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Azvalor Managers FI (Trades, Portfolio)'s Strategic Moves in Q4 2025

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Azvalor Managers FI (Trades, Portfolio) recently submitted its report for the fourth quarter of 2025, shedding light on its strategic investment decisions during this period. Azvalor Managers FI (Trades, Portfolio) is a tax-transferable UCITS fund that invests at least 75% of its assets in equities. The fund's portfolio is diverse, encompassing companies of various sizes, regions, and sectors listed on public markets. Azvalor Managers FI (Trades, Portfolio) aims to identify the best investment opportunities worldwide by delegating investments to specialist managers.Barrick Mining Corp: A Significant Exit by Azvalor Managers FI with a -3.38% Impact

Summary of New Buy

Azvalor Managers FI (Trades, Portfolio) added a total of 40 stocks, with notable additions including:

The most significant addition was Ryerson Holding Corp (NYSE:RYI), with 53,478 shares, accounting for 1.2% of the portfolio and a total value of $1.139 million. The second largest addition was KB Home (NYSE:KBH), consisting of 18,512 shares, representing approximately 0.93% of the portfolio, with a total value of $884,000. The third largest addition was West Fraser Timber Co. Ltd (NYSE:WFG), with 16,296 shares, accounting for 0.89% of the portfolio and a total value of $843,000.

Key Position Increases

Azvalor Managers FI (Trades, Portfolio) also increased stakes in a total of 100 stocks, with significant increases including:

The most notable increase was in Centerra Gold Inc (NYSE:CGAU), with an additional 79,112 shares, bringing the total to 127,338 shares. This adjustment represents a significant 164.04% increase in share count, a 1.01% impact on the current portfolio, and a total value of $1.549 million. The second largest increase was in RLJ Lodging Trust (NYSE:RLJ), with an additional 135,275 shares, bringing the total to 261,949. This adjustment represents a significant 106.79% increase in share count, with a total value of $1.652 million.

Summary of Sold Out

Azvalor Managers FI (Trades, Portfolio) completely exited 33 holdings in the fourth quarter of 2025, including:

Barrick Mining Corp (NYSE:B): Azvalor Managers FI (Trades, Portfolio) sold all 129,635 shares, resulting in a -3.38% impact on the portfolio. Hudbay Minerals Inc (NYSE:HBM): Azvalor Managers FI (Trades, Portfolio) liquidated all 147,529 shares, causing a -1.68% impact on the portfolio.

Key Position Reduces

Azvalor Managers FI (Trades, Portfolio) also reduced positions in 94 stocks. The most significant changes include:

Story Continues

Reduced Equinox Gold Corp (EQX) by 156,343 shares, resulting in a -63.16% decrease in shares and a -0.97% impact on the portfolio. The stock traded at an average price of $12.65 during the quarter and has returned 46.96% over the past 3 months and 8.55% year-to-date. Reduced Dundee Corp (TSX:DC.A) by 235,828 shares, resulting in a -36.79% reduction in shares and a -0.49% impact on the portfolio. The stock traded at an average price of C$3.74 during the quarter and has returned 34.40% over the past 3 months and 21.32% year-to-date.

Portfolio Overview

At the end of the fourth quarter of 2025, Azvalor Managers FI (Trades, Portfolio)'s portfolio included 234 stocks. The top holdings included 2.48% in Iamgold Corp (NYSE:IAG), 2.31% in Tencent Holdings Ltd (HKSE:00700), 1.91% in Valterra Platinum Ltd (LSE:VALT), 1.87% in Valaris Ltd (NYSE:VAL), and 1.8% in M/I Homes Inc (NYSE:MHO).

The holdings are mainly concentrated in all 11 industries: Basic Materials, Energy, Industrials, Consumer Cyclical, Financial Services, Real Estate, Technology, Communication Services, Consumer Defensive, Healthcare, and Utilities.Barrick Mining Corp: A Significant Exit by Azvalor Managers FI with a -3.38% Impact

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