Annual letter to our co-investors 4Q18

Dear co-investor,

We end a year that has marked the beginning of a very exciting project for all of us who make up the Horos team. It has been a tough but very rewarding start, demanding many hours of work and dedication on the part of each of the company’s employees. Thank you and congratulations to each of them.

Thanks also to the more than 2,000 investors who have decided to entrust us with their savings. In a year with such volatility and correction for the markets, your commitment and confidence give us the energy to continue working with the same enthusiasm and dedication as that of the first day.

However, not everything has been a joy in this short period of time. In 2018, we have recognised two investment mistakes which we will discuss in depth in this letter. They won’t be the first or the last mistakes we commit. Analysing and learning from them is part of our work and will contribute to improving our investment process. We could not make them public or dedicate a couple of lines of explanation to them in the portfolio movements section, but, as you well know, we want transparency to always be our hallmark. If you understand what we do and why we do it (and that includes when we make mistakes), it will be easier for you to accompany us through the good and bad times of the market and our portfolios. This is the only way to take advantage of the long-term benefits and attractive potential of our funds.