| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | 19.5% |
| 2025 |
|---|
| 19.5% |
Azvalor delivered strong 2025 performance with their International fund returning +19.5% and Iberian fund +31%, driven by their concentrated value approach of investing in quality businesses at significant discounts to broader markets. The firm successfully exited gold and silver mining positions after substantial gains, demonstrating disciplined portfolio rotation as they avoid headline-driven investments. Their portfolios trade at approximately 50% discounts to market indices with estimated upside potential of 54-71% across funds. The strategy focuses on finding well-managed companies offered at attractive prices due to short-term headwinds, with top holdings representing 53-57% of assets in high-conviction positions. Azvalor expanded to EUR 3.556 billion in assets under management with over 30,000 investors, supported by a larger 14-person team analyzing opportunities with increased depth. They maintain a prudent yet optimistic outlook, positioning portfolios defensively against record market valuations while identifying new opportunities in differentiated areas with minimal overlap to concentrated US indices.
Azvalor employs a concentrated value strategy, investing in high-quality businesses with strong management teams trading at significant discounts to fair value, maintaining disciplined portfolio rotation to capitalize on market inefficiencies while avoiding headline-driven investments.
Azvalor faces the future with prudence, enthusiasm and optimism, continuing to focus on finding good businesses at attractive prices with their larger, more experienced team analyzing a greater number of companies with increased depth and rigor.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Feb 4 2026 | 2025 Q4 | CNQ, Gold, SII, VIST | Concentration, discount, Europe, global, Mining, Quality, Upside, value | - | Azvalor focuses on finding good businesses well-managed by trustworthy teams that the market offers at attractive prices due to clouds hanging over their short-term outlook.… |
| Aug 12 2025 | 2025 Q2 | - | contrarian, essential assets, forgotten sectors, global value, valuation gaps | - | The letter stresses global value opportunities in sectors and regions shunned by consensus investors. Management focuses on essential assets, low-cost producers, and companies trading at… |
| Feb 20 2025 | 2024 Q4 | - | - | - | - |
| Sep 12 2024 | 2024 Q2 | - | - | - | - |
| Feb 28 2024 | 2023 Q4 | - | - | - | - |
| Jul 28 2023 | 2023 Q2 | - | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
ConcentrationFive companies now represent roughly 30% of the S&P 500's market cap. The top 10 exceed 40%—the highest concentration in 50 years. Nearly $340 billion flowed into U.S. deals, yet it was packed into the fewest deals of the decade, with nearly half the capital concentrated in a few dozen deals over $500 million. |
Market Capital Risk Deals Venture |
GoldGold returned +65% in dollars in 2025, driven by broadening demand from central banks, professional and retail investors. Central banks now hold 24% of reserves in gold versus 23% in US Treasuries for the first time. Maintained 12% portfolio allocation throughout the year. |
Central Banks Reserves Diversification Demand | |
ValueManager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. |
Discounts NAV Mispricing Undervalued Controlled | |
| 2025 Q2 |
ValueThe manager continues to find attractive value opportunities despite expensive markets, purchasing undervalued companies like Centene, GlaxoSmithKline, Carrefour and PayPal trading at low multiples with strong fundamentals. |
Undervalued Low Multiples Contrarian Opportunistic |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| CNQ | Canadian Natural Resources: Continued execution led to earnings beat. Increased Canadian egress enabled 20% Y/Y production growth. |
| SII | Sprott, and Agnico Eagle (the last two are precious metals positions that were small position sizes but delivered outsized returns given the performance of Gold and Silver in the quarter) |
| VIST | The main positions added throughout the period are Vista Energy |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
