Investment Europe interviews Horos AM: "We eat what we cook"

Investment Europe interviews Horos AM: "We eat what we cook"

23 of July 2018

On the same date that Spring arrived, Spain’s private equity firm Qualitas Equity Group launched Horos Asset Management, in which it owns a stake consisting of individual investments made by every partner of Qualitas who manages their own money.

Horos’ investment team – led by Javier Ruiz working with portfolio managers Alejandro Martín and Miguel Rodríguez- comes from Metagestión, as does the firm’s CEO and partner José María Concejo. At Metagestión they applied the same investment philosophy currently used, for a period of six years; the formula worked to the extent that the Metavalor fund, managed until recently by the investor trio, gained 15.7% annualised over five years.

Born with a long-term view and linked to the value investment philosophy, the firm takes its name from the etymological origin of the word “horos”, which means horizon, and which was used by the Greeks to refer to the limit where heaven and earth seemed to come together.

Letter to our co-investors 2Q18

Letter to our co-investors 2Q18

23 July of 2018

Dear co-investor,

Today we are starting a series of quarterly communications in which we will delve into different aspects of our understanding of investment, as well as the portfolios and different characteristics of our investment products.

As we made clear in the fund presentation letter (read letter), it is very important that you understand how we invest if you are to have a reasonable idea of what to expect as co-investor in our funds. For this reason, this first quarterly letter will be largely devoted to answering the following question: What does it mean to be a value investor? In addition, we will comment on the main positions of our funds and provide update on the weights of the principal themes of their portfolios, as well as their respective potentials.

Finally, I would like to thank each and every one of the more than one thousand people already joining us on this journey. You can count on us to work to meet your expectations and I take this opportunity to remind you that our investor relations team (Juanjo Ferrer and Rodrigo Blanco), as well as the other members of Horos, are entirely at your disposal as necessity demands.

Yours sincerely,


Javier Ruiz, CFA
Horos Asset Management