Azvalor

What Azvalor does

Azvalor is a Madrid-based independent asset management firm founded in 2015 that applies a long-only value investing philosophy across investment funds (FIs), SICAVs (Spanish and Luxembourg-domiciled), and pension plans. The company operates under the proprietary "Azvalor Method," a fundamental analysis framework that targets high-quality businesses with sustainable competitive advantages, high returns on capital employed (ROCE), honest management, and share prices that diverge materially from intrinsic value. Portfolios are constructed with minimal overlap to broad market indices and currently trade at approximately a 50% discount to the broader market, reflecting the strategy's contrarian orientation. The firm distributes products through CNMV-approved financial intermediaries, a direct investor portal (areacliente.azvalor.com), and Luxembourg SICAV vehicles for international clients.

Revenue is generated through recurring management fees on assets under management (AUM) across its fund range — Azvalor Internacional FI, Azvalor Iberia FI, Azvalor Blue Chips FI, Azvalor Managers FI, and Azvalor Capital FI — alongside Luxembourg-domiciled SICAVs and individual/employment pension plans. Pricing details are not publicly disclosed; fee rates are documented in CNMV-registered prospectuses. The firm employs a "skin in the game" model whereby partners, employees, and their families constitute the principal investor in the vehicles they manage, structurally aligning interests with co-investors.

The operating entity, Azvalor Asset Management SGIIC, S.A.U., is registered with Spain's CNMV under number 224, and the parent is Inversiones Azvalor, S.L. (Madrid). The firm manages over €4.5 billion in AUM across 35,000+ investors, with the investment team carrying 25+ years of value investing experience. Compliance posture includes DORA (Digital Operational Resilience Act) and ISO 27001:2022 certifications, and all investors are classified as MiFID Retail Clients by default. The longest-running vehicle, Azvalor Value Selection SICAV, has delivered 886.9% cumulative return since inception (10.4% annualized).

Name

Azvalor

Legal name

Azvalor Asset Management SGIIC, S.A.U.

Website

https://azvalor.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Madrid-based independent asset manager founded in 2015, operating the proprietary "Azvalor Method" of value investing across investment funds, SICAVs, and pension plans for 35,000+ individual and institutional investors, with over €4.5 billion under management.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Portfolio Management–Led RIAs (Discretionary/Model-Based) (FSAAACAC)

akta.pro secondary industry

Registered Investment Advisor (RIA) Wealth Management (FSAEABAA)

Keywords

• Asset management
• Value investing
• Investment funds
• Wealth management
• Pension plans

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Investment Management Fees: Azvalor generates revenue through management fees charged on assets under management across its investment funds, pension plans, and SICAVs. As a registered SGIIC (Sociedad Gestora de Instituciones de Inversión Colectiva) regulated by CNMV, the firm charges standard asset management fees typical of the Spanish investment fund industry.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels8 records

Core offering

Azvalor is an independent asset management firm (SGIIC regulated by CNMV) that manages and distributes investment funds, SICAVs, and pension plans applying the proprietary 'Azvalor Method' of value investing. The firm manages over €4.5 billion for more than 35,000 retail, institutional, and pension investors, charging management fees on assets under management across its global, Iberian, blue-chip, managers, and mixed fixed-income fund range, plus Luxembourg-domiciled vehicles for international clients.

Differentiator

Problem solved

Functional benefit

Products and services

• Azvalor Internacional FI

Quantifiable outcome

• 886.9% cumulative return since inception for Azvalor Value Selection SICAV
• +2 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered core and minor.

• GBAM (Group of Boutique Asset Managers)coreStrategic or Co-development PartnerAzvalor is a member of GBAM in Spain alongside Banca March AM and Mapfre AM. GBAM is a non-profit organization of independent boutique asset management firms present in 19 countries across 5 continents. The group shares information, best practices, and promotes members jointly and individually to potential investors internationally.
• África Directo FoundationcoreStrategic or Co-development PartnerDavalor is a social initiative created by Azvalor in partnership with the África Directo Foundation. Its mission is to promote social well-being by contributing to the sustainable and self-sufficient development of the most disadvantaged communities, focusing on education, health, support for vulnerable groups, agriculture and microfinance.
• CNMV (Comisión Nacional del Mercado de Valores)coreOthersAzvalor Asset Management SGIIC SAU is registered with the CNMV under number 224 and operates under their regulatory supervision. All products and services are distributed through CNMV-approved entities.
• CitywireminorOthersCitywire provides independent fund manager ratings and recognition. Azvalor holds a Citywire Gold fund group rating.

Scale indicators7 records

Expansion highlights5 records

Broad incumbents

• Dimensional Fund Advisors: Large global systematic/value-tilted asset manager offering mutual funds and ETFs across global equities with a similar long-term, fundamentally-grounded approach; overlaps with Azvalor's global value mandate but at far larger scale and lower fees.
• MFS Investment Management: Global incumbent asset manager with international value and global equity mutual funds distributed in Europe; comparable product (global/international equity mutual funds) and distribution footprint in Spanish/European channels, but at much larger AUM scale.
• Edmond de Rothschild Asset Management: European private banking and asset management group running global and European equity strategies (incl. value-tilted funds) through Luxembourg-domiciled vehicles; comparable international fund platform architecture and European distribution.

Direct peers

• Polen Capital: Global fundamental/quality-focused boutique asset manager running international and global growth/quality strategies for institutional and retail clients; comparable boutique structure, AUM scale category, and outcome-oriented branding.
• Metagestión: Spanish independent boutique running fundamentally-driven equity and flexible funds for retail and institutional clients through CNMV-regulated vehicles, directly comparable in customer type, fund lineup, and Iberian base.
• Bestinver: Spanish independent asset manager with a long value investing heritage and retail/institutional fund range overlapping Azvalor's Iberian and international equity products; comparable in product mix, distribution through Spanish networks, and value-driven branding.
• Magallanes Value Investors: Madrid-based boutique asset manager running European and Iberian equity funds using a fundamental value approach, almost identical model to Azvalor in target customer (Spanish retail and institutional), vehicle structure (SICAVs and FIs), distribution (CNMV-registered), and investment philosophy.
• Cobas Asset Management: Spanish value-investing boutique founded by a former Bestinver PM, running similar global and Iberian equity SICAVs and funds marketed to Spanish retail investors through placement agents; nearly identical style, customer, and channel mix.
• Tweedy, Browne Company: Long-standing global value investing boutique serving retail and institutional investors via mutual funds; direct style peer with comparable global/international value mandate, deep valuation focus, and high co-investment alignment.

Others

• ValueAct Capital: Large activist value investor; not a direct product competitor (concentrated public equities, institutional only) but a thematic peer in the value-investing ecosystem that competes for the same investor mindshare and capital allocation toward deep value strategies.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/azvalor
• YouTubeyoutube.com/c/azvaloryou
• LinkedInlinkedin.com/company/azvalor-asset-management
• Instagraminstagram.com/azvalorassetmanagement
• Facebookfacebook.com/azvalor

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Azvalor