Azvalor Asset Management H2 2024 Letter

2025-03-14 05:05:00 ET

Summary

• 2024 was a year of sowing for Azvalor, setting the stage for future returns with 2.920 billion euros AUM and significant net inflows.
• Azvalor’s portfolios focus on undervalued, high-quality businesses, managed by shareholder-centric leaders, and bought at attractive prices due to temporary market pessimism.
• Despite modest growth in 2024, Azvalor’s funds show strong upside potential, with Azvalor International and Azvalor Blue Chips offering +105% and +115% upside, respectively.
• Azvalor celebrates its tenth anniversary, achieving ISO27001 certification and engaging in significant sponsorships and philanthropic activities, including contributions to Africa Directo projects.

Dear co-investor,

2024 was a year of sowing. Following the harvests of 2021 to 2023 (+122% in Azvalor International, +71% in Managers, and +64% in Iberia), in 2024 we sowed again the returns that we will reap in the future.

We closed 2024 with 2.920 billion euros AUM and more than 75 million euros of net inflows, making us the value investing manager with the highest growth in this sector ( see news ). More than 2,500 new co-investors joined Azvalor during this period, adding up to over 27,000....

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