Azvalor Asset Management Reports Strong Growth for 2025

Azvalor Asset Management has reported a robust annual growth rate of approximately 20% for its international products in 2025, with even higher returns noted in its Iberian fund. The International fund, which constitutes around 70% of the firm’s total assets under management, has more than tripled in value since its inception a decade ago. This growth highlights the firm’s strategic approach to investment, focusing on long-term value rather than short-term market fluctuations.

In its latest letter to co-investors, Azvalor noted that the net asset value of the Azvalor Iberia fund surged by 31% in 2025, reaching EUR 196, and has accumulated a remarkable 96% return since its launch. The firm has maintained a cautious stance on market predictions, opting instead to invest in undervalued assets, such as gold and silver mining companies, which were largely overlooked by the market. By partnering with reputable management teams, Azvalor successfully realized substantial capital gains before exiting these positions.

The firm continues to seek opportunities in well-managed businesses that the market undervalues due to short-term uncertainties. With an expanded team trained in the Azvalor Method, the firm is undertaking more in-depth analyses of potential investments. This increased capacity aims to enhance future returns, with Azvalor’s portfolios trading at about a 50% discount compared to broader market valuations.

Performance Overview

The Azvalor Iberia fund’s strong performance was complemented by two takeover bids for holdings, including Catalana Occidente and Allfunds, which were offered at prices significantly higher than market values. Another notable investment, Técnicas Reunidas, experienced a 160% increase in value over the year, contributing to a concentrated portfolio where the top ten holdings make up 57% of total investments.

Similarly, the Azvalor International fund achieved a net asset value increase of 19.5% in 2025, reaching EUR 281, with an impressive 181% return since launch. The portfolio focuses on top-tier companies that are leaders in their sectors, maintaining a concentrated approach with the top fifteen holdings accounting for 53% of total assets. These select investments generate an earnings yield of approximately 11%, in stark contrast to the 4% yield of the US equity market.

The Azvalor Blue Chips fund, which targets large-cap companies, reported a 14.7% growth in its net asset value for 2025 and has achieved a cumulative return of 117% since its inception. The estimated upside potential for this fund stands at 70%.

Strategic Developments and Community Engagement

In 2025, Azvalor’s total assets under management exceeded EUR 3.556 billion, reflecting an annual growth of 22% and net inflows surpassing EUR 90 million. The firm welcomed nearly 3,000 new co-investors, bringing the total number of investors to over 30,000.

In October, Azvalor announced the launch of a tokenized investment fund within the CNMV’s regulatory sandbox, marking a significant innovation in the asset management sector. This project, developed in collaboration with Allfunds Blockchain and BNP Paribas Securities Services, aims to introduce a new distribution model for UCITS funds.

Additionally, Azvalor has committed to social responsibility through its Davvalor project, partnering with África Directo to contribute over EUR 620,000 to various initiatives across Africa. These contributions support educational infrastructure, healthcare improvements, and solar energy projects among others.

In conclusion, Azvalor Asset Management has demonstrated resilience and strategic foresight in navigating a volatile market environment. The firm remains optimistic about the future, emphasizing the importance of equities in preserving purchasing power amid potential inflationary pressures. Azvalor’s commitment to maintaining a strong community of co-investors, alongside its innovative investment strategies, positions it well for continued success. The management team expresses gratitude to all stakeholders for their ongoing support and encourages further inquiries through its Investor Relations team.