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Azvalor launches Spain’s first ‘Multi-manager’ Equity Fund

‘Azvalor Managers Fund’ to be run by fund selector, Javier Sáenz de Cenzano

  • The fund, which is not a fund of funds, invests in the best global equity opportunities through delegation on a limited number of like-minded boutique investment managers

  • The portfolio is fully unconstrained and can invest in any region, sector and market-cap companies.

Azvalor Asset Management is today launching its Managers Fund - a novel investment offer for its co-investors.

Managed by Javier Saenz de Cenzano, ‘Azvalor Managers Fund’ is a global equities fund which will invest internationally through the best investment ideas of thoroughly selected ‘boutique’ asset managers.

Central to the idea of the new fund is a desire to find managers from around the world who share a similar investment philosophy and corporate culture to that inspired by Azvalor co-founders Álvaro Guzmán and Fernando Bernad.

Guzmán said, "We have selected very experienced managers that we have known for a long time, where we can sleep well at night knowing they are managing part of our own wealth for the long-term.

While Fernando Bernad, said, "This strategy is about making available to others what we think is good for us, particularly given we personally seek to diversify our own investments through this fund.

Javier Saenz de Cenzano, said,

"Azvalor is the perfect place to develop this initiative given its long-term mentality and corporate culture, which is focused on seeking the best interests for co-investors. It is really important to emphasise the alignment of interests of the underlying Managers, Azvalor, its investment team, and the fund’s investors ".

Saenz de Cenzano, supported by Guzman and Bernad, is selecting managers who meet very specific characteristics: very experienced and stable teams; strong skin in the game (employee-owned firms where managers invest in their own investment strategies); specialised in a given strategy and investment process, with a reduced asset base and limited capacity; applying a process based on fundamentally-driven stock-picking, through a long-term horizon and concentrated portfolios. The aim is to pick contrarian managers, who tend to have limited overlap with stock indices and that apply consistent investment processes, sticking to their guns under difficult market circumstances, and delivering excellent long-term returns.

Unlike a traditional "Fund of Funds”, Azvalor Managers Fund delegates the stock-picking decisions, through separate accounts, on a reduced line-up of external managers. The main advantage of this setup is that the fund can access managers from all over the world, regardless of whether those managers have products registered and available for sale in Europe or not, hence expanding tremendously the universe of investable managers. Besides, there is not a double layer of management fees for investors, and the portfolio holdings will be more transparent through full disclosure.

Notes to Editors:

  1. Azvalor

azValor is an independent Spanish asset management boutique, founded by a group of experienced investment professionals, who adopt a high conviction Value investing philosophy. The firm’s goal is that of a classic value investment house, that is, to maximise long-term returns on investments and minimise the risks of permanent losses.

Set up in 2016, azValor has four funds, accounting for some €1.7 billion assets under management. The Value approach involves exhaustive analysis of stocks within a defined universe to uncover good businesses with sustainable competitive advantages and a high return on capital employed. As value investors, Managers seek companies whose intrinsic value is not reflected in their share price and which are managed by teams that look after the interests of shareholders. Crucially, AzValor managers are co-invested with clients, ensuring a true alignment of interests.

For more information about azValor Asset Management, please go to

2. Javier Saenz de Cenzano

Javier held the position of Director of Manager Research for EMEA at Morningstar, where he led the manager research team in Europe. Previously, he worked as a Manager Research Analyst at Russell Investments, in London, and at Allfunds Bank, in Madrid. He has 18 years of experience and is considered one of the best international experts in investment fund research. Sáenz de Cenzano studied Business Administration at CUNEF and holds the CFA designation. He regularly gives lectures on financial markets and investment funds at different universities and has published articles in the most prestigious international finance journals.

Compliance Notes

The information provided is copyright of azValor Asset Management SGIIC, S.A.U. whose registered office is Pº de la Castellana 110 – 3ª planta, 28046 Madrid.

azValor Asset Management SGIIC, S.A., as well as the products and services it provides, are subject to the legislation in force and under the supervision of the Spanish funds regulator Comisión Nacional de Mercado de Valores (CNMV) and other regulatory bodies.

This communication is specifically written for use only by journalists. It has been prepared solely for information purposes and is not a solicitation, or an offer to buy or sell any security. The information on which the document is based has been obtained from sources that we believe to be reliable, and in good faith, but we have not independently verified such information and no representation or warranty, express or implied, is made as to their accuracy. All expressions of opinion are subject to change without notice and the views expressed are those of the fund manager at the time of writing, and may have since changed.

Please note that the prices of mutual funds and shares, and the income from them, can fall as well as rise and you may not get back the amount originally invested. This can be as a result of market movements and also of variations in the exchange rates between currencies. Past performance does not guarantee or predict future performance.

azValor accepts no liability or responsibility whatsoever for any consequential loss of any kind arising out of the use of this document or any part of its contents. The use of this document should not be regarded as a substitute for the exercise by the recipient of his or her own judgment.

For further information please contact:

John Morgan, Managing Director

Fortuna Asset Management Communications

Tel: 07769 262272

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