Insightful Fourth Quarter Moves by Azvalor Managers FI (Trades, Portfolio) Highlight Investment Strategy
Azvalor Managers FI (Trades, Portfolio), a tax-transferable UCITS fund known for its global investment approach, has disclosed its fourth quarter transactions for 2023. The fund, which invests primarily in equities across various regions and sectors, aims to identify the most promising investment opportunities by delegating to specialist managers. This quarter's report reveals strategic additions, significant increases, and tactical exits within its diverse portfolio.
Summary of New Buys
Azvalor Managers FI (Trades, Portfolio) expanded its portfolio with 48 new stocks. Noteworthy additions include:
- International Petroleum Corp (TSX:IPCO, Financial), purchasing 65,964 shares, which now comprise 1.06% of the portfolio, valued at C$716 million.
- Golar LNG Ltd (GLNG, Financial), acquiring 28,229 shares, making up approximately 0.87% of the portfolio, with a total value of $587,000.
- John Wood Group Plc (LSE:WG., Financial), adding 277,468 shares, accounting for 0.82% of the portfolio, valued at £559,000.
Key Position Increases
Azvalor Managers FI (Trades, Portfolio) also raised its stakes in 82 stocks. Significant increases include:
- Cash (^CASH, Financial), with an additional 6,154,000 shares, bringing the total to 25,000,000 shares. This represents a 32.65% increase in share count and a 9.07% impact on the current portfolio, valued at $25,000,000.
- Hudbay Minerals Inc (TSX:HBM, Financial), with an additional 109,159 shares, bringing the total to 129,880. This adjustment marks a 526.8% increase in share count, valued at C$877,000.
Summary of Sold Out Positions
Azvalor Managers FI (Trades, Portfolio) exited 13 holdings in the fourth quarter of 2023, including:
- M/I Homes Inc (MHO, Financial): The fund sold all 13,788 shares, resulting in a -2.15% impact on the portfolio.
- Despegar.com Corp (DESP, Financial): The complete liquidation of 122,786 shares caused a -1.56% impact on the portfolio.
Key Position Reductions
Reductions were made in 22 stocks by Azvalor Managers FI (Trades, Portfolio). The most significant reductions were:
- Celestica Inc (CLS, Financial) by 19,690 shares, resulting in a -64.26% decrease in shares and a -0.51% impact on the portfolio. The stock traded at an average price of $26.6 during the quarter and has returned 45.27% over the past 3 months and 23.19% year-to-date.
- Arcos Dorados Holdings Inc (ARCO, Financial) by 17,822 shares, leading to a -21.08% reduction in shares and a -0.33% impact on the portfolio. The stock had an average trading price of $10.71 during the quarter and has returned 31.56% over the past 3 months and 1.26% year-to-date.
Portfolio Overview
As of the fourth quarter of 2023, Azvalor Managers FI (Trades, Portfolio)'s portfolio comprised 152 stocks. The top holdings included 36.85% in Cash (^CASH, Financial), 1.6% in SiriusPoint Ltd (SPNT, Financial), 1.45% in Aimia Inc (TSX:AIM, Financial), 1.43% in Sprott Physical Uranium Trust (TSX:U.UN, Financial), and 1.29% in Hudbay Minerals Inc (TSX:HBM, Financial). The holdings are mainly concentrated across 10 industries, covering Basic Materials, Energy, Financial Services, Industrials, Consumer Cyclical, Real Estate, Consumer Defensive, Technology, Healthcare, and Communication Services.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
