The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Aug 10, 2026
Azvalor delivered strong first-half 2026 returns across its fund range, with Azvalor Iberia up 6% year-to-date following a 31% gain in 2025. The firm manages EUR 4.8 billion across 39,000 co-investors and added EUR 460 million in net inflows during the period. The manager emphasizes that value stocks are extremely cheap relative to growth, creating a golden age for their investment style, while warning that the broad S&P 500 is expensive with dividend yields below government bills for the first time in twenty years. Speculation in leveraged products and momentum trades creates opportunities for disciplined investors. The firm actively rotates capital from appreciated holdings into deeply undervalued companies, adding four new ideas to Azvalor Iberia and more than ten to Azvalor Internacional during the half. Key contributors included Meliá and Repsol, while new positions include Yellow Cake and Borr Drilling. The manager estimates current portfolio upside of 60% for Azvalor Iberia, 82% for Azvalor Internacional, and 84% for Azvalor Blue Chips, maintaining high conviction in their value-focused approach.
Azvalor believes we are in a new golden age for value investing, with value stocks trading at extreme discounts to growth stocks due to market speculation and concentration in a handful of names. The firm rotates capital from appreciated holdings into deeply undervalued companies, maintaining high upside potential across portfolios despite strong recent gains. While the broad S&P 500 is expensive with dividend yields below government bills for the first time in twenty years, disciplined value investors can find attractive opportunities by avoiding speculation and focusing on sound businesses at unjustifiably low prices.
The manager expects the current golden age for value investing to continue, driven by extreme valuation disparities between value and growth stocks. They anticipate that market corrections will eventually recognize the value of sound businesses trading at unjustifiably low prices, as has occurred in previous cycles. The firm is positioned with prudence, enthusiasm, and humility, leveraging a larger and more experienced team to analyze a broader universe of opportunities in greater depth.
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