Letter to our co-investors 2Q19

Letter to our co-investors 2Q19

29 July of 2019

Dear co-investor,

The end of May marked one year since the launch of Horos, a project dedicated to maximising returns for our investors in the long term. They have been twelve months of hard work and dedication on the part of the entire firm, to which the confidence and trust of our investors has served as an incentive to work everyday to the highest possible standards. The confidence of our investors demonstrates that we have a customer base that shares and understands our investment philosophy.

In these first twelve months we have experienced enormous volatility in the markets as a whole and strong corrections in a large number of stocks, which have impacted the short-term results of our portfolios. While understanding how we invest can make these periods of uncertainty and negative returns easier to bear, we think it may be useful to reflect on and review what may be expected from our form of investing. It is to this end that we dedicate the present document.

As always, I would like to take this opportunity to thank you for your confidence.

Yours sincerely,

ı——-—ı

Javier Ruiz, CFA
CIO
Horos Asset Management

Additionally, you can access June 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


GuruFocus interview: The Long-Term Vision of Horos Asset Management

Interview: The Long-Term Vision of Horos Asset Management

8 July, 2019

Horos Asset management was founded in May 2018. It currently manages 50 million euros. It tries to invest in companies that ideally comply with five investing principles: businesses that it can understand, with competitive advantages and strong financial profile, managed by good capital allocators and with an attractive margin of safety.

Javier Ruiz, Alejandro Martín and Miguel Rodríguez are the managers of Horos Value International fund. They have worked together for the last seven years and in that period they have produced an outperforming record (12.4% per year vs 11.8% for the benchmark).

Javier Ruiz was very kind to share their long-term vision, in a worldwide investment universe but with a focus in downside protection.


Value Spain 2019 - Aercap Holdings

Value Spain 2019: Aercap Holdings

8 May, 2019

Dear co-investor,

We are pleased to share our investment idea: Aercap Holdings which was presented by our CIO Javier Ruiz at the Value Spain 2019 edition.

Aercap Holdings is one of our main positions in our international strategy and one of the holdings that has contributed most to the fund’s portfolio. For this reasons, we think it is an useful exercise to present Aercap´s investment thesis so that you can understand our analytical work even better.

As always, we thank you for your confidence and remind you that we are available whenever you may wish to contact us. We will be happy to help.

Yours sincerely,


Letter to our co-investors 1Q19

Letter to our co-investors 1Q19

07 May of 2019

Dear co-investor,

We ended an important quarter of recovery in the markets, after the strong correction at the end of 2018. In this (almost) year of life of Horos, our co-investors, despite the high volatility of the markets, have continued to trust our work, increasing their number month after month. Our thanks to the more than 2,100 co-investors who make this project possible.

After a series of quarterly newsletters that we could define as “general” in nature, this quarter we would like to talk in detail about one of our main investments: AerCap Holdings. We were pleased to present this investment idea recently at the Value Spain investor event. We thought it would be an useful exercise to put the general ideas into this letter so that you can understand our analytical work even better.

As always, we thank you for your confidence and remind you that we are available whenever you may wish to contact us. We will be happy to help.

Yours sincerely,

ı——-—ı

Javier Ruiz, CFA
CIO
Horos Asset Management

Additionally, you can access April 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


Annual letter to our co-investors 4Q18

Annual letter to our co-investors 4Q18

16 de enero de 2019

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.

My best wishes for 2019.

Yours sincerely,

ı———ı
Javier Ruiz, CFA
Chief Investment Officer
Horos Asset Management

Additionally, you can access december 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