Álvaro Guzmán de Lázaro Mateos
Born in 1975, he began his career in 1994 as an auditor for Arthur Andersen
(Madrid), doing a full-time 6-month internship. He continued his career at Bankers Trust
in Paris, where he eventually headed the Middle Office at the early age of 21.
In 1997 he started as a stock market analyst at a Frankfurt fund management company (Value Management
) founded by a former employee of the legendary Peter Lynch. During this period he studied and applied the value style of Ben Graham, Philip Fisher, Warren Buffet, Peter Lynch… Subsequently, he returned to Spain, where he worked as a financial analyst at Spanish broker Beta Capital and later Banesto Bolsa.
In March 2003, he joined Bestinver to work with Francisco García Paramés, with whom he had frequently exchanged investment ideas since 1998, given their common liking for the "value school of investing"
He took a double French/Spanish university entrance exam, gained an MA in European Business Studies
, and a Law degree from the UNED (Spanish open university). He became a Chartered Financial Analyst (CFA, AIMR) in 2001. Alvaro speaks Spanish, French, English and German. In 1999, he became a professor of fundamental analysis at the Spanish Insitute of Financial Analysts (IEAF) and at the IEB (Stock Exchange Study Institute)
Fernando Bernad Marrase
Following full-time internships at Price Waterhouse (Madrid, 1994), BBVA (Madrid, 1996), and DG Bank (Frankfurt, 1997), he started his professional career in 1998 in Frankfurt, where he worked alongside Álvaro Guzmán at the same asset management company, Value Management&Research.
It was here that he began to gain in-depth knowledge of the theories of value investing.
He then worked in the Spanish private equity sector as an Associate at BNP Paribas
Leveraged Finance. Subsequently he joined the analysis team at Banesto as a cyclicals analyst (steel and oil sectors) and later formed and led the analysis team at Interdin, whose strategy was focused on investment ideas based on the theory of value. In 2005 he joined the Vetusta Group
as investment director, leading a three-person team specialising in the value-style management of portfolios and funds. In his two years in charge at Vetusta he achieved average annual returns of around 30% on equities, always beating benchmark indices.
He joined Bestinver in February 2007 along with Francisco and Álvaro, whom he considered the leading lights in the Spanish value school. He has worked closely with Álvaro for almost four years both at Value Management and Banesto; he has also known Francisco for around two years, frequently exchanging investment ideas with him.
He has a Bachelor in Business Administration
(summa cum laude, awarded jointly by ICADE, Madrid and Northeastern University, Boston) and is a CFA charter holder. He is fluent in English and reads German and French.