Miguel Maeztu
Miguel Maeztu @AzeriaInvest

Performance
All

-5.46%2026
2026
32.94%2025
2025
26.14%2024
2024
32.75%2023
2023
-20.35%2022
2022
19.08%2021
2021
15.07%2020
2020
32.9%0%-32.9%
Discussions
Miguel Maeztu
Miguel Maeztu
Luxembourg
17d
Edited
Exor NV HY results: buybacks, no portfolio changes Exor NV posted yesterday its HY results. The key highlight is their focus on closing the NAV discount valuation currently in place, with a buyback program of EUR 500m announced executed over the next 6 months. Exor has a market cap of EUR 14.7bn, we... Show More
Miguel Maeztu
Miguel Maeztu
Luxembourg
23d
Basic Fit consolidates DACH; Wise keep buying back; Crocs insider buy A bit of news-mix on the portfolio. Basic Fit: it keeps focusing on DACH region, with the acquisition of 26 clubs from Speedfit at EUR 26m (funded by cash) in Germany and Austria. Germany could be a key market in a couple of years... Show More
Miguel Maeztu
Miguel Maeztu
Luxembourg
1mo
Edited
๐–๐ก๐š๐ญ ๐ข๐ฌ ๐ญ๐ก๐ž ๐ฆ๐จ๐ฌ๐ญ ๐ข๐ฆ๐ฉ๐จ๐ซ๐ญ๐š๐ง๐ญ ๐œ๐จ๐ฆ๐ฉ๐ž๐ญ๐ข๐ญ๐ข๐ฏ๐ž ๐š๐๐ฏ๐š๐ง๐ญ๐š๐ ๐ž? Listening to The Dutch Investors podcast, this point came up recently. Very interesting question, probably not a right answer. Amongst my favourites moats, scale (thus price advantage) is definitely up there.... Show More
Miguel Maeztu
Miguel Maeztu
Luxembourg
2mo
Is Exor NV an asymmetric investment? I like Holdings as investments, and I like asymmetry as an opportunity for investing. Exor NV is the investment holding of the Agnelli family in Italy, one of the wealthiest ones. Their investments trace back to the Fiat years. Exor currently holds Ferrari as its... Show More
Miguel Maeztu
Miguel Maeztu
Luxembourg
2mo
Edited
๐๐ฎ ๐๐š๐ง๐ค๐ฌ ๐ค๐ž๐ž๐ฉ๐ฌ ๐ ๐ซ๐จ๐ข๐ง๐  ๐š๐ง๐ ๐œ๐ซ๐ž๐๐ข๐ญ ๐ซ๐ข๐ฌ๐ค ๐ซ๐ž๐ฆ๐š๐ข๐ง ๐ฎ๐ง๐๐ž๐ซ ๐œ๐จ๐ง๐ญ๐ซ๐จ๐ฅ The Q2 26 results for Nu Bank (Nu Holdings) have been positive. The bank is steadily growing its customer base while increase monetisation. While it remains the largest bank by customers in Brazil,... Show More
Miguel Maeztu
Miguel Maeztu
Luxembourg
2mo
Edited
๐‡๐š๐ฅ๐Ÿ-๐ฒ๐ž๐š๐ซ ๐ž๐š๐ซ๐ง๐ข๐ง๐ ๐ฌ ๐ฐ๐ซ๐š๐ฉ-๐ฎ๐ฉ: ๐ฌ๐จ ๐Ÿ๐š๐ซ ๐ ๐จ๐จ๐ ๐ง๐ž๐ฐ๐ฌ A few portfolio companies have posted their HY calendar earnings. Overall, the feedback is positive. Basic-Fit: the thesis is materialising here. With a back-log of gyms still in ramp-up, cash flow has been artificially... Show More
Miguel Maeztu
Miguel Maeztu
Luxembourg
2mo
๐‚๐จ๐ฌ๐ญ๐œ๐จ ๐จ๐ซ ๐๐š๐ฌ๐ข๐œ ๐…๐ข๐ญ: ๐ฅ๐จ๐ฐ-๐œ๐จ๐ฌ๐ญ ๐š๐ฌ ๐š ๐ฆ๐จ๐š๐ญ These companies, one Costco a low-cost retailer (supermarket) famous for ensuring a high level of fidelity from its customers, the other one a low-cost and largest gym chain in Europe have something in common. The low-cost. When... Show More
Miguel Maeztu
Miguel Maeztu
Luxembourg
3mo
Banks be banks - great stable compounders When looking about long-term investing, few investments seem to have offered a better outcome than banks in the long-term. By banks, I mean established banks. The likes of Santander, BNP Paribas, Wells Fargo, Chase, etc... have built such an entrenched position... Show More
Miguel Maeztu
Miguel Maeztu
Luxembourg
4mo
Do I have a price target for Adyen? Adyen is likely a top-of-the-list company for me. Having performed the due diligence and assessed its valuation, I see it as a moderate moat with a superior-than-legacy payment system providers that will chip away market share over time. It has the ingredients for... Show More
Miguel Maeztu
Miguel Maeztu
Luxembourg
4mo
SpaceX: my personal take on this SpaceX has all the ingredients for an exciting movie. Erratic visionary at the top, massive placement to institutional investors, huge flow to retail. Musk knows how to time the market for himself. He is very good at it. With barely any sales and prospects relying... Show More

About Miguel Maeztu
Luxembourg
Strategy: Value

Fundamentals matter. Concentrated portfolio. Target ARR>10%. Margin of safety & patience.
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