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A team that shares

the passion for the pursuit of excellence

A team that shares the passion

for the pursuit of excellence

Álvaro Guzmán de Lázaro

CIO & Partner

Álvaro Guzmán de Lázaro is Chief Investment Officer and founding Partner at azValor Asset Management, a boutique equity asset management established in October 2015.

Before founding Azvalor Asset Management Alvaro spent 12 years at Bestinver Asset Management where he served as portfolio manager together with Francisco García Paramés (CIO) and his current partner Fernando Bernad.

He started as a stock market analyst at a Frankfurt fund management company (Value Management) founded by a former employee of the legendary Peter Lynch. During this period, he studied and applied the value investing style of Ben Graham, Philip Fisher, Warren Buffet, and Peter Lynch. Subsequently, he returned to Spain where he began managing portfolios for high net-worth families and worked as a Spanish stock analyst at broker Beta Capital..He specialised in the oil industry, although he also analysed and visited almost all listed Spanish companies in search of investment opportunities for his high net-worth clients.

In 2001, he joined the Banesto Bolsa research department, taking most of his team with him. His role there, as lead analyst and team supervisor, was similar to his work at Beta. In addition, he started to follow listed foreign companies that met the strict investment requirements he continued to apply to high net-worth asset management. In March 2003, he joined Bestinver, leaving the firm in 2014. He took a double French/Spanish university entrance exam, earned an MA in European Business Studies, and a Law degree from the UNED (Spanish open university). He became a Chartered Financial Analyst (CFA, AIMR) in 2001. Alvaro speaks Spanish, French, English and German. In 1999, he became a professor of fundamental analysis at the Spanish Institute of Financial Analysts (IEAF) and at the IEB (Stock Exchange Study Institute).

Fernando Bernard

Portfolio Manager & Partner

Fernando is a graduate in European Business (summa cum laude) jointly from ICADE, Madrid and Northeastern University, Boston, as well as a CFA charterholder.

As an investment analyst his career began in 1998 in Frankfurt Value Management & Research where he worked for two years until 2000. In 2000 he returned to Spain to begin work as an associate in the risk capital sector of BNP Paribas Leveraged Finance. Later he joined the Banesto analysis team as an oil and steel analyst before creating and managing the Interdin analysis team whose strategy was focused on generating investment ideas based on the theory of value.

In 2005 Fernando joined Vetusta Group as investment manager. In his 2 years there he achieved average annual returns on equity of close to 30%. He joined Bestinver in February 2007, where he worked as member of the management team until the end of December 2014.

Beltrán Parages

Head of Business Development & Investor Relations / Partner

Beltran is a graduate in Business from Universidad Complutense de Madrid.

He began his career 1997 at Beta Capital SVB where he worked at the equity distribution desk. In June 2000, after a year off working at St. Mary's Rehabilitation Centre in Malawi he returned to Beta Capital, joining Gesbeta SGICC SA as fixed-income and equity investment analyst in the auto and highway sectors. In December 2000 he joined Allfunds Bank SA where for over 9 years he worked in a number of positions developing the domestic and international business ending up as Regional Director in charge of the Allfunds Bank SA business in Spain, Portugal, the UK and Latin America.

He joined Bestinver SGIIC SA in May 2009 where until October 2014 he headed its Business Development and Investor Relations team. In July 2014 he became partner and member of the board of directors of GBAM Limited (Group of Boutique Asset Management).

Sergio Fernández-Pacheco


Sergio is a graduate in Law and Business from Universidad Pontificia de Comillas (taking the E-3 major) and a PDG from IESE.

His career began in Accenture in 1993 where he joined the Financial Services area to develop technology and process reengineering projects for banking institutions.

In 1997 Sergio joined BBVA, where he worked in a number of positions of responsibility in units such as Corporate Expansion, Private Banking, Investment Banking and finally as managing director of Asset Management coordinating strategic plans in the different geographical areas, digital initiatives, in-house and third-party manager product proposals.

During his time with the BBVA Group he was European President of Titulizacion S.G.F.T., S.A., member of the board of directors of Garanti Asset Management (Turkey), member of the board of directors of BBVA Switzerland and of other companies in the Group.

Carlos Romero

Director Inversores Institucionales
+91 73 78 033

Andrea Barbaranelli

Director Inversores Internacionales
+91 73 78 034

Jorge Cruz

Buy-Side Analyst
+34 91 73 74 440

Javier Casamayor

Director Riesgos y Control Interno
+34 91 73 74 440

Elisabet Fernández

Office Manager
+34 91 73 74 440

Juan Aguirre

Director de Grandes Cuentas
+91 73 74 440

Javier Barrio

Responsable Mesa de ejecución
+34 91 73 74 440

Ana Lorenzo

Back Office
+34 91 737 44 40

Rosalía Cano

Personal Assistant
+34 91 73 74 440

Victor Moragas

Buy-Side Analyst
+34 91 73 74 440

Victor Echazarra

Buy-Side Analyst
+34 91 73 74 440

Lucia Bermejo

Riesgos y Control Interno
+34 91 73 74 440

Loreto Jiménez

Office Manager
+34 91 73 74 440