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 cumulative returns of 236% in the international strategy (11.3% annualized) and 185% in the Iberian strategy (10.0%), outperforming their benchmark indices in both cases. These returns are very satisfactory and we will undoubtedly work to maintain this positive trend in the coming years. Of course, the current high upside potential of our funds leads us to believe that we can achieve this.

Taking a shorter-term view, our funds are up 8.7% in 2023 for Horos Value Internacional (versus 10.9% of its benchmark index) and 9.0% for Horos Value Iberia (versus 16.2%). However, these returns do not reflect a number of very important anomalies that are occurring and which make us cautious about the market and, paradoxically, optimistic about our portfolios for the future. I will devote this quarterly letter to explaining this and the main movements of our funds.

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Thank you for your confidence. Yours sincerely,

ı———ı

Javier Ruiz, CFA

Chief Investment Officer

Horos Asset Management

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2024 Letters to co-investors

Letter to our co-investors 3Q24

Dear co-investor, The third quarter of 2024 has seen unprecedented volatility in Asian markets, with dramatic swings in the Japanese and Chinese stock markets not seen in decades. Meanwhile, in the West, equity markets have remained relatively stable, with major indices continuing their relentless rise. In this letter, we aim to unravel the underlying causes of recent events in Asian markets. Additionally, we will analyze why, in a financial environment so prone to abrupt changes, it becomes even more crucial to maintain patience and adhere to a robust, common-sense investment strategy like the one we implement at Horos.

November 11, 2024

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

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

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

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