Frequently Asked Questions

We currently have two investment funds: Horos Value Iberia, which invests in Spanish and Portuguese stocks, and Horos Value Internacional, which invests in stocks from all over the world.

We also offer three pension schemes: Horos Internacional, PP (individual pension plan), Horos Internacional, PPE (workplace pension plan) and Horos Internacional Autónomos, PPES (occupational pension plan for freelancers and the self-employed). All our plans share the investment portfolio of the Horos Value Internacional fund.

Investing in our products is very simple. Our buying process is 100% digital, which means that you can complete it, end to end, on our website. It takes less than 10 minutes. At the end of the process, you will receive the signed contract by email.

Yes, you can invest in any of our mutual funds in addition to our pension plans, in the same registration process, without the need to process two different registrations.

However, in case you started owning just a mutual fund OR a pension plan with us, you would need to complete a new registration process to acquire the other product type.

Yes, if you already have a mutual fund with us, you can invest in any of our pension plans.

As an individual, you might be interested in investing in Horos Internacional PP pension plan, which has exactly the same portfolio as our Horos Value Internacional mutual fund, and deduct €1,500 per year in your income tax return. You can buy our Horos Internacional, PP pension plan in this link.

Yes, if you already have a pension plan with us, you can also invest in any of our investment funds: Horos Value Iberia, if you want to invest only in companies from Spain and Portugal, and Horos Value Internacional, if you prefer to invest in companies from all over the world. If you already have one of our mutual funds and want to own one of our pension plans, you will need to complete a new registration process.

Yes, you can open a Horos account in the name of your child using his/her ID or K-ID number. In case the account holder is a minor, the signature of the guardian or legal representative will be required. To complete the registration process, it will be necessary to attach the family record book or birth certificate. In case the guardian or legal representative is not one of the parents of the account holder, it will be necessary to provide the deeds of representation.

The Tax Identification Document (also known as NIF-K) is required for both Spanish minors under 14 years of age and residents in Spain who do not have the Documento Nacional de Identidad (national identity card) and wish to buy financial products in Spain.

With this document, the minor who does not have a DNI is entitled to open an account in Horos. In case the minor already has a DNI, the NIF-K will not be necessary.

Yes, it is completely possible to have several account holders under the same contract, co-owning the products in equal shares.

The process is 100% online and it is not required that all the parties participating in the contract are together during the registration, since our system will send an email to each one of them to sign the contract at their convenience.

Horos funds require a minimum investment of only 100€. Successive contributions are also required to be at least 100€.

In order to access the Client portal, you must have completed the following steps:

1. Sign the contract you have received.
2. Upload a copy of the ID card during the registration process or send it by email to info@horosam.com
3. In case you are performing a subscription order, send a copy of the money transfer to the previous email address.

Clients can access their private area by clicking in the Client portal link located in the upper right side of our website.

In that area, they will be able to monitor their investments, place new orders, check their tax information, among others.

To access the Client portal, it will be necessary to enter the ID number (with the letter in capital letters) as the user name, and the password established by the client during the registration process.

Yes, companies can invest in our products by opening an account with us and uploading all the required documents. The process is completely online.

The required documentation for opening legal entity account is:

• Copy of the deeds of incorporation of the company.
• Copy of the power of attorney deeds.
• Copy of the last Corporate Tax.
• Cop of the money transfer.
• Copy of the title deed
• Copy of the DNI of the proxies
• Copy of the NIF of the legal entity

Yes, foreigners and residents outside Spain can invest in Horos. However, we recommend that you contact us first to assess the specifics of your country of origin or residence. In order to process the registration we will need a copy of the Passport and the Tax Identification Number.

Yes, Spanish people residing outside Spain can invest in Horos. In case of having the tax residence in another country, we will need the Tax Residence Certificate and the Tax Identification Number issued by the country of residence.

It is not possible to have the same mutual fund in two different financial entities. However, you can make a change of provider to operate from the entity of your choice. It is important to note that the entire amount of a mutual fund must be in a single entity. On the other hand, it is possible to have the same pension plan in different financial entities, since pension plans can be transferred between different entities without the need to liquidate them.

You can check the evolution of your investments at any desired time in your private area.

You may also download our app, available for Android and iOS, to track your investments wherever you are.

If you are already a direct Horos client, you can make any subscription, transfer or refund operation by accessing your private area in our website.

To make a periodic contribution to one of our mutual funds, two steps need to be performed:

1. Access your private area and select New Operation under the Operate menu. Then, choose Periodic Contributions in the operation type drop-down list and continue with the process until the operation is validated by SMS.

2. In your bank account, set a monthly transfer for the same amount to the fund account you want to invest in:

Horos Value Iberia: ES23 0038 5777 1800 1604 2804

Horos Value Internacional: ES28 0038 5777 1600 1604 2812

In the case of our pension plans, at the end of step 1 you will be asked your bank account to set a periodic direct debit.

The money transfer has to be made once you have completed the subscription order for one of our products. It will be made to the account number of the target product, for the amount indicated in the subscription order and indicating the product name as beneficiary. Finally, the Horos account holder must include his/her ID card number followed by his/her name and surname in the transfer concept.

Horos does not debit your bank account for mutual funds. Following the current regulation, you will have to make a transfer to the fund’s bank account.

In the case of our pension plans, it is possible to establish a direct debit. To perform it, you must provide your account number during the registration process or when making a new contribution.

Horos Value Iberia: ES23 0038 5777 1800 1604 2804

Horos Value Internacional: ES28 0038 5777 1600 1604 2812

This information is also available on the product page of each mutual fund: Horos Value Iberia and Horos Value Internacional

As long as the required documentation is in order before 14:00 (CET), your investment will take the closing NAV of the day when the money arrives in the fund’s bank account.

Provided that the operation has been correctly executed by the client, the position should be displayed in your private area on the next working day after receiving the money transfer.

In the event of a stock market, national or local holiday, the operation will be postponed to the next working day.

You can check the daily Net Asset Value, the product’s historical performance, the product’s legal documentation, the funds’ quarterly and half-yearly reports, among other relevant data.

You can also keep up to date with the latest news, the quarterly letters to investors, and the articles published in our blog.

In the private area, you can check your investments and perform any type of transaction.

Yes, our accounts allow you to add authorized people. The authorized person can perform the same tasks as the account holder. The difference between the account holder and the authorized person lies in the investment’s ownership and taxation. The only owner of the assets is the account holder, who is subject to the tax liability related to the account.

No, being authorized has no tax implications.

The procedure in case of death of an account holder is similar to that of any bank account in Spain. It will be necessary to provide all the required documentation before confirming the change in ownership.

In case you were in this situation, we would be pleased if you could contact us at info@horosam.com to help you with all the necessary procedures.

The estimated time to complete the external transfer of a mutual fund is 7 to 10 business days from the receipt of the order. However, this time may be extended depending on the characteristics of the fund and the originating fund manager. It may also be extended if the application is rejected by the originating fund manager. We recommend that you verify the investment’s ownership and the fund’s ISIN code before making the transfer.

Transfer transactions in Spain are not subject to withholding tax. In fact, the transfer regime for Spanish residents implies tax deferral of taxation until the fund is sold and liquidity is obtained.

Gains obtained by citizens with tax residence in Spain from the redemption of shares are subject to 19% withholding tax performed by the investment manager on behalf of the Tax Authority. The effective tax rate varies depending on the size of the capital gain obtained. In case of capital loss, no withholding will be applied.

A mutual fund is an unincorporated entity whose assets are made up of contributions from a variable number of investors, known as shareholders. These funds have a depositary and a management company. The role of the managing entity is to collectively invest these contributions in various financial assets, such as fixed income or equities, following predefined guidelines. Each shareholder owns a stake in the fund’s assets proportionally to the value of his or her contributions. The Assets Under Management (AUM) will grow or decrease according to the performance of the underlying assets that make up the fund and the inflows and outflows of capital.

We have two mutual funds: Horos Value Iberia and Horos Value Internacional.

Our Iberian fund invests in companies whose shares are listed in Spain and Portugal, while our international fund can invest in shares of companies listed in any international market.

The managers invest most of their financial assets in the international fund and a smaller amount in the Iberian fund. By definition, the international fund has greater potential, as it is not geographically restricted, which allows it to include the best investment opportunities available.

Yes.

If you are already a client of ours, you can start the process in your private area, under the Operate menu.

If you aren’t a client of ours yet, you have to open an account with us by clicking on the Invest button you can find in the upper-right side of our website.

You will have to complete the registration process. In the process, you will be requested to provide your personal data, including your postal and fiscal address, as well as to complete two mandatory tests. At the end of the process, you will have to specify whether this is a subscription or an entry transfer order from another fund. We will also ask you to upload a copy of your ID card or valid identification document on our platform or send it by email to info@horosam.com.

You can call our office at 91 737 09 15 or send us an email to info@horosam.com.

If you are already a direct client of Horos, you can place the redemption order by accessing your private area in this link. The cut-off time for the order to be processed is 14:00 hours on a given day (D). Refunds will always be settled on D+2, i.e. two days after the date of the refund order. The money will be transferred to the account indicated by the shareholder, which must have him/her as account holder.

The redemption of shares will be made by the depositary within a maximum period of two business days from the date the Net Asset Value was assigned to the request.

There are no restrictions on the withdrawal of mutual funds, but the investment manager may require up to 10 days’ notice for withdrawals exceeding €300,000. In addition, if the total amount withdrawn by the same shareholder in a 10-day period reaches or exceeds 300,000 euros, the investment manager will request 10 days’ notice for new redemption requests made in the following 10 days, regardless of their amount.

Yes, you can make total or partial withdrawals, with the only consideration that the minimum amount remaining in the fund must be respected.

The Net Asset Value, or NAV, is the price of a share in a mutual fund.

The fund’s NAV is calculated by dividing the fund’s total assets by the number of shares outstanding at that time. Furthermore, the net assets are determined on the basis of the market prices of the assets comprising the fund’s portfolio, mainly shares listed on organized secondary markets, net of applicable expenses and commissions.

This NAV is calculated and published daily by the investment manager.

The NAV of our funds is published daily on various channels, including our website, Bloomberg, Morningstar, Expansión, the Madrid Stock Exchange and other important financial information providers.

The only fees are the management fee (1.80% per annum on assets) and the custodian fee (0.08% up to assets of 25MM€; 0.07% between 25MM€ and 50MM€; 0.06%, above 50MM€). There are no redemption, subscription or success fees.

Fees are deducted daily from the NAV. For this reason, the NAV and the returns we publish are already net of fees.

A fee for the depositary and custodian functions of the fund’s assets. This fee is paid out of the fund’s assets and is already deducted from the NAV when published.

The total expense ratio (TER) of a mutual fund or pension plan is a measure that includes all fees and expenses associated with the management and administration of the fund. In addition to management and custodian fees, the TER also takes into account other expenses that may go unnoticed by the investor, such as audit fees or brokerage fees. These additional costs, although they may seem insignificant individually, have an impact on the final return received by investors. Therefore, the TER provides a complete picture of the total costs incurred by the fund.

They are long-term savings instruments whose objective is to build up capital to cover the contingencies specified in the fund, such as retirement, disability in its different degrees, severe dependency, great dependency or death, long-term unemployment, among others.

Our Horos Internacional, PP, approximately replicates the portfolio of our Horos Value Internacional investment fund. It follows a value investing strategy with no geographical limitations, allowing you to access our best investment ideas worldwide.

You can register directly on our website at this link.  In the registration process, we will request your personal data, tax address, and we will require you to complete two regulatory tests. At the end of the registration process, you must tell us whether your operation corresponds to a single contribution or an entry transfer from another pension plan. You will also have to upload a copy of your ID card or send it to info@horosam.com to complete the process.

Contributions to pension plans are deductible from the taxable base for calculating personal income tax. The limit for deduction is the lowest of the following two amounts: €1,500 per year or 30% of income from work or economic activities.

The redemption of a pension plan is contemplated in the event of various contingencies, such as retirement, disability, long-term unemployment or death (redemption by the beneficiaries).

In addition, the possibility of redemption is considered in situations of prolonged unemployment after exhausting the contributory benefit and in cases of serious illness affecting the participant, his/her spouse, ascendants or descendants.

Starting in 2025, redemption of shares held for at least 10 years is also possible. With the tax reform implemented by the government in January 2015, pension funds can be redeemed after 10 years have elapsed since their contracting, without the need for additional justification.

The benefits derived from a pension plan, including those for widowhood and orphanhood, are subject to taxation in the Personal Income Tax (IRPF) of the beneficiary, being considered as work income. In the case of Individual Pension Plans (PPI), the rights of the shareholder or beneficiary are exempt from the Wealth Tax. In addition, in the event of death, the investment is not subject to the Inheritance and Gift Tax, since it does not form part of the estate.

The limit on contributions for the Individual Pension Plan is €1,500 per year.

Yes, you can.

If you are already a client of ours, you can request it directly from your private area without the necessity of interacting with the entity of origin.

If you aren’t a client of ours yet, you will need to open a client account with us first to be able to initiate the transfer request.

Transferring a pension plan from another entity does not entail any cost.

Caser acts as the managing entity of the pension fund (EGFP), while Horos is the promoter entity and is responsible for the portfolio investments.

EPSVs are Voluntary Social Security Entities that operate only in the Basque Country. Like pension plans, their objective is to complement our public pension.

Currently, Horos does not have any EPSVs.

Pension plans are long-term financial savings instruments, in which investors make periodic or extraordinary contributions. Most of these plans invest in fixed-income or mixed-income products, which offer more moderate returns. However, at Horos we believe that, in the long term, variable income is the safest and most profitable form of investment. For this reason, we consider it ideal that the Horos Internacional, PP fund follows an 100% equity strategy.

To make an extraordinary contribution to the Horos Internacional, PP, a direct debit will be made from your current account. In the case of our mutual funds, direct debit is not possible.

Yes, it is possible to make regular contributions direct debited to our Horos Internacional, PP pension plan.

Yes, it is possible to have the same pension plan in two different entities, or even to have it directly with us and in a third entity.

The only fees charged by our Horos Internacional pension plan, PP, are the management fee (1.50%) and the depositary fee (0.102%). There are no redemption, subscription or success fees.

Fees are deducted daily from the Net Asset Value. For this reason, the NAV and returns we publish are already net of fees.

Workplace pension plans (PPE or company pension plans) are a long-term savings system that complements the public pension. These plans are promoted by companies and institutions to offer their employees a savings and financial planning option for their retirement. Horos offers one workplace pension plan, the Horos Internacional Empleo, PPE, which replicates the investment portfolio of our Horos Value Internacional mutual fund.

No, it isn’t. To join our workplace pension plan, the company you work for must become a promoter of the plan. Consequently, a company representative has to contact Horos and sign an adhesion contract. The regulation requires the workplace pension plan to be offered to all employees.

Workplace pension plans offer a series of advantages for both the company and the employee.

For the company:

• Joint participation in decision-making.
• Talent retention incentive.
• Deduction in the Social Security contribution.
• Deduction in the corporate tax base.

For the employee:

• Supplement to the public pension.
• Deduction in the personal income tax base.
• Periodic contributions, not influenced by the market.

Taxes are deferred until the moment of retirement, when the investor’s personal income tax rate is likely to be lower than the current one.

This tax deferral will help magnify capital gains throughout the investment lifecycle.

If the employee leaves the company that is promoting the plan, he or she has the following options:

• Transfer your rights to the new company’s workplace pension plan.
• Transfer your rights to an individual pension plan.
• Continue in the plan as a suspended shareholder, which means that no more contributions will be made in his or her name, but he or she will retain his or her rights in the plan and will benefit from its revaluations.

The employee may choose between one option or another depending on the specifications of the plan to which he or she is attached.

No, employees may choose to renounce being part of the workplace pension plan by submitting a written resignation.

Workplace pension plans are supervised by the designated control committee. In addition, the Dirección General de Seguros y Fondos de Pensiones (DGSFP) is responsible for monitoring compliance with the rules applicable to pension plans.

Yes, you can make contributions to the Horos Internacional Empleo, PPE, within the limits established by the company. In addition, you will always have the option of investing up to €1,500 in an individual pension plan of your choice.

No. In general terms, workplace pension plans cannot be transferred to individual pension plans or other pension-savings vehicles, unless there is a termination of the employment relationship. However, it is possible to transfer an individual pension plan to a workplace pension plan.

Self-employed pension plans are a long-term savings system complementary to the public pension, designed for self-employed workers. They can contribute up to €5,750 per year to the self-employed pension plan.

In the case that they have an Individual Pension Plan, they can make a maximum contribution of €1,500 to it and the remainder, up to the maximum limit of  €5,750, to the self-employed pension plan.

The withdrawal of the plan is subject to the same contingencies as individual pension plans, that is, after 10 years or after retirement, disability, death, long-term unemployment, etc. or special cases.

Contributions will be made through the private area of ​​Horos and will be charged directly to your bank account. We recommend establishing periodic contributions, which are perceived as monthly savings, for long-term planning. You also have the option of making one-off or extraordinary contributions.

Yes, self-employed pension plans can be transferred to other self-employed pension plans in other entities. On the other hand, you have the option of transferring any pension plan to your self-employed plan as long as you maintain your status as a self-employed worker. Whether you have a self-employed pension plan or an individual pension plan, this transfer is carried out without any cost or tax impact on your pension plan with Horos.

If you are no longer registered as self-employed, you will become a ‘suspended shareholder’. This means that you will retain your vested rights in the plan and continue to benefit from the revaluation of the fund, but you will no longer be able to make new contributions. Below are the options available in this situation:

• Transfer your rights to your new employer’s pension plan.
• Continue in the plan as a suspended shareholder, meaning that no more contributions will be made in your name, but you still maintain your rights in the plan.
• Withdraw the money if you are in one of the legal situations that allow you to do so.

You can deduct up to €4,250 for contributions to the self-employed pension plan. In addition, you have the option of allocating the additional €1,500 allowed for individual plans to the pension plan for self-employed workers, which allows you a total tax deduction of up to €5,750. These contributions can be made jointly, that is, the €5,750 to the self-employed pension plan.

Yes, it is possible.

No, you can invest the amount you want, with a maximum of €5,750, each year.

At Horos we know the long-term benefits of value investing, so we follow this investment philosophy in a disciplined way. Value investing consists of investing in those companies that, after a thorough analysis, have a high margin of safety and a value higher than the stock market price. This investment philosophy has proven successful throughout history.

Horos invests in publicly traded stocks that are constantly fluctuating. The fund’s Net Asset Value fluctuates daily because of the underlying assets’ price movements.

At Horos we do not have any monetary funds. We believe that predicting the right time to enter and exit any stock or fund and the market as a whole is very difficult. Therefore, we recommend our co-investors to consider an investment horizon of no less than five years. Our experience as investors tells us that those who try to do market timing and get the market direction right in the short term perform worse than investors who patiently wait for their long-term returns.

Over long investment periods, of at least 5 years, our products can be expected to perform well. However, in shorter terms, market fluctuations may cause the return to be negative for a certain period of time. As the shareholder accumulates more time invested in our funds, the returns will tend to be closer to our long-term objectives, that is, to generate an annualized return between 8% and 10%.

We recommend holding the investment for at least 5 years; however, you are free to buy and sell whenever you wish. At Horos, we do not charge subscription or redemption fees. However, we do not advise investors with a short investment horizon to invest in our funds, as they are equity products.

The Horos funds do not have a minimum tenure, although we always recommend staying for a period of at least 5 years.

Yes, most of their financial assets are invested in Horos products. In addition, the managers own the majority of the investment manager’s capital, aligning their incentives to the funds and plans shareholders’.

The average time of the companies in our portfolio is variable, depending on when they reach their theoretical potential. Some of the companies we invest in have been around since the early days of our funds, which could mean more than a decade, while others can be removed in a matter of months if their share price is rapidly approaching our target investment value. In general, however, we expect companies to remain in our portfolio for several years.

At Horos we do not hedge currencies. Our investment strategy focuses on global investment in various countries and industries, which naturally exposes us to multiple currencies and global businesses. This diversification protects us against volatility that may arise in a particular currency in a given year.

Since its inception, the Horos team’s vision has been to lead a small investment manager who can uncover good investment opportunities and achieve satisfactory and sustainable returns for our co-investors. A small size allows us to access investment ideas that might be inaccessible to larger managers due to size of their funds under management. For this reason, when the size of our funds is no longer adequate to maintain efficient management, we will choose to close them. This will allow us to continue to manage assets in an agile and profitable manner over the long term.

The custodian of the Horos funds is Caceis Bank Spain S.A., an entity owned by Santander and Crédit Agricole. Caceis is in charge of the custody of the money and shares owned by the fund participants, in a system that guarantees independence and risk with respect to the fund manager.

Caceis is responsible for the administration of the funds, including the daily calculation of the Net Asset Value, which represents the fund price. The Horos team is responsible for the NAV calculation and for additional control of the calculation performed by Caceis.

Horos’ auditor is Ernst & Young S.L., who is in charge of reviewing all the investment funds it manages, as well as the fund management company itself. All audit reports issued to date have been favorable.

Yes, we publish a letter to investors and a report every quarter. The quarterly letter is published on the Horos website, while the quarterly reports can also be read on the Horos website and on the CNMV website. You can access our quarterly letters in the Publications section. You can also access the latest quarterly publications on the CNMV website.

Yes, you can have a face-to-face meeting with a member of our team at our office, located at Calle Núñez de Balboa 120, 2º Izquierda, 28006 (Madrid). To schedule a meeting, simply call us or send us an email to info@horosam.com. In addition, if you prefer, you can also schedule a meeting by phone or Teams.

Currently, our only office is located in Madrid, at Calle Núñez de Balboa 120, 2º Izquierda.