Azvalor is an independent fund manager specialising in equities. It has €2.894 billion in assets (as of the end of June 2025) and more than 28,100 investors.
Its fund managers and founding partners, Álvaro Guzmán and Fernando Bernad, have achieved our AAA rating, having significantly outperformed their benchmark indices for more than 20 years. Álvaro Guzmán has achieved a return of 968.2% (11.2% per year) since 2003, compared to 538.4% (8.7% per year) for the index, and Fernando has outperformed his index by a similar annual percentage since he began managing it.
Thanks to their strong results and transparency, they have earned a reputation in the sector as one of the benchmark institutions in Europe. They have maintained the same management style since their inception, purchasing companies at a value well below their true value and paying very little relative to the companies’ current cash-generating capacity. In 2021 and 2022, years of economic recovery following COVID-19, the Azvalor International fund achieved returns of 38.7% and 45.8%, demonstrating its strong decorrelation with the indices and other leading market funds with different strategies.
Its Azvalor Manager’s fund, managed by Javier Sáenz de Cenzano, with the support of Álvaro Guzmán de Lázaro and Fernando Bernad in the final selection of each selected manager, has managed to outperform the MSCI World Index with dividends since its inception in 2019 and now exceeds €100 million.
Presentation by Javier Sáenz de Cenzano, partner of Azvalor Managers, at the Tenvalue annual conference (12 minutes):
Some of the top positions of the Azvalor International fund (June 2025):
– Barrick Mining (6.35%)
– Schlumberger (5.26%)
– Glencore (4.33%)
– Prairiesky Royalty (3.83%)
– Canadian Natural Resources (3.17%)
– Whitehaven Coal (3.09%)
– NOV Inc (3.01%)
