Azvalor 8th Annual Investor Conference | March 7, 2023

Azvalor 8th Annual Investor Conference | March 7, 2023
Check PPT Presentation here: issuu.com/azvalor/docs/eng_pr...
0:00:00 Welcome and introduction
0:01:52 Returns and investment culture
0:07:08 Global Economy
0:08:00 Funds' potential
0:15:29 Azvalor Managers FI
0:19:43 Investor's activity
0:28:19 Operational and regulatory environment
0:35:08 Davalor
0:42:04 Conclusions
0:43:00 Q&A
0:43:33 What percentage of the portfolio could be invested in China?
0:46:39 What are you going to do about gold in the portfolio?
0:52:33 If the probability of recession is high, is it better to be 100% invested or to have liquidity?
0:55:35 Is it better to buy the funds now or to wait until mid-year?
0:57:54 Whenever the yield curve inverts, a recession comes. What is your opinion?
1:04:09 Would you consider creating a distribution fund?
1:06:52 If you had a more concentrated portfolio, would it reduce risk?
1:09:43 Azvalor Managers: With so much diversification, won't the performance be very similar to that of an index?
1:12:30 A. Managers: Can you give details on the IPOs received?
1:15:18 You have a lot of liquidity, are you not finding enough attractive opportunities or do you foresee future falls?
1:17:50 What economic scenarios would negatively affect Azvalor's pension funds?
1:20:50 Do they plan to participate in the governing bodies of the companies in which they invest?
1:22:33 What strategy do you follow to establish the optimal exit/sale levels for each company?
1:25:31 At a conference you said that, once an optimum level of assets to generate double-digit returns has been exceeded, the ideal would be to distribute assets to the unitholders. Do you still think the same?
1:26:21 If the International fund is closed, will we be able to invest in pensions?
1:26:53 How would the closure of the Azvalor International fund affect clients?
1:28:44 When you try to "guess" the future profits, how many years do you do it?
1:30:35 Is ChatGPT going to crush Google?
1:32:58 Where do you think Azvalor will be in 25 years? Do you have any plan to make your company last in the very long term?
1:42:54 Is there any plan to reduce the management fee as a loyalty scheme for long term clients?
1:46:33 Azvalor Managers: Do you have any new managers coming on board?
1:49:51 What is the correlation between Azvalor Managers and Azvalor International, and is it worth having both portfolios?
1:52:37 The quarterly letter has dropped a lot in quality and content. When are you going to write interesting letters again?
1:55:02 Are you positive about coal in the medium term?
2:02:10 Why don't you invest in banks, even though the environment is very favorable?
2:06:16 Could you explain your interest in the Spanish insurance sector and why you have not bought into the international fund?
2:09:47 What is the project selection process at Davalor?
2:13:50 Davalor: How can donations be made?
2:15:51 What is Griffols' investment thesis? What potential do you see?
2:19:03 How far do you see Técnicas Reunidas going?
2:19:59 Surprising exposure to Petra Diamonds, why so much confidence in a diamond miner?
2:20:43 We still have an important position in Tullow, although the market does not recognize its value. Could you explain your investment thesis?
2:24:30 Could you explain the investment in Ferrexpo?
2:24:48 Is there a possibility of funds rotating to other sectors outside of MMPP, precious metals and energy?
2:25:33 Can you elaborate on the new Employment Plan?
2:26:31 Do you believe in the possibility of investing in uranium related companies?
2:27:08 Does Azvalor plan to invest in clean energy?
2:28:30 Is it not time to diversify portfolios and reduce the weight of sectors that will not continue to grow at the same pace (such as MMPP)?
2:29:08 If you receive a large extraordinary income, is it better to invest it all at once or in periodic contributions?
2:31:05 Why do you believe that equities are the best option for long-term returns?
2:31:55 What is the potential of using new technologies, such as artificial intelligence, in value investing?
2:32:34 What percentage of the founding partners' assets is invested in Azvalor funds?
2:33:32 We highly value the full time dedication of the managers. Can this change in the future?
2:34:26 Have you thought about launching a mobile application (app) for client operations?
2:35:41 Lately we perceive a greater presence of the managers in the media, is this for any particular reason?
2:37:47 SEMAPA's target price and opinion on the takeover bid
2:38:08 If you did not have a home now, would you buy or rent?
2:40:30 What advice would you give to a 19-year-old passionate about value?
2:41:20 What was the worst moment of your professional life, and how did you get out of it?
2:45:30 Isn't the Skin in the Game philosophy against diversification on a personal level?
2:48:34 If you could only have one thing you did well this year, what would it be?
2:49:33 Farewell