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 Internacional up 15% following a 19.5% gain in 2025. The firm manages EUR 4.8 billion with 39,000 co-investors and added EUR 460 million in net inflows during the period. The manager emphasizes that value stocks are extremely cheap by historical standards, citing GMO data showing value at historic discount levels relative to growth. This creates what they call a golden age for value investing, driven by excessive speculation in leveraged indices and momentum stocks. However, they warn that the S&P 500 is expensive, with its dividend yield below short-term government bills for the first time in twenty years. The firm actively rotates from appreciated holdings into deeply undervalued opportunities, adding more than ten new investment ideas to Azvalor Internacional during the period. Portfolio upside estimates range from 60% to 84% across funds. New positions include Yellow Cake and Borr Drilling, while Tenaris was sold. The expanded research team provides greater capacity to identify opportunities across sectors and geographies.
Azvalor believes value stocks are extremely cheap relative to growth stocks, creating a golden age for their investment style, while the broader market indices are expensive and driven by dangerous speculation in leveraged products.
The manager expresses strong conviction that value investing remains in a golden age due to extreme valuation disparities. They anticipate continued opportunities to rotate from appreciated holdings into undervalued names, maintaining high upside potential across portfolios. The firm is better prepared than ever with a deep bench of investment ideas and an expanded research team capable of analyzing larger numbers of companies with greater rigor across diverse sectors and geographies. They expect the market will eventually correct valuation excesses and recognize the value of sound businesses trading at low prices.
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