Letter to our co-investors 3Q19

Letter to our co-investors 3Q19

23 October of 2019

Dear co-investor,

We finish the third quarter of 2019, a period of continuity with respect to previous quarters, in which investors’ money continues to flow towards certainty, at any price, and flees from the most illiquid and/or cyclical companies, despite the attractiveness of their valuation.

This situation is causing an unsatisfactory relative (and absolute) return on our portfolios in the short term, but nevertheless contributes to generating great opportunities for appreciation in the long-term. At Horos it is clear to us that we must flee from the “fashionable”, as comfortable as it may seem to follow them, because our main objective as managers (and co-investors) of our funds is to maximise returns (in the long term) while minimising the risk we incur.

Periods like the present should not make us despair, nor call into question an investment process built with this sole objective in mind. From the fruits we are sowing (our potentials are at historical highs) we will reap the rewards.

As always, I would like to take this opportunity to thank you, on behalf of the entire Horos team, for your trust.

Yours sincerely,

ı——-—ı

Javier Ruiz, CFA
CIO
Horos Asset Management

Additionally, you can access September factsheets for Horos Value Iberia, Horos Value Internacional and Horos Internacional PP, where you can see more in detail our top 10 positions for each fund.

Finally, we would like to thank you, as always, for placing your trust in this management team and in the Horos Asset Management project


Letter to our co-investors 3Q18

Letter to our co-investors 3Q18

23 de octubre de 2018

Dear co-investor,

This month, we continue with the series of quarterly communications started last July. If in the last letter we devoted an extensive part to explaining what it is for us to be a value investor, on this occasion we would like to delve deeper into the concept of a “safety margin” and, more specifically, into two situations that substantially increase it: convexity and optionality.

In addition, we will review the most noteworthy movements in the portfolios of the products we manage and what we can expect from them in the coming years.

Finally, I would like to thank you, as always, for placing your trust in this management team and in the Horos Asset Management project. You can count on us working to meet your expectations and I would like to take this opportunity to remind you that the entire Horos team is fully at your disposal for anything you need.

Yours sincerely,

ı———ı

Javier Ruiz, CFA
Chief Investment Officer
Horos Asset Management

Additionally, you can access september factsheets for Horos Value Iberia, Horos Value Internacional and Horos Internacional PP, where you can see more in detail our top 10 positions for each fund.

Finally, we would like to thank you, as always, for placing your trust in this management team and in the Horos Asset Management project