azValor Iberia FI is a fund that invests more than 75% of its assets in Equities. Its portfolio consists of Spanish and Portuguese companies listed on secondary markets with Spanish shares not exceeding 90% of the fund. Companies are selected regardless of their size or sector.
This fund is managed according to the principles of value investing. Its managers therefore search for undervalued companies that are good businesses, easy to understand, 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 and with patience the market will recognise their value.
Risk exposure will be between 0-25% of total exposure - it does not invest in derivative instruments.
It is a manager-driven fund strongly linked to the high conviction approach of its manager, Fernando Bernad. Its management goal is to obtain satisfactory and sustained return over time, thus favouring investors with a long-term time horizon.Benchmark:Madrid Stock Exchange Total Return Index (ITGBM) (85%) and the Portuguese PSI 20 Total Return Index (15%)
The Madrid Stock Exchange Total Return Index (ITGBM) is an index composed of all the securities traded on the continuous market of the Madrid Stock Exchange. The PSI 20 Total Return index is made up of the 53 main securities traded on the Lisbon Stock Exchange. Both indices take into account the reinvestment of dividends net of tax.