Letter to our co-investors 3Q19
Dear co-investor,
We finish the third quarter of 2019, a period of continuity with respect to previous quarters, in which investors’ money continues to flow towards certainty, at any price, and flees from the most illiquid and/or cyclical companies, despite the attractiveness of their valuation.
This situation is causing an unsatisfactory relative (and absolute) return on our portfolios in the short term, but nevertheless contributes to generating great opportunities for appreciation in the long-term. At Horos it is clear to us that we must flee from the “fashionable”, as comfortable as it may seem to follow them, because our main objective as managers (and co-investors) of our funds is to maximise returns (in the long term) while minimising the risk we incur.
Periods like the present should not make us despair, nor call into question an investment process built with this sole objective in mind. From the fruits we are sowing (our potentials are at historical highs) we will reap the rewards.
As always, I would like to take this opportunity to thank you, on behalf of the entire Horos team, for your trust. Yours sincerely,
ı———ı
Javier Ruiz, CFA
Chief Investment Officer
Horos Asset Management
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