Letter to our co-investors 4T24

Dear co-investor,

We have just closed a very satisfactory 2024 for Horos Asset Management. This year we have seen how a project that we started six years ago has consolidated itself within the competitive world of Spanish asset management. On the one hand, the analysis firm VDOS highlighted Horos in a study as the most profitable asset manager over 5 years, among pure equity management entities (see here). On the other hand, the Rankia community awarded the prize for the best equity pension plan to Horos Internacional PP in December. Two milestones that have been reflected in the more than 5,200 co-investors that our asset manager already has. Many thanks to all of them for their trust!

This quarter, our Horos Value Internacional and Horos Value Iberia funds have posted returns of 1.9% (11.8% in 2024) and 2.0% (5.1% in 2024), respectively. Of course, as we usually emphasize, these results are merely anecdotal, since our goal is to achieve satisfactory and sustainable returns in the long term. That is why we always share the returns that Alejandro, Miguel and I have achieved in our joint career as a management team. Specifically, the accumulated returns in these more than twelve years of history amount to 296% and 218% or, what is the same, 11.5% annualized in the international strategy and 9.9% in the Iberian strategy.

My best wishes for 2025!