Skip to content

Letter to our co-investors 3Q19

Thumbnail

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

Share

Si ya eres cliente de Horos o estás suscrito a nuestra newsletter, habrás recibido esta carta trimestral por correo electrónico. Si deseas leerla, puedes descargarla a continuación o recibirla en tu buzón al suscribirte a nuestra newsletter.

Last 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
Thumbnail
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
Thumbnail
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
Thumbnail
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
Thumbnail
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
Thumbnail
Habla con un agente
Hola 👋
¿Cómo podemos ayudarte?