Milan Stock Exchange since July 1998.

Grupo México

Grupo México is the largest mining corporation in Mexico and the third largest copper producer in the world.

Reference shareholder: Larrea-Mota family (founders)

Market capitalization: More than 455 billion MXN (Mexican pesos) (more than 17.4 billion USD)

Date of incorporation: 1978

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About Grupo México

The Mexican mining company, Grupo Mexico, is a world leader in copper production, rail transportation and infrastructure. It is the largest mining corporation in Mexico and the third largest copper producer in the world. Its stock trades on the Mexican Stock Exchange since 1966, with a free-float of 40%.

Eurocash

Eurocash is the leading distributor of consumer goods in Poland.

Reference shareholder: Luis Amaral (also, company CEO)

Market capitalization: More than 2.1 billion PLN (Polish złoty) (more than 580 million USD)

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 26.4 billion USD

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.

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 4.6 billion USD

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.

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 55.7 billion USD

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.

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 67 billion BRL (Brazilian real) (more than 12 billion USD)

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.

Mosaic

The Mosaic Company is the world’s leading integrated producer and marketer of concentrated phosphate and potash (potassium).

Reference shareholder: Institutional investors (owners)

Market capitalization: More than 6 billion USD

Date of incorporation: 2004

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About Mosaic

The Mosaic Company is the world’s leading integrated producer and marketer of concentrated phosphate and potash (potassium). It employs more than 13,000 people in six different countries. The company mines and processes phosphate and potash minerals into crop nutrients, and then ships via rail, barge and ocean-going vessel to its customers in the major agricultural centers of 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 7.4 billion EUR (more than 8.8 billion USD)

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 7 billion USD

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.

Euronav

Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil.

Reference shareholder: Saverys family

Market capitalization: More than 1.6 billion USD

Date of incorporation: 2004

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About Euronav

Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil. The group has become the world’s largest, independent crude tanker platform, by continuously adapting its strategy to the rapidly changing nature of the shipping markets. The company is headquartered in Antwerp, Belgium, and has offices throughout Europe and Asia.

Cameco

Cameco Corporation is the world’s largest publicly traded uranium company. In 2015, it was the world’s second largest uranium producer, accounting for 18% of world production.

Reference shareholder: Tim Gitzel (CEO)

Market capitalization: More than 4 billion USD

Date of incorporation: 1988

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About Cameco

Cameco Corp. is a Canadian mining company accounting for 18% of the world’s uranium production, from its deposits in Canada, the United States and Kazakhstan than contain 410 million pounds of reserves. It is also engaged in the processing of nuclear fuel.

Newmont Goldcorp Corp

Newmont Goldcorp Corp is the world’s leading gold producer, with 5.7 million ounces per year.

Reference shareholder: Institutional investors

Market capitalization: More than 54 billion USD

Date of incorporation: 1916

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About Newmont Goldcorp Corp

Newmont Goldcorp Corpt is the world’s leading gold producer, with 5.7 million ounces per year. It also produces copper, silver, zinc and lead. Newmont is the only gold producer listed in the S&P 500 Index. The company is an industry leader in value creation, supported by robust safety standards, superior execution and technical proficiency. Newmont merged with Randgold Resources in late 2018. Slogan: “The new champion of Value. The best mines in the world. The best people in the world”

CNH Industrial

C​NH Industrial is a global leader in capital goods that implements design, manufacturing, distribution, commercial and financial activities in international markets.​​​​

Market capitalization: More than 10.7 billion USD

Date of incorporation: 1999

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About C​NH Industrial

CNH Industrial is an Italian industrial group resulting from the merge of Fiat-Allis Industrial S.p.A. and CNH, both from the same company, Fiat Industrial S.p.A.. C​NH Industrial is a global leader in capital goods that implements design, manufacturing, distribution, commercial and financial activities in international markets.​​​​ ​ ​​​​​​ Through their 12 brands they make the vehicles that keep agriculture and industry growing. From tractors and combines to trucks and buses, as well as powertrain solutions for on-road and off-road and marine vehicles, they design, produce and sell machines for work.​