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. On the one hand, our investment funds closed the year at record highs. This means that, in the more than eleven years that Alejandro, Miguel and I have been part of the portfolio management team, we have delivered cumulative returns of 254% in the international strategy (11.5% annualized) and 203% in the Iberian strategy (10.3%), outperforming their benchmark indexes in both cases.On the other hand, the Horos family of products continues to grow, with the launch of Horos Internacional Empleo PPE and, foreseeably in a short period of time, Horos Internacional Autónomos PPES, two pensions plans that will provide a long-term savings solution for employees and self-employed workers, respectively, replicating our successful international strategy.

Taking a shorter-term view, in 2023 our funds were up 14.3% for Horos Value Internacional (versus 18.1% of its benchmark) and 15.7% for Horos Value Iberia (versus 24.5%). Undoubtedly, as we will see throughout this document, this has been a very atypical year, in which various factors (some of them unsustainable) have dramatically pushed global financial assets higher. For our part, we continue to invest true to our philosophy, always trying to find and exploit those inefficiencies that arise in the market in the most advantageous way possible, in order to meet our goal of generating sustainable and satisfactory returns over the long term.