Value Spain 2025

PAVEL BEGUN, CFA is a founder of 3G Capital, a private investment partnership focused on investing in undervalued equities globally. Prior to co-founding 3G Capital in 2024, he had worked as a research analyst at Fiduciary Asset Management and A.G. Edwards & Sons, where he was responsible for equity research across multiple sectors. Pavel had served on the boards of several public companies in Canada and the United Kingdom. He has been a member of the Western Kentucky University Finance Advisory Council since 2017.

Pavel graduated with honors from the University of Chicago with an MBA in Accounting and Finance. He also graduated valedictorian from Western Kentucky University with a B.S. in Finance. He is a Chartered Financial Analyst and a member of the Toronto Society of Financial Analysts. In 2007, Pavel was named the recipient of CFA Magazine’s annual Most Driven honor.

Outside of his professional life, Pavel is a passionate global history buff and never misses a chance to hit the tennis court, lace up for a hockey game, or step into the ring for a boxing match.

An ESCP and CFA graduate, Laurent began his career at Goldman Sachs in London in 1999. He then joined Morgan Stanley in Paris, where he met Hughes Beuzelin and Thierry Dupont. In 2009, he joined Exane as a member of the Executive Committee and Head of Sales for Exane BNP Paribas. In November 2018, he joined BDL Capital Management, where he is a portfolio manager and member of the investment committee.

Victor Echazarra is fund manager of the Uve Equity Fund, a Solventis fund.

He started his professional career as a risk analyst in several banking institutions, but quickly made the jump to the investment area of several asset management companies. First, Azvalor Asset Management, where he worked for 5 years. And later, at A&G, helping in the analysis and investment processes of the Value Catalyst Equity fund. Since September 2023, he has been the fund manager of the Uve Equity Fund.

Gianluca Ferrari is the Founder and CIO of Clearway Capital, a Frankfurt based investment firm focused on impact investing in public markets. Clearway invests across Western Europe and adopts an opportunistic, value-oriented and engagement-driven approach. Prior to founding Clearway, Gianluca led the activist Investments for a €3billion+ AUM investment fund.

Gianluca has served on multiple private and public company boards across multiple European countries. He currently serves as a non-executive director of Retelit, a telecom infrastructure operator based in Milan and STEAG, Germany’s fifth largest utility and is an industrial advisor to Asterion Industrial Partners, Spain’s largest private equity.

Andrew is the founder of Holland Advisors and Portfolio Manager of the VT Holland Advisors Equity fund. Andrew looks for businesses with Sustainable Competitive Advantages, knowing that such companies can offer great compounding returns to investors. However, Andrew, like Warren Buffett whom he greatly admires, also has a strong desire to not overpay for such companies. This makes him a contrarian buyer of great business at points when markets discount them. Whenever possible Andrew wants to invest alongside proven and aligned owner-managers.

Andrew set up Holland Advisors in 2008 after a 20-year career in stockbroking and fund management. Andrew has managed the VT Holland Advisors Equity fund since 2011. In addition to which he/Holland have also advised some of the world biggest investment institutions and its best equity investors. He is the fund’s largest single investor, owing 15-20% of the units. He eats his own cooking and loves what he does.

Robert is a Partner at North of South Capital LLP and Portfolio Manager of the Pacific North of South EM Equity Income Opportunities Fund. Robert has over twenty-five years of experience in Emerging Markets and has prior experience as lead manager of long/short, long-only and multi-asset funds.

Antti Ilmanen is a Principal and Global Co-head of the Portfolio Solutions Group at AQR Capital Management. In this role, he manages the team responsible for advising institutional investors and sovereign wealth funds and develops the firm’s broad investment ideas. Prior to joining AQR, Antti spent seven years as a senior portfolio manager at Brevan Howard and a decade in a variety of roles at Salomon Brothers/Citigroup. He began his career as a central bank portfolio manager in Finland. Over the years, he has advised many institutional investors, including Norway’s Government Pension Fund Global and the Government of Singapore Investment Corporation. 

Antti has published extensively in finance and investment journals and has received a Graham and Dodd award, the Harry M. Markowitz special distinction award, and multiple Bernstein Fabozzi/Jacobs Levy awards for his articles. He has written two books, Expected Returns (2011) and Investing Amid Low Expected Returns (2022). He also received the CFA Institute’s 2017 Leadership in Global Investment Award. Antti earned M.Sc. degrees in economics and law from the University of Helsinki and a Ph.D. in finance from the University of Chicago.

Steven Kiel is the founder and chief investment officer of Arquitos Capital Management. He also serves on the board of directors of ENDI Corp. (ENDI:OTCQB), a holding company primarily focused on asset management. Steven founded Willow Oak Asset Management, a subsidiary of ENDI Corp. that provides marketing, operations, compliance, investor relations, and infrastructure support to private investment funds. He previously served as Willow Oak Asset Management’s president.

Steven served in the Army Reserves for 21 years, retiring with the rank of Major. Steven began his career working for a prominent public policy organization in Washington, DC. After receiving his law degree, he was an attorney in private practice. He is a graduate of George Mason School of Law and Illinois State University, where he was a student athlete. He is a member of the bar in Illinois (inactive) and Washington, DC. 

Iván Martín Aránguez is Founding Partner and Chief Investment Officer at Magallanes Value Investors, S.A. SGIIC, Iván holds a Bachelor’s Degree in Business Administration and Management and a Master’s Degree in Financial Analysis from the Carlos III University of Madrid.[/caption]

He is a value investor with over two decades of investment experience in the asset management industry. He previously worked at Santander AM SGIIC, Aviva Gestión SGIIC and Sabadell Gestión SGIIC as Portfolio Manager and Head of Equities, more than doubling the market’s performance in annualized terms over these 20 years.

He has been a speaker at different financial events, including the Morningstar Investment Conference in Madrid, and numerous Value Conferences such as the Value Investor Conference at Omaha, the London Value Investor Conference, the Valuespaña Conference, the International Value Investing Seminar at Trani, the Ira Sohn London Investment Conference and the Iberian Value at Madrid.

Kim founded Sionna, one of the largest independent investment firms led by a woman, in 2002. Kim is the lead Portfolio Manager on Sionna’s large cap, all cap and focused Canadian value strategies and co-lead on Sionna’s high conviction strategy. Since joining the industry in 1983, she has received numerous awards, including Morningstar Fund Manager of the Year (2005), the RBC Canadian Woman Entrepreneur Award (2007), Canada’s Most Powerful Women: Top 100 Award (2007, 2017), the Rotman Women in Management Association Top 10 Award (Entrepreneur Category, 2015) and the Rotman Alumni Lifetime Achievement Award (2021). Kim was also inducted into the IIAC Investment Industry Hall of Fame in 2022.
Kim is a Fellow of the Royal Canadian Geographical Society, and is on the board for the Brandes Institute, Ontario Arts Foundation and United Corporation. She is also a member of the CFA Institute Board of Regents (previously served as its chair) and is a past President of the CFA Society Toronto. Kim previously served as a board member with the Canadian Coalition for Good Governance and served as Chair of its Governance Committee. Kim was amongst a select group of industry experts to present at the 2020 Columbia Business School’s “From Graham to Buffett and Beyond” Omaha Panel. Kim also co-hosted the female-led Variant Perspectives Value Investing Conference in 2019, which featured Warren Buffett as a keynote speaker.

Marta Yago is an associate portfolio manager of the International Equity Division. She is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Marta´s investment experience began in 2005 and she has been with T. Rowe Price since 2007, beginning in the European Equity Division. Prior to this, Marta was employed by Citigroup Investment Banking as an associate in the Financial Institutions Group.

Marta earned a BA with honors in busines from the Universidad Pontificia Comillas, Madrid, and an MBA with honors from Columbia University.