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.
In this market context, our Horos Value Internacional and Horos Value Iberia funds posted quarterly returns of 2.9% (9.8% in 2024) and -0.2% (3.0% in 2024), respectively. Of course, as we often emphasize, these results are merely anecdotal, as our goal is to generate sustainable and satisfactory returns over the long term. That is why we always share the track record that Alejandro, Miguel, and I have achieved in our joint career as a portfolio management team. Specifically, the cumulative returns over these more than twelve years amount to 288% and 212%, or, in other words, 11.6% annualized in the international strategy and 9.9% in the Iberian strategy.
Thank you for your confidence. Yours sincerely,
ı———ı
Javier Ruiz, CFA
Chief Investment Officer
Horos Asset Management
Últimas publicaciones
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.…...
October 29, 2024
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…...
August 6, 2024
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 9, 2024
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....
January 29, 2024
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…...
October 9, 2023
