Spain’s Azvalor ranked most profitable European equity fund

European equities fund azValor Internacional has recorded a 21.24% return as at 9 September, according to data from Morningstar.

The fund is the most profitable among Morningstar listed European equity funds, followed by Crèdit Andorrà’s Crediinvest SICAV International Value with 13.88% return and Magallanes Value Investors’ Magallanes European Equity, which recorded a 7.05% return.

AzValor Internacional fund has attracted €645m of net inflows from January through 31 August. The fund’s assets under management (AUM) totaled €810m at that time.

According to data from VDOS, this fund had the largest net inflows among the ten most profitable Spanish funds during the period.

AzValor’s mutual and pension funds recorded €1bn net inflows in the first eight months of the year. The asset manager, founded last year by former team members of Bestinver, the asset management arm of Acciona, manages €2.1bn in assets and has about 8,000 clients.

“A number of investors who worked with us throughout the last 20 years are now part of our new project. The fact that we have had an extraordinary profitability this year and we invest with complete independence is reflected in our net inflows,” azValor partner Beltrán Parages told InvestmentEurope.

Will García Paramés join azValor?

According to Spanish media reports, Francisco García Paramés, known as Spain’s Warren Buffett, will return to the fund industry by the end of September.

The top fund manager is thought to be the next addition of Madrid based azValor, but Parages did not want to confirm or deny the news.

“He will be the person to announce his return [to the asset management industry]. There are possibilities to come here but he could also start a new project,” Parages said.

“We will be delighted with whatever he decides,” he said.

García Paramés worked for Bestinver previously, but he departed abruptly in September 2014 to start a new project and set up a new fund, media reported at the time.

The fund manager spent 25 years at Madrid based Bestinver where he managed above €7.5bn in Spanish and international stocks, with returns doubling the 7.8% annual increase in the Madrid stock market since 1993.


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