Dear co-investor,

The fourth quarter of the year was a relief for most markets, reducing part of the significant losses accumulated over the previous nine months. Our portfolios were not immune to this positive change. Horos Value Internacional fund gained 13.7% in the last three months of the year, bringing the 2022 return to 4.9%, compared to a 0.8% gain of its benchmark in the quarter and a decline of -13.0% over the calendar year. Horos Value Iberia, on the other hand, was up 12.1% over the quarter, for a return of -5.2% in 2022, compared to a gain of 11.9% in its benchmark over the quarter and a rise of 2.0% for the year.

As usual, I would like to take this opportunity to update our longer-term performance. Since the inception of Horos (May 21, 2018), Horos Value Internacional has returned 26.5%, below the 39.6% gain of its benchmark, while Horos Value Iberia has returned 4.5%, outperforming the 2.4% return of its index. Moreover, since 2012, the returns of this management team stand at 209% for the international strategy and 162% for the Iberian strategy, compared to 188% and 72% of their benchmark indices, respectively.

Despite the last quarter’s bounce, many indices closed the year with sharp declines. Although many causes may be behind this setback, we are convinced that the tightening of central banks’ monetary policies played a key role. In this letter, I would like to highlight the role that interest rates have played in the evolution of the markets, before and after their major shift to the upside. I will also update on the positive outlook of our portfolios.

As always, we thank you for your confidence and wish you all the best for this new year.

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.

Dear co-investor,

During the third quarter of the year, the challenges that many economies are experiencing in reconciling a tight monetary policy with a recessionary economic environment were confirmed. This conflict has impacted financial markets, leading to significant volatility and declines. Our portfolios were not immune to these movements. Our Horos Value Internacional fund fell -7.1% over the quarter (-7.7% YTD), compared to a -0.6% decline of its benchmark. Horos Value Iberia, on the other hand, was down by -12.9% over the period (-15.4% YTD), compared to -9.1% in its benchmark index.

As usual, I would like to take this opportunity to update our longer-term performance. Since the inception of Horos (May 21, 2018), Horos Value Internacional has returned 11.3%, below the 38.5% gain of its benchmark, while Horos Value Iberia has returned -6.7%, outperforming the -8.6% return of its index. Moreover, since 2012, the returns of this management team stand at 172% for the international strategy and 133% for the Iberian strategy, compared to 186% and 54% of their benchmark indices, respectively.

In addition to the sources of uncertainty mentioned above, there are also those that were already present (the Chinese economy, the Russian invasion of Ukraine and inflation). However, it is in these times of anxiety and market turbulence that the greatest investment opportunities are created. I am not just saying that. In the ten professional years that this management team has just completed (fifteen years in my case), we have also experienced very complex situations. This letter serves as a reminder of what we have faced all these years, our evolution as investors and why staying true to our investment process always pays off.

Thank you for your confidence.

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.

Dear co-investor,

During the second quarter of the year, the dynamics that we have been discussing in previous quarterly letters have not changed. The damaging effects of the energy transition (exacerbated by the Russian invasion of Ukraine), the Chinese economic crisis and high inflation (with its consequent tightening of monetary policies) have continued. This cocktail has led the world’s major stock markets, as well as fixed-income assets, to record one of the worst first half-years in their history. Despite this, our portfolios have continued to weather this difficult environment. Our Horos Value Internacional fund fell -2.0% over the quarter, compared to a -10.2% decline of its benchmark. Horos Value Iberia, on the other hand, was down by -1.0% over the period, compared to -1.1% in its benchmark index.

As usual, I would like to take this opportunity to update our longer-term performance. Since the inception of Horos (May 21, 2018), Horos Value Internacional has returned 19.8%, below the 39.3% gain of its benchmark, while Horos Value Iberia has returned 7.1%, outperforming the 0.6% return of its index. Moreover, since 2012, the returns of this management team stand at 193% for the international strategy and 168% for the Iberian strategy, compared to 187% and 69% of their benchmark indices, respectively.

The sources of uncertainty are many and of significant magnitude. For this reason, it is vital to work with great management teams that can make the most appropriate decisions for their shareholders at all times. We will therefore devote this quarter’s letter to explaining the keys to good capital allocation.

Thank you for your confidence.

Yours sincerely,

ı———ı
Javier Ruiz, CFA
Chief Investment Officer
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.

Dear co-investor,

The new year began with three major sources of uncertainty that will condition the rest of this year’s market performance: the economic situation in China, the impact of the Russian invasion of Ukraine and the measures taken by central banks to curb current high inflation rates. Against this challenging backdrop, our Horos Value Internacional fund returned 1.4% over the quarter, compared to -3.3% in its benchmark index. Horos Value Iberia, on the other hand, was down by 1.9% over the period, in contrast to a 0.5% gain of its benchmark.

As usual, I would like to take this opportunity to update our longer-term performance. Since the inception of Horos (May 21, 2018), Horos Value Internacional has returned 22.3%, below the 55.2% gain of its benchmark, while Horos Value Iberia has returned 8.1%, outperforming the 0.5% return of its index. Moreover, since 2012, the returns of this management team stand at 199% for the international strategy and 167% for the Iberian strategy, compared to 219% and 67% in their benchmark indices, respectively.

We will devote this letter to dealing with these three major sources of current uncertainty and, as always, to discussing the most significant changes in our portfolios.

Thank you for your confidence.

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.