AzValor AM launches Lux version of "best of boutiques" multi-manager fund

Eugenia Jiménez
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AzValor AM launches Lux version of "best of boutiques" multi-manager fund

Spanish value boutique Azvalor Asset Management has launched a Luxembourg-domiciled version of its AzValor Managers fund, the firm's multi-manager strategy selecting global equities ideas from boutique managers.

The new development, Mimosa Capital Sicav - AzValor Managers, will be available to European investors through the main fund investment platforms. It will follow the same investment strategy than its Spanish version, launched in November last year.  

TheAzvalor Managers Fund is a global equities fund that invests internationally through the best investment ideas of thoroughly selected 'boutique' asset managers.

Overseen by Javier Sáenz de Cenzano, the Fund is co-managed by four different US asset managers with a similar investment philosophy and corporate culture to that of AzValor's co-founders Álvaro Guzmán and Fernando Bernad.  

Donald Smith & Co, Mittleman Investment Management, Moerus Capital Management, and Goehring & Rozencwajg Associate are the four US asset managers selected by AzValor to co-manage the strategy.

The Spanish investment boutique explained at that time that it had looked for asset managers with a similar investment philosophy to its own, which had a very independent investment style - generally following value investment philosophy - and whose employees were co-invested in the funds they managed.

The allocation to each sub-manager will be up to 40% of the portfolio at the discretion of Sáenz de Cenzano (pictured), who may vary the weight of the portfolios to avoid, for instance, an excessive sectoral concentration.

One key advantage of this multi-manager approach is that it provides access to managers whose products are not necessarily registered and available for sale in Europe, Azvalor said.