Meliá Hotels International S.A

• AA Azvalor Asset Management Letter to investors 1H2026 ↗ Azvalor argues that speculative activity and leveraged products have created unusually fertile conditions for value investors, while broad equity indices look expensive relative to short-term government bills. The firm rotates out of appreciated holdings into deeply discounted ideas, added Yellow Cake and Borr Drilling, sold Tenaris, and cites a growing research team and idea pipeline as support for portfolio renewal. first half of 2026 —

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