Letter to our co-investors 1Q19
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.
Thank you for your confidence. Yours sincerely,
ı———ı
Javier Ruiz, CFA
Chief Investment Officer
Horos Asset Management
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