Spanish boutique Azvalor Asset Management has launched what it claims to be the country’s first multi-manger equity fund.
The Azvalor Managers Fund is a global equities fund which will invest internationally through selected ‘boutique’ asset managers.
The fund will be managed by Javier Saenz de Cenzano.
Saenz de Cenzano said that central to the new fund was a focus on finding managers from around the world who share a similar investment philosophy and corporate culture.
Unlike a traditional ‘fund of funds’ Azvalor said the fund delegates the stock-picking decisions, through separate accounts, on a reduced line-up of external managers.
Saenz de Cenzano added that he would selecting managers who met specific characteristics such as experienced and stable teams and employee-owned firms where managers invest in their own investment strategies.
The aim is to pick contrarian managers, who tend to have limited overlap with stock indices and that apply consistent investment processes, sticking to their guns under difficult market circumstances, and delivering excellent long-term returns, he said.
Azvalor co-founder Álvaro Guzmán (pictured) said: “We have selected very experienced managers that we have known for a long time, where we can sleep well at night knowing they are managing part of our own wealth for the long-term.
Azvalor was founded in 2016 and has four funds and €1.7bn assets under management.