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Exploring the Strategic Moves of Azvalor Internacional FI (Trades, Portfolio) in Q4 2025

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Azvalor Internacional FI (Trades, Portfolio) recently submitted its report for the fourth quarter of 2025, shedding light on its strategic investment decisions during this period. Azvalor Internacional FI (Trades, Portfolio) is a fund dedicated to investing in undervalued equity assets listed on global markets, catering to investors with a long-term investment horizon. The fund adheres to the Value Investment philosophy, focusing on acquiring companies at prices below their intrinsic value. Its portfolio predominantly consists of European companies listed on secondary markets, selected individually without bias towards company size, sector, or country.Azvalor Internacional FI Exits Barrick Mining Corp, Impacting Portfolio by -9.92%

Summary of New Buy

Azvalor Internacional FI (Trades, Portfolio) added a total of five stocks, with the most significant addition being Axia Energia (AXIApC), acquiring 881,979 shares, which account for 0.47% of the portfolio and a total value of $6.498 million. The second largest addition was Petra Diamonds Ltd (LSE:PDL), consisting of 20,736,118 shares, representing approximately 0.29% of the portfolio, with a total value of 4,099,000. The third largest addition was Axia Energia (BSP:AXIA7.PFD), with 352,925 shares, accounting for 0.2% of the portfolio and a total value of R$2,798,000.

Key Position Increases

Azvalor Internacional FI (Trades, Portfolio) also increased stakes in a total of 28 stocks. The most notable increase was in Transocean Ltd (NYSE:RIG), with an additional 8,903,072 shares, bringing the total to 24,361,124 shares. This adjustment represents a significant 57.6% increase in share count, a 2.23% impact on the current portfolio, with a total value of $85,236,000. The second largest increase was in PrairieSky Royalty Ltd (TSX:PSK), with an additional 1,720,061 shares, bringing the total to 6,963,992. This adjustment represents a significant 32.8% increase in share count, with a total value of C$116,635,000.

Summary of Sold Out

Azvalor Internacional FI (Trades, Portfolio) completely exited 12 holdings in the fourth quarter of 2025, including:

Barrick Mining Corp (NYSE:B): Azvalor Internacional FI (Trades, Portfolio) sold all 7,146,329 shares, resulting in a -9.92% impact on the portfolio. Pan American Silver Corp (NYSE:PAAS): Azvalor Internacional FI (Trades, Portfolio) liquidated all 838,324 shares, causing a -1.57% impact on the portfolio.

Key Position Reduces

Azvalor Internacional FI (Trades, Portfolio) also reduced positions in 18 stocks. The most significant changes include:

Story Continues

Reduced Vale SA (NYSE:VALE) by 2,353,038 shares, resulting in a -34.83% decrease in shares and a -1.51% impact on the portfolio. The stock traded at an average price of $12.17 during the quarter and has returned 50.18% over the past 3 months and 30.70% year-to-date. Reduced Axia Energia (BSP:AXIA3) by 1,653,196 shares, resulting in a -55.18% reduction in shares and a -0.82% impact on the portfolio. The stock traded at an average price of R$57.72 during the quarter and has returned 4.08% over the past 3 months and 12.11% year-to-date.

Portfolio Overview

At the end of the fourth quarter of 2025, Azvalor Internacional FI (Trades, Portfolio)'s portfolio included 53 stocks. The top holdings included 10.54% in SLB Ltd (NYSE:SLB), 8.8% in Glencore PLC (LSE:GLEN), 8.73% in Noble Corp PLC (NYSE:NE), 8.35% in PrairieSky Royalty Ltd (TSX:PSK), and 6.76% in Canadian Natural Resources Ltd (NYSE:CNQ).

The holdings are mainly concentrated in 10 of the 11 industries: Energy, Basic Materials, Financial Services, Consumer Cyclical, Industrials, Consumer Defensive, Utilities, Real Estate, Healthcare, and Communication Services.

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