Letter to investors 2H2025

"Azvalor portfolios are invested in very different areas of the market, with virtually no overlap with these indices, and trade at around a 50% discount to the broader market."

A refuge for your savings

Our goal is to preserve and grow investors’ capital by applying a rigorous process of analysis and selection of the companies, aligning the interests of our co-investors with our own.

Co| investors

With experience, professionalism and total dedication, we invest our clients’ savings as well as our own, in quality companies led by honest and capable business people, enabling us to increase our purchasing power over time.

Another key part of our mission is the desire, through our work, to give back to society what we have so generously been given.

Investment Philosophy

We devote all our time and energy to finding and analysing high-quality companies. We invest in good businesses that offer sustainable competitive advantages over time, high Returns on Capital Employed (ROCE), are led by a strong management team that oversees its shareholders’ interests and whose intrinsic value is not reflected in their share price.

We seek to make the most of short-term inefficiencies between price and value, aiming to maximise the return on our investment in the long term, minimising permanent losses to the greatest possible extent.

When we invest, we do so rationally, without letting emotion lead the way. We always apply the “Value Investing” philosophy, whereby time works in our favour and patience is a key factor.

Patience means more than the ability to wait.

It means knowing what to do while you wait. A well-managed investment is a marathon, not a sprint. Driven by conviction and perseverance. With the stamina to perform over the long term. With level heads that mark us out from the rest, our value investing approach refuses to deviate when faced with the ups and downs that are inevitable on the path to profit. The reward lies in knowing and demonstrating that the results of an investment are gathered in time.

Our funds

Investment Funds

Azvalor Internacional FI

238.2% *

Azvalor Internacional FI

A fund made up of global companies with good, understandable and well-managed businesses.

Performance
238.2% SINCE INCEPTION
12.4% ANUALIZED
Net asset value
338.2€ AS OF 03/24/2026
20.3% YTD
19.5% 2025
0.4% 2024
9.8% 2023
45.8% 2022
38.7% 2021
-6.4% 2020
5.5% 2019
-10.5% 2018
3.3% 2017
20.3% 2016

Azvalor Iberia FI

108.9% *

Azvalor Iberia FI

A fund made up of Spanish and Portuguese companies whose businesses have an international vocation.

Performance
108.9% SINCE INCEPTION
7.3% ANUALIZED
Net asset value
208.9€ AS OF 03/24/2026
6.7% YTD
31.3% 2025
3.4% 2024
23.9% 2023
19.3% 2022
11.3% 2021
-24.0% 2020
1.9% 2019
-16.8% 2018
19.0% 2017
15.6% 2016

Azvalor Blue Chips FI

170.9% *

Azvalor Blue Chips FI

A global equity fund composed of high-quality companies with large market capitalization.

Performance
170.9% SINCE INCEPTION
11.5% ANUALIZED
Net asset value
270.9€ AS OF 03/24/2026
25.1% YTD
14.7% 2025
-2.2% 2024
10.5% 2023
31.4% 2022
37.1% 2021
-2.0% 2020
2.4% 2019
-8.9% 2018
6.1% 2017

Azvalor Managers FI

121.7% *

Azvalor Managers FI

Some of the world's best managers in a single fund.

Performance
121.7% SINCE INCEPTION
11.4% ANUALIZED
Net asset value
221.7€ AS OF 03/24/2026
6.6% YTD
21.4% 2025
12.9% 2024
15.5% 2023
0.5% 2022
47.2% 2021
-14.7% 2020
9.5% 2019
-5.1% 2018

Azvalor Capital FI

-1.9% *

Azvalor Capital FI

Performance
-1.9% SINCE INCEPTION
-0.2% ANUALIZED
Net asset value
98.1€ AS OF 03/24/2026
3.5% YTD
-3.3% 2025
-1.3% 2024
4.3% 2023
2.4% 2022
4.2% 2021
-3.5% 2020
-1.4% 2019
-4.6% 2018
-2.1% 2017
1.4% 2016

SICAVS

Azvalor Value Selection SICAV

919.6% *

Azvalor Value Selection SICAV

Performance
919.6% SINCE INCEPTION
10.7% ANUALIZED
Net asset value
97.0€ AS OF 03/24/2026
20.1% YTD
18.2% 2025
-4,8% 2024
8.8% 2023
41.5% 2022
30.1% 2021
-13.3% 2020
2.8% 2019
-11.6% 2018
4.2% 2017
5.8% 2016

Azvalor International Luxembourg I

159.7% *

Azvalor International Luxembourg I

Performance
159.7% SINCE INCEPTION
9.7% ANUALIZED
Net asset value
2,597.2€ AS OF 03/24/2026
21.1% YTD
14.2% 2025
-2.4% 2024
9.8% 2023
34.5% 2022
32.3% 2021
-13.4% 2020
0.9% 2019
-11.3% 2018
4.9% 2017
21.3% 2016

Azvalor International Luxembourg R

148.4% *

Azvalor International Luxembourg R

Performance
148.4% SINCE INCEPTION
9.3% ANUALIZED
Net asset value
248.4€ AS OF 03/24/2026
21% YTD
13.7% 2025
-2.8% 2024
9.8% 2023
33.9% 2022
31.8% 2021
-13.8% 2020
0.5% 2019
-11.7% 2018
4.4% 2017
20.8% 2016

Azvalor Managers Luxembourg I

125.1% *

Azvalor Managers Luxembourg I

Some of the world’s best managers in a single fund.

Performance
125.1% SINCE INCEPTION
13.1% ANUALIZED
Net asset value
22.5€ AS OF 03/24/2026
6.3% YTD
19.9% 2025
12.0% 2024
15.5% 2023
-0.6% 2022
46.8% 2021
-15.2% 2020

Azvalor Blue Chips Luxembourg I

143.6% *

Azvalor Blue Chips Luxembourg I

Performance
143.6% SINCE INCEPTION
11.4% ANUALIZED
Net asset value
2,435.7€ AS OF 03/24/2026
24.7% YTD
15.9% 2025
-3.6% 2024
9.8% 2023
31.8% 2022
35.2% 2021
-2.1% 2020
2.3% 2019
-10.9% 2018

Azvalor Blue Chips Luxembourg R

84.1% *

Azvalor Blue Chips Luxembourg R

Performance
84.1% SINCE INCEPTION
12.6% ANUALIZED
Net asset value
184.1€ AS OF 03/24/2026
24.6% YTD
15.4% 2025
-4.0% 2024
9.3% 2023
22.0% 2022
* SINCE INCEPTION

Much more than just a fund

An initiative with the sole mission of promoting social well-being and contributing to sustainable and self-sufficient development.

We focus on projects in education, health, support for vulnerable groups, agriculture and microfinance.