Letter to our co-investors 2Q19
Dear co-investor,
The end of May marked one year since the launch of Horos, a project dedicated to maximising returns for our investors in the long term. They have been twelve months of hard work and dedication on the part of the entire firm, to which the confidence and trust of our investors has served as an incentive to work everyday to the highest possible standards. The confidence of our investors demonstrates that we have a customer base that shares and understands our investment philosophy.
In these first twelve months we have experienced enormous volatility in the markets as a whole and strong corrections in a large number of stocks, which have impacted the short-term results of our portfolios. While understanding how we invest can make these periods of uncertainty and negative returns easier to bear, we think it may be useful to reflect on and review what may be expected from our form of investing. It is to this end that we dedicate the present document.
As always, I would like to take this opportunity to thank you for your confidence. Yours sincerely,
ı———ı
Javier Ruiz, CFA
Chief Investment Officer
Horos Asset Management
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