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,


Javier Ruiz, CFA
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.