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Frequently Asked Questions

Some terms and processes may be difficult to understand at first. We have tried to solve all your doubts here.

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Buying process

We currently have two investment funds: Horos Value Iberia, which invests in Spanish and Portuguese stocks, and Horos Value International, which invests in stocks from all over the world. We also offer three pension schemes: Horos Internacional, PP (invidivual pension plan), Horos Internacional, PPE (workplace pension plan) and Horos Internacional Autónomos, PPES (occupational pension plan for freelancers and the self-employed). All these plans replicate the investment portfolio of Horos Value International fund.

We are crasftmen of investments

Behind every decision are numerous hours of work, attention to detail and maximum dedication. Like a craftsman, we constantly seek excellence in every step of the way.

Latest publications

2024 Letters to co-investors

Letter to our co-investors 2Q24

Dear co-investor, After wrapping up the second quarter of 2024, we can highlight few new developments in financial markets. The reality is that the euphoric dynamics in the technology sector persist, to a greater or lesser extent, pushing the U.S. stock market to new highs and helping this market to continue outperforming most other regions. This letter will focus on the potential unsustainability of this and the importance of investing with a high margin of safety.

September 23, 2024
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2024 Letters to co-investors

Letter to our co-investors 1Q24

Dear co-investor, The start of 2024 has once again been very positive for global equities, continuing the excellent performance already shown in 2023. Our Horos Value Internacional and Horos Value Iberia funds have been part of this trend, posting returns of 5.9% and 1.1%, respectively.

May 24, 2024
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2023 Letters to co-investors

Letter to our co-investors 4Q23

Dear co-investor, First of all, I would like to take this opportunity to wish you all the best for the new year. We concluded 2023 with two reasons for celebration.

February 13, 2024
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2023 Letters to co-investors

Letter to our co-investors 3Q23

Dear co-investor, This quarter, the management team formed by Alejandro, Miguel and myself is celebrating eleven years working in the complex and fascinating world of investing. A period in which we have remained faithful to the same investment principles and in which we have always managed two strategies: international and Iberian equities. In these eleven years we have delivered c

October 23, 2023
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2023 Letters to co-investors

Letter to our co-investors 2Q23

Dear co-investor, These are good times for Horos because, at this moment, almost all of our more than 3,000 clients have positive returns with their investments in our funds and pension plan. A milestone that shows that our investment process continues to bear fruit, as is also reflected in the 236% and 185% total returns that this management team has

August 7, 2023
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