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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Azvalor Internacional returned 15% in first-half 2026, continuing strong momentum from 2025. The manager sees a golden age for value investing with extreme valuation gaps favoring undervalued stocks over speculative growth names."
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.
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