Azvalor Asset Management has said it is launching Spain’s first multi-manager fund in the equities asset class to select global equities ideas from boutique managers.
The Azvalor Managers fund will be managed by Javier Saenz de Cenzano, and it will target managers with a similar investment philosophy and corporate culture to that of Azvalor’s co-founders Álvaro Guzmán and Fernando Bernad.
Cenzano will select managers exhibiting characteristics such as having experienced and stable teams, that are employee owned and where managers invest in their own strategies, that are specialised in a particular strategy and investment process, that have limited capacity, and pursue fundamentally driven stockpicking. A long term investment horizon and concentrated portfolios are also sought, as are contrarian managers with limited overlap to benchmark indices, and who stick to their process during challenging periods.
One key advantage of this multi-manager approach is that it will enable access to managers whose products are not necessarily registered and available for sale in Europe, Azvalor added.