Álvaro Guzmán de Lázaro

Mr. Álvaro Guzmán de Lázaro, CFA, is a Founding Partner, Chief Executive Officer & Co-Chief Investment Officer at AzValor Asset Management SGIIC SA. Prior to founding Azvalor, he managed Bestinver Asset Management for 12 years.
Mr. Guzmán de Lázaro began his career in 1994 in the auditing division of Arthur Andersen (Madrid), later joining Bankers Trust in Paris.
He began working as a stock market analyst in 1997 at the fund management company Value Management (Frankfurt), which was founded by a former colleague of the renowned Peter Lynch.
During this period, he studied and applied the teachings of the founding fathers of the value school in depth.
After this experience, he began to manage family portfolios and returned to Spain, working as an Analyst at Beta Capital.
Here, he specialized in the oil and gas industry as well as studying and visiting almost every Spanish listed company.
In 2001, he joined the analysis department at Banesto Bolsa, taking a large part of his team with him.
Here, he performed a similar role to the one he held at Beta Capital (as analyst and supervisor of other analysts), making in-depth studies of foreign listed companies that met the strict requirements of the value school.
Mr. Guzmán de Lázaro joined Bestinver in March 2003, forming part of the management team until leaving the firm in January 2015.
He taught fundamental analysis at the Spanish Institute of Financial Analysts (IEAF) and at the IEB.
He holds a degree in European Business Science, a law diploma from UNED and is a CFA charterholder.