If you are already a direct Horos client, you can make any subscription, transfer or refund operation by accessing your private area in our website. 

To access your private area, we first need to receive the signed documentation along with a copy of your ID, as well as the proof of the bank transfer in the case of a subscription. Once we receive the amount, your position will take net asset value. From the next business day, after 5 p.m., you will be able to access your private area.

The bank transfer will be made once you have completed the subscription order you wish to make. It will be made to the account number of the target fund, for the amount indicated in the subscription order and the name of the fund as beneficiary. In addition, in the concept of the transfer, you must include your ID and the name and surname of the account holder. To complete the registration and for the subscription to be valid, it is necessary to make the transfer and complete the subscription order.

Horos does not debit your bank account for investment funds. Following the current regulation, you will have to make a transfer to the fund’s current account. In the case of pension plans, you will have to provide the account number during the registration process or when making a new contribution. In this case, the payment will be direct debited to the indicated current account.

The transfer will be made to the account of the fund indicated in the subscription order, with the name of the fund as beneficiary and the ID number together with the name and surname of the holder as the concept. Horos Value Iberia: ES23 0038 5777 1800 1604 2804 Horos Value Internacional: ES28 0038 5777 1600 1604 2812 This information is also available on the website of each investment fund: Horos Value Iberia and Horos Value Internacional

As long as the required documentation is in order before 14:00h, the subscriptions will take the net asset value of the closing of the day in which the money arrives to the current account.

The next working day after receiving the bank transfer, and as long as the operation has been executed correctly from your private area or in the registration process, you will have access and you will be able to visualize the variations in your invested assets through the private area of www.horosam.com. In the event of a stock market, national or local holiday, the operation will be transferred to the next working day.

You can follow your investment through the private area in this link.  In addition, we provide you with an application so that you can consult and trade from both Android and iOS devices.

You can consult the daily net asset value, the profitability per year, the product sheets of each product, as well as quarterly and half-yearly reports, among other relevant data. You can also keep up to date with the latest news through the press, the quarterly investor letters and the articles published in our blog. Through the private area you can consult your positions and carry out transactions in mutual funds and pension plans. You can start the registration process through this link. 

Yes, an authorized person possesses the same capabilities as an account holder in relation to an account. The distinction between an account holder and an authorized person is in terms of ownership and taxation, since an authorized person is not the owner of the assets and is not subject to the tax liability related to the account.

No, being authorized has no tax implications.

The operation in case of death of an account holder or co-owner of a fund account is similar to that of any bank account in Spain. It will be necessary to provide all the required documentation for the change of ownership of the shares. We would be grateful if you could contact us through our email info@horosam.com, and we will be happy to help you with all the necessary procedures.

It is not possible to have the same investment fund in two different financial entities. However, you can make a change of marketer to operate from the entity of your choice. It is important to note that the entire amount of an investment fund must be in a single entity. On the other hand, it is possible to have the same pension plan in different financial entities, since pension plans can be transferred between different entities without the need to liquidate them.

The estimated time to complete the transfer of a mutual fund is 7 to 10 business days from the receipt of the order. However, this time may be extended depending on the characteristics of the fund and the originating fund manager. It may also be extended if the application is rejected by the originating fund manager. We recommend that you verify the ownership and ISIN before making the transfer.

Transfer transactions in Spain are not subject to withholding tax. In fact, the transfer regime for Spanish residents implies tax deferral of taxation until the fund is sold and liquidity is obtained.

Capital gains obtained by resident individuals as a result of the redemption or transfer of units are considered as capital gains, subject to 19% withholding tax. The tax rate may vary depending on the brackets of the capital gain obtained. In case of capital loss, no withholding will be applied.

We have two investment funds: Horos Value Iberia and Horos Value International. The first one invests in shares of companies listed in Spain and Portugal, while Horos Value International can invest in shares of companies anywhere in the world, without limits.

The managers invest most of their financial assets in the international fund and a smaller part in the Iberian fund. By definition, the international fund has greater potential, as it is not geographically restricted, which allows it to include the best investment opportunities available.

Yes, you just have to place the transfer order from our website , indicating the main details of the fund of origin (valid for individuals residing in Spain).

To complete the registration process, we will need your personal data, including your postal and fiscal address, as well as the completion of a convenience test and a knowledge test. At the end of the process, you will need to specify whether this is a subscription or an entry transfer from another fund. We will also ask you to upload a copy of your ID card or valid identification document on our platform, or send it by email to info@horosam.com. You can sign up directly on our website at this link. 

If you are already a direct client of Horos, you can give the subscription order by accessing your private area at this link. The deadline for the order to be placed with the value of the day is 14:00 hours. If the order is placed after this time, the subscription will be made on the next business day.”

Yes, you can make periodic contributions once you are already a client. To make the periodic contribution you have to follow the following steps: 1º You can start the process of periodic contributions from your client area by clicking on “”Operate“” and selecting “”New operation“”. On the next page, choose “”Periodic contributions“” in the field “”Type of operation“” and follow the steps indicated until you validate the operation by SMS“”. 2º Instruct your bank to make an automatic transfer every month to the account of the fund you wish to subscribe to. For Horos Value Iberia, use IBAN ES23 0038 5777 1800 1604 2804, and for Horos Value International, use IBAN ES28 0038 5777 1600 1604 2812.

You can call our office at 91 737 09 15 or send us an email to info@horosam.com.

If you are already a direct client of Horos, you can give the redemption order by accessing your client area in this link. The cut-off time for the order to be processed with D-day value is 14:00 hours. Refunds will always be settled on D+2, i.e. two days after the date of the refund order. The money will be transferred to the account indicated by the participant, which must be in his/her name.

How long will it take to receive the money if I request a redemption?

There are no restrictions on the withdrawal of mutual funds, but the management company may require up to 10 days’ notice for withdrawals exceeding €300,000. In addition, if the total amount withdrawn by the same unitholder in a 10-day period reaches or exceeds 300,000 euros, the management company will request 10 days’ notice for new redemption requests made in the following 10 days, regardless of their amount. To calculate these figures, the total of the redemptions ordered by the same representative will be considered.

Yes, you can make withdrawals in one amount or in units.

The net asset value is the unit price of a unit in a mutual fund.

The fund’s net asset value is calculated by dividing the fund’s total assets by the number of units outstanding at that time. In turn, the net assets are determined on the basis of the market prices of the assets comprising the fund’s portfolio, mainly shares listed on organized secondary markets, net of applicable expenses and commissions. This net asset value is calculated and published daily by the fund management company.

The net asset value is calculated daily, so the fund will change on a daily basis.

The net asset value of our funds is published daily on various channels, including our website, Bloomberg, Morningstar, Expansión, the Madrid Stock Exchange and other important financial information providers.

The only fees are the management fee (1.80% per annum on assets) and the custodian fee (0.08% up to assets of 25MM€; 0.07% between 25MM€ and 50MM€; 0.06%, above 50MM€). There are no redemption, subscription or success fees.

Commissions are deducted daily and proportionally from the net asset value. For this reason, the net asset value and returns that we publish are already net of commissions.

A fee for the depositary and custodian functions of the fund’s assets. This fee is paid out of the fund’s assets and is already deducted from the net asset value of the unit.

The total expense ratio (TER) of a mutual fund or pension plan is a measure that includes all fees and expenses associated with the management and administration of the fund. In addition to management and custodian fees, the TER also takes into account other expenses that may go unnoticed by the investor, such as audit fees or brokerage fees. These additional costs, although they may seem insignificant individually, have an impact on the final return received by investors. Therefore, the TER provides a complete picture of the total costs incurred by the fund.

Our Horos International pension plan, PP, approximately replicates the portfolio of our Horos Value International investment fund. It follows a value investing strategy and has no geographical or other limitations, which allows you to access our best investment ideas around the world.

You can register directly on our website at this link.  In the registration process, we will request your personal data, tax address, and we will require you to complete a convenience test and a knowledge test. At the end of the registration, you must tell us whether your operation corresponds to an extraordinary contribution or an entry transfer from another pension plan. You will also have to upload a copy of your ID or send it to info@horosam.com to complete the process.

Contributions to pension plans are deductible from the taxable base for calculating personal income tax with the limit of the lowest of the following amounts: €1,500 per year or 30% of income from work or economic activities. This limit can be increased up to an additional €8,500 if the contributions come from contributions made by the company on behalf of the employee. In this context, we offer the Horos International Employment plan, PPE, which allows companies to make contributions for their employees. If you would like us to contact your company to facilitate this process, do not hesitate to contact us by writing to info@horosam.com.

The redemption of the investment is contemplated in the event of various contingencies, such as retirement, disability, long-term unemployment or death (redemption by the beneficiaries). In addition, the possibility of redemption is considered in situations of prolonged unemployment after exhausting the contributory benefit and in cases of serious illness affecting the participant, his/her spouse, ascendants or descendants. Also, the option of redemption after 10 years is established. With the tax reform implemented by the government since January 2015, pension funds can be redeemed after 10 years have elapsed since their contracting, without the need for additional justification. It is important to note that, even if a 10-year seniority has been reached by December 31, 2014, the benefit cannot begin to be received under this condition until 2025.

The benefits derived from a pension plan, including those for widowhood and orphanhood, are subject to taxation in the Personal Income Tax (IRPF) of the beneficiary, being considered as work income. In the case of Individual Pension Plans (PPI), the rights of the participant or beneficiary are exempt from the Wealth Tax. In addition, in the event of death, the investment is not subject to the Inheritance and Gift Tax, since it does not form part of the estate.

The limit on contributions for the Individual Pension Plan is €1,500 per year.

Transferring a pension plan from another entity does not entail any cost. You can request it directly from our private area without having to go to your original entity through this link.

Caser acts as the managing entity of the pension fund (EGFP), while Horos is the entity that promotes it and is responsible for the investments of the portfolio.

EPSVs are Voluntary Social Security Entities that operate only in the Basque Country. Like pension plans, their objective is to complement our public pension.

Horos does not have any EPSVs.

Our Horos International pension plan, PP, approximately replicates the portfolio of our Horos Value International investment fund. It follows a value investing strategy and, as it has no geographical or other limits, it has our best investment ideas.

Pension plans are long-term financial savings instruments, in which investors make periodic or annual contributions. Most of these plans are in fixed-income or mixed-income products, which offer more moderate returns. However, at Horos we believe that in the long term, variable income is the safest and most profitable form of investment. For this reason, we consider it ideal that the Horos Internacional, PP fund follows an equity strategy.

To make an extraordinary contribution to the Horos Internacional, PP pension plan, a direct debit will be made from your current account instead of a bank transfer. It is important to note that direct debit is not possible for investment funds.

Yes, it is possible to make regular contributions direct debited to our Horos Internacional, PP pension plan.

Yes, it is possible to have the same pension plan in two different marketing entities, or even to have it directly with us and in a third entity.

The only fees charged by our Horos International pension plan, PP, are the management fee (1.50%) and the depositary fee (0.102%). There are no redemption, contribution or success fees.

Fees are deducted daily from the net asset value. For this reason, the net asset value and returns shown are already net of fees.

Yes, you simply have to place the order, indicating the main details of the original plan, through our website at www.horosam.com.

No, to access the Horos employment plan, it is necessary for the company where you work to join as a promoter of it.

To sign up for our employment plan, we need a company representative (plan promoter) to contact Horos to join our Horos International Employment, PPE employment plan and offer it to the rest of the employees.

Occupational pension plans also offer a series of advantages for both parties. Advantages of occupational pension plans for companies:

• Joint participation in decision-making.
• Talent retention incentive.
• Deduction in the Social Security contribution.
• Deduction in the corporate tax base.

• Supplement to the public pension.
• Deduction in the personal income tax base.
• Periodic contributions, not influenced by the market.

If the employee leaves the company that is promoting the plan, he or she has the following options:

• Transfer rights to the new company’s employment pension plan.
• Transfer rights to an individual pension plan.
• Transfer rights to a company social security plan.
• Continue in the plan as a suspended participant, which means that no more contributions will be made in his or her name, but he or she will retain his or her rights in the plan and will benefit from its revaluations.

No, employees may choose to renounce being part of the employment plan by submitting a written resignation.

Employment plans are supervised by the designated control committee. In addition, the Directorate General of Insurance and Pension Funds (DGSFP) is responsible for monitoring compliance with the rules applicable to PPE.

Yes, you can make contributions to the Horos International Employment Pension Plan, PPE within the limits established by the company. In addition, you will always have the option of investing up to €1,500 in an individual pension plan of your choice.

No. In general terms, employment plans cannot be transferred to individual pension plans or other pension-savings vehicles, unless there is a termination of the employment relationship. However, it is possible to transfer an individual pension plan to an employment pension plan.

The withdrawal of the plan is subject to the same contingencies as individual pension plans, that is, after 10 years or after retirement, disability, death, long-term unemployment, etc. or special cases.

Contributions will be made through the private area of ​​Horos and will be charged directly to your bank account. We recommend establishing periodic contributions, which are perceived as monthly savings, for long-term planning. You also have the option of making one-off or extraordinary contributions.

Yes, you have the option of transferring any pension plan to your self-employed plan as long as you maintain your status as a self-employed worker. Whether you have a simplified employment pension plan (PPES) or an individual pension plan (PP), this transfer is carried out without any cost or tax impact on your employment pension plan with Horos.

If you are no longer registered as self-employed, you will become a ‘suspended participant’. This means that you will retain your vested rights in the plan and continue to benefit from the revaluation of the fund, but you will no longer be able to make new contributions. Below are the options available in this situation:

• Transfer your rights to your new employer’s pension plan.
• Continue in the plan as a suspended participant, meaning that no more contributions will be made in your name, but you still maintain your rights in the plan.
• Withdraw the money if you are in one of the legal situations in which you can do so.

You can deduct up to €4,250 for contributions to the self-employed pension plan. In addition, you have the option of allocating the additional €1,500 allowed for individual plans to the pension plan for self-employed workers, which allows you a total tax deduction of up to €5,750. These contributions can be made jointly, that is, the €5,750 to the pension plan for self-employed workers.

Yes, this would be possible. A person who has their individual pension plan in a third entity can transfer their money to the Horos employment plan for self-employed workers.

You can invest the amount you want, with a maximum of €5,750. In addition, it is not mandatory to invest every year or the same amount each year.

Horos invests in publicly traded stocks that are constantly fluctuating. The fund’s net asset value, i.e. its price, is a consequence of the price of each of the companies that make up the portfolio and whose value fluctuates every day. Horos currently has two investment funds: Horos Value Iberia, which invests in companies listed in Spain and Portugal, and Horos Value International, focused on investing in companies around the world. Both products follow an investment philosophy based on value investing and oriented to the long term.

At Horos we do not have any conservative or monetary funds. We believe that predicting the right time to enter and exit our funds and the market is very difficult. Therefore, we recommend our co-investors to consider an investment horizon of no less than five years. Our experience as investors tells us that those who try to do market timing and get the market direction right in the short term perform worse than investors who patiently wait for their long-term returns.

Over long investment periods of at least 5 years, our products can be expected to perform well. However, in short terms, market fluctuations may cause the return to be negative for a certain period of time. As the participant accumulates more time invested in our funds, the returns will tend to be closer to our long-term objectives: to generate an annualized return between 8% and 10%.

We recommend holding the investment for at least 5 years; however, you are free to buy and sell whenever you wish. At Horos, we do not charge subscription or redemption fees. However, we do not advise investors with a short investment horizon to invest in our funds, as they are equity products.

The Horos funds do not have a minimum fund tenure, although we always recommend staying for a period of at least 5 years.

Yes, most of their financial assets are invested in Horos products. In addition, the managers own the majority of the manager’s capital. Therefore, their incentives are aligned with those of the funds’ unitholders.

The average time of the companies in our portfolio is variable, depending on when they reach their theoretical potential. Some of the companies we invest in have been around since the early days of our funds, which could mean more than a decade, while others can be removed in a matter of months if their share price is rapidly approaching our target investment value. In general, however, we expect companies to remain in our portfolio for several years.

At Horos we do not hedge currencies. Our investment strategy focuses on global investment in various countries and industries, which naturally exposes us to multiple currencies and global businesses. This diversification protects us against volatility that may arise in a particular currency in a given year.

Since its inception, the Horos team’s vision has been to lead a small manager that can uncover good investment opportunities to achieve satisfactory and sustainable returns for our co-investors. A small size allows us to access investment ideas that might be inaccessible to larger managers due to their asset size. For this reason, when the size of our funds is no longer adequate to maintain efficient management, we will choose to close them. This will allow us to continue to manage assets in an agile and profitable manner over the long term.

The custodian of the Horos funds is Caceis Bank Spain S.A., an entity owned by Santander and Crédit Agricole. Caceis is in charge of the custody of the money and shares owned by the fund participants, in a system that guarantees independence and risk with respect to the fund manager.

Caceis is responsible for the administration of the funds, including the daily calculation of the net asset value, which represents the fund price. The Horos team is responsible for the NAV calculation and for additional control of the calculation performed by Caceis.

Horos’ auditor is Ernst & Young S.L., who is in charge of reviewing all the investment funds it manages, as well as the fund management company itself. All audit reports issued to date have been favorable.

Yes, we publish a letter to investors and a report every quarter. The quarterly letter is published on the Horos website, while the quarterly reports can also be read on the Horos website and on the CNMV website. You can access our quarterly letters in the Publications section. You can also access the latest quarterly publications on the CNMV website.

Yes, you can have a face-to-face meeting with a member of our team at our office, located at Calle Núñez de Balboa 120, 2º Izquierda, 28006 (Madrid). To schedule a meeting, simply call us or send us an email to info@horosam.com. In addition, if you prefer, you can also schedule a meeting by phone or Teams.

Currently, our only office is located in Madrid, at Calle Núñez de Balboa 120, 2º Izquierda.