Annual Performance Report 2020

In a year that many will remember for its unprecedented challenges, Cazadero Capital remained steadfast in our mission and adaptability. The world grappled with the tumultuous events of the pandemic, resulting in global economic contractions and fluctuating markets. As civil unrest resonated in the U.S., and the world watched the US presidential race unfold, our team was actively recalibrating strategies, ensuring our clients’ portfolios remained resilient. The agility and fortitude demonstrated by our team and stakeholders alike have reinforced our belief in the collective spirit to overcome adversities.

The world grappled with the burgeoning COVID-19 pandemic, a health crisis of unparalleled proportions. As nations raced against time to contain its spread, global economies reeled under its impact. Economic contractions, job losses, and disruptions became pervasive. Yet, through concerted efforts, central banks and governments globally took proactive measures, providing financial cushions and adapting lending rates.

For investors, 2020 was a roller coaster. Stocks underwent sharp swings, with the S&P 500 Index plummeting by 33.79% in March. However, the resilience of the market was evident as it rebounded, reaching previous highs by August. By year-end, the global stock market returns soared above their historical average: S&P 500 Index had an annual return of 18.40%, MSCI World ex USA Index at 7.59%, and MSCI Emerging Markets Index at 18.31%.

Fixed income markets mirrored these extremities. Return deviations were stark, especially between US corporate bonds and US Treasuries. While global yield curves ended the year generally lower, the Bloomberg Barclays Global Aggregate Bond Index delivered a return of 5.58%.

As we transitioned into 2021, many uncertainties persisted. Questions surrounding the pandemic’s evolution, vaccine deployment, shifting work dynamics, and market directions loomed large. However, the tribulations of 2020 provided invaluable lessons. They reaffirmed the strength of markets and humanity’s capacity to adapt. The year-end returns served as a testament that a steadfast investment approach, coupled with unwavering commitment, can enable long-term wealth creation even in trying circumstances.

We extend our gratitude to all our stakeholders for their trust and support during these challenging times. Together, we remain resolute in our journey towards a prosperous future.

Financial Summary

Despite the external challenges, Cazadero Capital displayed financial resilience throughout 2020. We began the year with assets under management (AUM) valued at $140 million, witnessing a dip to $132 million during the March market downturn. However, thanks to our diversified portfolio and proactive strategies, we experienced a rebound, ending the year with a robust AUM of $146 million. Our equity investments returned an impressive 16.5%, while our bond investments averaged a 5% return. Thanks to our strategic allocation and timely interventions, our clients enjoyed returns that notably outpaced the market averages.

CSR Report

Our commitment to corporate social responsibility extends beyond profits and performance; it’s deeply rooted in making a positive impact on society, the environment, and the global community.

Healthcare Response to the Pandemic

Understanding the exigency of the health crisis that enveloped the world in 2020, we promptly set up a dedicated COVID-19 Relief Fund. An allocation of $5 million was immediately directed towards enhancing healthcare infrastructure, supporting frontline workers, and ensuring essential medical supplies reached those in dire need. Collaborating with global health organizations, we played a pivotal role in accelerating research and development for treatments and preventive measures.

Sustenance and Support

Recognizing the importance of basic sustenance during such testing times, our partnerships with local and global food banks ensured that thousands received essential food supplies. Moreover, we extended financial support to affected communities, ensuring that the vulnerable sections of society had the means to weather the storm.

Environmental Commitment

While the immediate concern was health and economic stability, we didn’t lose sight of our long-term commitment to the environment. The ‘Green Tomorrow’ campaign was launched with renewed vigor in 2020. Apart from pledging to offset our carbon footprint by 50% by 2025, we also invested in sustainable startups and green technologies. Our aim is not only to mitigate the adverse impacts of our operations but to foster an ecosystem of environmental conservation.

In conclusion, 2020, despite its challenges, was a testament to Cazadero Capital’s unwavering commitment to social responsibility. We remain resolute in our dedication to creating a better, more sustainable world for all.

Letter to Clients

Dear Valued Clients,

As we reflect on 2020, a year unparalleled in its challenges, we’re reminded of the tenacity of the human spirit and the world’s financial systems. The rapid spread of COVID-19, global lockdowns, and volatile markets tested our resilience like never before. Amidst these challenges, global stock market returns stood above historical norms, underscoring the adaptability of financial markets.

The events of 2020 have provided us invaluable insights. The swift market recoveries post major declines reiterated the importance of staying the course and not reacting impulsively to short-term fluctuations. While uncertainty lingers regarding the pandemic’s future and the global economic landscape, the foundations of sound investment remain unchanged.

As we look ahead to 2021, let us remember the lessons from the past year. We remain committed to guiding you through the intricacies of the financial landscape, leveraging our expertise and innovation. Together, let’s embark on this journey with optimism, fortified by our shared experiences and learnings from 2020.

Warm regards,

Andreas Vasili,

Managing Partner

Contact Cazadero Capital



+1 347 809 5954


New York, United States
Madrid, Spain

Copyright ©2024. All rights reserved.