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azValor Blue Chips FI

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Performance 2017

Investment policy

azValor Blue Chips FI is a fund that invests mainly in international equities with at least 75% of large-cap exposure (min. €3 billion), with medium and long term upside potential and no special preference for any particular country or sector. The remaining equity exposure will be invested in companies with medium and long term upside potential without any restriction regarding market capitalization. Finally, it may also invest as far as 35% of its total exposure in emerging country issuers/makers.

The fund applies a “Value Investing” investment philosophy: undervalued companies that are good and understandable businesses, with sustainable competitive advantages over time, high return on capital employed (ROCE), led by quality management teams and whose intrinsic value is not reflected in their share price. It aims to take advantage of short-term market irrationality, using volatility as an opportunity with the conviction that in the long term the market will recognize their value. It is a manager-driven fund strongly linked to the high conviction approach of its managers whose substitution would imply a change in the investment policy.

Benchmark:MSCI World Index

The management uses as its benchmark MSCI World Index performance, developed by Morgan Stanley Capital International and integrated by big-cap stocks across 24 developed markets.

100€ Performance Over time

* MSCI World Index


Álvaro Guzmán de Lázaro, CFA
CIO / Partner
Fernando Bernad, CFA
Investment Vice Director / Partner