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.