Spanish value investment managers, often referred to as followers of Warren Buffett's philosophy, are enjoying a period of significant success in 2026, marked by substantial capital inflows and robust fund performance. This trend stands in contrast to the broader market's focus on technology and artificial intelligence. Firms like Azvalor, Cobas AM, and Horos have been particularly successful in attracting new investments and delivering strong returns to their clients.
Azvalor, founded by former Bestinver managers Álvaro Guzmán and Fernando Bernad, has attracted a total of $458 million, including pension plans. Their flagship fund, Azvalor Internacional, which manages around $3.29 billion, has seen a 21% return year-to-date. Azvalor Blue Chips has performed even better, achieving a 22.71% return as of July 21. Cobas AM, led by Francisco García Paramés, has drawn in $305 million to its investment funds in the first half of 2026, more than double its inflows for all of last year, and $640 million when including pension plans and other vehicles. Cobas AM's Cobas Grandes Compañías fund has delivered a 22.62% return, Cobas Internacional 20%, and Cobas Selección nearly 18%.
Horos, another prominent value firm, recorded its second-best semester since 2018, with net inflows reaching $112 million. Their international strategy has yielded a 28% return, and their Iberian strategy a 42% return. Magallanes Value Investors, founded by Iván Martín, also reported net inflows of $117.5 million. These firms collectively highlight a growing investor interest in value strategies, with many seeing these managers as a counterpoint to the more speculative trends in the market.
