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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Azvalor sees a golden age for value investing with extreme valuation disparities favoring their style. The firm delivered strong first-half gains while rotating capital into deeply undervalued opportunities, estimating 60-84% upside across portfolios."
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.
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