A team with a shared vision: doing things the right way
Álvaro Guzmán de Lázaro
Álvaro Guzmán de Lázaro is CEO, Co-CIO and Founding Partner at Azvalor Asset Management. Prior to founding Azvalor, Álvaro was a portfolio manager at Bestinver Asset Management for 12 years.
He began his career in 1994 in the auditing division of Arthur Andersen (Madrid), later joining Bankers Trust in Paris. Álvaro began working as a stock market analyst in 1997 at the fund management company Value Management (Frankfurt), which was founded by a former colleague of the renowned Peter Lynch. During this period, he studied in depth and applied the teachings of the founding fathers of the value school: Ben Graham, Philip Fisher, Warren Buffett, Peter Lynch, etc. After this experience, he began to manage family portfolios and returned to Spain, working as an analyst at Beta Capital. There, Álvaro specialised in the oil and gas industry, and also studied and visited almost every Spanish listed company.
In 2001, he joined the research department at Banesto Bolsa, taking a large part of his team with him. There, Álvaro performed a similar role to his remit at Beta Capital (as analyst and head of other analysts), conducting in-depth research on foreign listed companies following the strict requirements of the value school of thought. He joined Bestinver in March 2003, being part of the portfolio management team until leaving the firm in January 2015. Álvaro holds a degree in European Business Science, a law diploma from UNED and is a CFA charterholder. He speaks French, English and German. Since 1999, he has been a professor on fundamental analysis at the Spanish Institute of Financial Analysts (IEAF) and at IEB.