Investment Philosophy

VARIANZA is eclectic and contrarian; it adapts its investment style while preserving a contrarian view over cycles or trends


We analyze business models and their variables. This process cannot be narrowed down to a formula applicable to any kind of situation. It requires effort, perseverance and criteria.

Volatility offers investment opportunities

Volatility allows to take advantage of market inefficiencies and, therefore, achieve higher long-term returns.

Skepticism about consensus view

We keep a strong contrarian view versus consensus. This positioning allows us to invest when the market is panicking.

Long-term and straightforward businesses

Our investment selection is conducted as if investment were there to last for a lifetime. We favour straightforward and stable businesses.

Active Asset allocation

We understand asset allocation as a key source of returns and an important tool to maximize returns and/ or risk control.

Active and passive mutual funds

Our independence allows us to select between passive mutual funds to reduce costs or very active funds when we think they can provide true added value (including alternative Investments).

The investment process requires effort, perseverance and criteria

Our investment process

Our investment selection process is a systematic sequence containing four differentiated phases: