AZVALOR INTERNACIONAL FI 1.0.0 2016-01-01 2016-06-30 AZVALOR INTERNACIONAL FI 1.0.0 2015-07-01 2015-12-31 AZVALOR INTERNACIONAL FI 1.0.0 2016-01-01 2016-06-30 AZVALOR INTERNACIONAL FI 1.0.0 2015-01-01 2015-12-31 AZVALOR INTERNACIONAL FI 1.0.0 2016-04-01 2016-06-30 AZVALOR INTERNACIONAL FI 1.0.0 2016-01-01 2016-03-31 AZVALOR INTERNACIONAL FI 1.0.0 2015-10-01 2015-12-31 AZVALOR INTERNACIONAL FI 1.0.0 2015-07-01 2015-09-30 AZVALOR INTERNACIONAL FI 1.0.0 2014-01-01 2014-12-31 AZVALOR INTERNACIONAL FI 1.0.0 2013-01-01 2013-12-31 AZVALOR INTERNACIONAL FI 1.0.0 2011-01-01 2011-12-31 AZVALOR INTERNACIONAL FI 1.0.0 2013-01-01 2015-12-31 AZVALOR INTERNACIONAL FI 1.0.0 2011-01-01 2015-12-31 AZVALOR INTERNACIONAL FI 1.0.0 2016-06-30 AZVALOR INTERNACIONAL FI 1.0.0 2015-12-31 AZVALOR INTERNACIONAL FI 1.0.0 2014-12-31 AZVALOR INTERNACIONAL FI 1.0.0 2013-12-31 iso4217:EUR xbrli:pure AZVALOR INTERNACIONAL FI 4918 02 02 2016 EUR A+ false Paseo de la Castellana 110 ,3º 28046 Madrid EM sac@azvalor.com www.azvalor.com 05 PASEO DE LA CASTELLANA, 110 3º - 28046 MADRID (MADRID) EM sac@azvalor.com 2015-10-23 08 09 7 en una escala del 1 al 7. La gestión toma como referencia la rentabilidad del índice MSCI Europe Total Return Net. Fondo de autor con alta vinculación al gestor, Fernando Bernad Marrasé, cuya sustitución supondría un cambio en la política de inversión. El objetivo de gestión es obtener una rentabilidad satisfactoria y sostenida en el tiempo, aplicando una filosofía de "inversión en valor", seleccionando activos infravalorados por el mercado, con alto potencial de revalorización. Al menos un 75% de la exposición total se invertirá en renta variable de cualquier capitalización y sector, principalmente de emisores/mercados de la OCDE (excepto emisores españoles), pudiendo invertir hasta un 35% de la exposición total en emisores/mercados de países emergentes. La exposición al riesgo divisa será del 0-100% de la exposición total. El resto de la exposición total se invertirá en renta fija principalmente pública aunque también privada (incluyendo instrumentos de mercado monetario cotizados o no, líquidos) de emisores/mercados de la zona Euro, en emisiones con calificación crediticia igual o superior a la que tenga el Reino de Españaen cada momento. Para emisiones no calificadas se tendrá en cuenta la calificación del propio emisor. La duración media de la cartera de renta fija será inferior a 18 meses. La metodología aplicada para calcular la exposición total al riesgo de mercado es el método del compromiso 01 1.30 0.00 1.30 0.00 0.00 0.00 0.00 0.00 EUR 5665178.05 1688008.89 4417 939 0.00 0.00 false 5.000,00 Euros 611541472 162040096 107.9474 95.9948 0.89 0.89 0.89 0.89 01 0.02 0.02 01 12.45 4.70 7.40 -2.13 -3.97 2016-06-27 2016-01-15 2.30 3.56 2016-04-13 2016-01-21 01 21.88 14.69 27.33 33.28 35.44 31.14 0.46 0.44 0.49 100%IGBMT INDEX 33.16 35.66 30.62 0.00 0.00 0.93 0.47 0.45 0.44 0.44 false GraficaVL.png png 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 false false false false false false true true true false G. Inscribir el cambio de control producido en la sociedad gestora como consecuencia de la adquisición por D. Álvaro Guzmán de Lázaro Mateos de una participación del 53,75% indirecto, a través de Inversiones Azvalor, S.L., en AZVALOR ASSET MANAGEMENT, SGIIC, S.A. H. La CNMV ha resuelto: Verificar y registrar a solicitud de AZVALOR ASSET MANAGEMENT, SGIIC, S.A., como entidad Gestora, y de BNP PARIBAS SECURITIES SERVICES, SUCURSAL EN ESPAÑA, como entidad Depositaria, la actualización del folleto y del documento con los datos fundamentales para el inversor de AZVALOR INTERNACIONAL, FI (inscrito en el Registro Administrativo de Fondos de Inversión de carácter financiero con el número 4918), al objeto de incluir un gestor relevante adicional así como modificar los descuentos a favor del fondo por reembolsos. I. La CNMV ha resuelto: Autorizar, a solicitud de AZVALOR ASSET MANAGEMENT, SGIIC, S.A., como entidad Gestora, de los miembros del consejo de administración de las sociedades absorbidas y de BNP PARIBAS SECURITIES SERVICES, SUCURSAL EN ESPAÑA, SANTANDER SECURITIES SERVICES, S.A. y UBS BANK S.A. como entidades Depositarias, la fusión por absorción de ALBORAN ASSETS MANAGEMENT, SICAV S.A. (inscrito en el correspondiente registro de la CNMV con el número 2610), GONALCRIM, SICAV, S.A. (inscrito en el correspondiente registro de la CNMV con el número 3085), INFLUX INVERSIONES, SICAV, S.A. (inscrito en el correspondiente registro de la CNMV con el número 603), por AZVALOR INTERNACIONAL, FI (inscrito en el correspondiente registro de la CNMV con el número 4918). false false false false false true false true F. Se han realizado operaciones durante el periodo por un volumen de 69.554.874,53 ? en las que una empresa del grupo del depositario ha actuado como contrapartida. Existen operaciones vinculadas repetitivas y sometidas a un procedimiento de autorización simplificado, relativas a compraventa de Divisas, que realiza la Gestora con el Depositario H. Se han realizado operaciones vinculadas con otras IICs, gestionadas, debidamente autorizadas por el Órgano de Seguimiento, de conformidad con el procedimiento implantado para su control, el importe en miles de euros de las adquisiciones durante el periodo ha sido de : 2.301. El importe en miles de euros de las ventas durante el periodo ha sido de : 1.578 El valor liquidativo de azValor Internacional FI aumentó desde el 1 de Enero de 2016 hasta el 30 de Junio de 2016 un 12,46% hasta 107,95 euros. En este mismo periodo, su índice de referencia MSCI Europe Total Return Net Index disminuyó un 7,23%. El patrimonio del fondo aumentó hasta alcanzar 611.541.471,77 euros y el número de partícipes asciende a 4417. El impacto de los gastos soportados por el fondo ha sido de un 0.93%. La liquidez del fondo se ha remunerado a un tipo medio del 0% en el periodo. Nuestro análisis se centra en determinar de forma detallada el valor de las compañías que componen nuestras carteras. Realizamos una selección de valores sin tener en cuenta el sector, divisa o área geográfica, si no que el peso resultante viene determinado por las oportunidades que encontramos en cada momento. Asimismo, no tenemos opinión sobre los mercados, ya que no aportamos valor, sin embargo, nos aprovechamos de las distorsiones entre precio y valor a corto plazo para realizar inversiones a largo plazo. Durante los primeros meses del año, y fundamentalmente, pero no sólo, por la venta de las inversiones de una parte de nuestra cartera (invertida en compañías de materias primas y negocios relacionados) manteníamos un elevado nivel de liquidez (respecto a nuestra media histórica), así como un número importante de inversiones en compañías con caja. Además teníamos una posición invertida en compañías mineras de oro (aprox. 10%) que tuvieron una fuerte subida (en torno al 7,5%-10%) el día del anuncio del Brexit y que se mantuvo en los días posteriores (la cotización del oro ha pasado de 1.266,2$ a 1.321,9$ por onza, lo que supone un incremento del 4,4% en el periodo indicado) Con las caídas del mercado del mes de Junio hemos utilizado una parte de la liquidez para comprar compañías que encajan con nuestros criterios de selección/inversión a precios muy razonables y que creemos nos ofrecen un margen de seguridad mucho más elevado que antes de las caídas. El porcentaje de liquidez ha disminuido, siendo al cierre de trimestre de un 5.95% del patrimonio del fondo. Las principales posiciones son Samsung Electronics, Dassault Aviation y Credit Acceptance. Las posiciones relevantes que mejor comportamiento han tenido han sido Anglo American Platinum LTD, Royal Gold y Petra Diamonds, las que más han restado han sido LSL Properties, Peugeot SA y BMW. Hemos reducido totalmente las inversiones en Range Resources, Rolls Royce y Anglo American Platinum. No hay activos que se encuentren en circunstancias excepcionales (concurso, suspensión, litigio). Nuestra política de ejercicio de derechos de voto es que siempre delegamos el mismo, salvo que alguna situación especial requiera lo contrario. El valor liquidativo alcanzó su mínimo el 20 de Enero de 2016, siendo éste 81,16 euros. Desde entonces y al cierre de Junio de 2016 el fondo acumula una rentabilidad positiva del 33%. Debido a las fuertes subidas en las compañías relacionadas con las materias primas, la exposición a éstas se ha ido reduciendo gradualmente. Los gastos totales soportados por el fondo han sido de un 1.86% anualizado, siendo la comisión de gestión 1.8% anual. El fondo cotiza con un potencial del 80% lo que significa pagar 55 céntimos por cada euro del fondo (valor estimado por azValor). No aplicable. 0 0 0.00 0 0 0.00 0 0 0.00 0 0 0.00 19732476 144 1.10 0 0 0.00 0 0 0.00 0 0 0.00 43826480 416 -1.30 354359570 2145 12.45 0 0 0.00 0 0 0.00 0 0 0.00 0 0 0.00 0 0 0.00 0 0 0.00 417918526 2705 10.47