A team with a shared vision: doing things the right way
Álvaro Guzmán de Lázaro
Álvaro Guzmán de Lázaro is CEO, Co-director of Investments and Founding Partner of Azvalor Asset Management.
Prior to founding Azvalor, Álvaro managed 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 and applied the teachings of the founding fathers of the value school in depth: 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. Here, Álvaro specialised in the oil and gas industry as well as studying and visiting almost every Spanish listed company.
In 2001, he joined the analysis department at Banesto Bolsa, taking a large part of his team with him. Here, Álvaro performed a similar role to the one he held at Beta Capital (as analyst and supervisor of other analysts), making in-depth studies of foreign listed companies that met the strict requirements of the value school. He joined Bestinver in March 2003, forming part of the 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 taught fundamental analysis at the Spanish Institute of Financial Analysts (IEAF) and at the IEB.