| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Horos Asset Management delivered Q2 2026 returns of 4.9% for its international strategy and 6.6% for its Iberian strategy, bringing cumulative 14-year annualized returns to 12.4% and 12.2% respectively. The manager expresses significant concern about the sustainability of the massive AI investment cycle, with hyperscalers investing an estimated $700 billion in 2026 alone. This has created explosive bottlenecks throughout the semiconductor value chain, driving memory prices up 500-650% and causing companies like TSMC, SK Hynix, and Micron to multiply their market values 5-9 times. The manager compares current dynamics to historical bubbles including the dot-com era and railway mania, highlighting financial vulnerabilities including revenue circularity, demanding valuations, and the SpaceX IPO at $2 trillion valuation despite burning $14 billion in cash. Persistent inflation from structural deficits and the AI investment boom is keeping interest rates elevated, which could derail the cycle. The portfolio was repositioned by exiting stainless steel positions after strong gains and reallocating to undervalued holdings like Suzano, Bolloré, and Compagnie de l'Odet. The manager maintains unwavering focus on margin of safety and investment principles despite decorrelating from index performance.
The manager maintains a disciplined value investing approach focused on margin of safety while expressing significant concern about the sustainability of the current AI-driven capital cycle and demanding equity valuations across technology and semiconductor sectors.
The manager maintains a cautious view toward certain markets and companies more exposed to the unsustainable dynamics of the AI investment cycle, which decorrelates the fund from index performance. They emphasize they will never abandon their investment principles, with the goal remaining to achieve satisfactory and sustainable long-term returns. The focus continues on building a portfolio that maintains the pillar of margin of safety, watching from the sidelines as the current euphoria plays out. The manager acknowledges no one can know how the AI revolution will end, but warns about the danger of very high expectations placed on certain companies, preferring to focus on investments with attractive valuations and better risk-reward profiles.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 27 2026 | 2026 Q2 | 000660 KS, 005930 KS, AAPL, AMD, AMZN, AVGO, BOL.PA, CIRSA.MC, GOOGL, META, MSFT, MU, NVDA, ODEN.PA, ORCL, STX, SUZB3.SA, TSLA, TSM, WDC | AI, Capital Cycle, inflation, interest rates, semiconductors, technology, Valuations, Value Investing |
SUZB3.SA BOL.PA ODET.PA LDA.MC |
Horos delivered solid Q2 returns while maintaining deep skepticism about the AI investment boom's sustainability. The manager sees the $700 billion hyperscaler spending spree creating semiconductor bottlenecks and valuations reminiscent of historical bubbles. SpaceX's $2 trillion IPO despite massive cash burn epitomizes the euphoria. The portfolio was repositioned away from recent winners toward undervalued holdings like Suzano and French holding companies, maintaining strict focus on margin of safety. |
| May 11 2026 | 2026 Q1 | BKNG, EXOR.MI, LBTYA, RNO.PA | energy, Europe, geopolitics, private credit, technology, value, volatility | - | Horos leveraged Q1 2026 market volatility from AI disruption, private credit stress, and Iran war to rebalance portfolios toward higher return potential. Despite modest quarterly performance, strategic moves included adding Booking Holdings post-AI selloff and increasing energy exposure via TGS. The team views current uncertainties as classic value investing opportunities, maintaining their disciplined long-term approach. |
| Jan 14 2026 | 2025 Q4 | 0086.HK, AAPL, AMZN, ANE.PA, AYV.PA, AZM.MI, DIA.MC, ERG.MC, GEST.MC, GOOG, GOOGL, META, MSFT, NPSNY, NVDA, ONEX.TO, ORCL, TCEHY, TGS, TSLA | AI, Bubble, Concentration, Europe, gold, inflation, Passive investing, value |
AER NPSNY ZIG LN ZEG LN PLX FP SDE CN TCEHY |
Horos delivered strong 2025 returns while warning of U.S. market bubble dynamics driven by AI speculation and passive investing distortions. With valuations at dot-com levels and extreme concentration, the manager avoids overpriced markets, focusing on undervalued European opportunities. Precious metals surged as inflation hedge while AI companies raise capital at unprecedented valuations without products. |
| Nov 5 2025 | 2025 Q3 | AAPL, AMD, AMZN, BIDU, CMG, COST, GOOGL, INTC, KKR, MA, MCD, META, MSFT, NEON, NVDA, ORCL, PYPL, SBUX, TSLA, WMT | AI, Bubble, Europe, Margin Of Safety, technology, Valuations, value | - | Horos warns of AI bubble resembling dot-com era as hyperscalers invest $365 billion in infrastructure while US markets reach dangerous valuation levels. Despite strong Q3 performance, the firm maintains defensive positioning focused on undervalued European opportunities. Portfolio changes reflect strict value discipline with exits from appreciated positions and additions in discounted quality companies. |
| Aug 5 2025 | 2025 Q2 | AAPL, ANA.MC, ATALAYA.L, AXP, AZM.MI, BRK-A, DIA.MC, GEST.MC, GOOGL, KO, MCO, MEL.MC, MSFT, NFLX, NPN.L, SEM.LS, VRA.PA | Buybacks, catalysts, energy, Europe, Hotels, Spain, Telecommunications, value | - | HOROS funds delivered strong Q2 returns as markets recovered from tariff-driven selloff. Value investing evolves beyond waiting for recognition to actively seeking catalysts that unlock hidden value. Spanish hotel and telecom investments drove Iberia fund outperformance through management-aligned incentives and asset monetization. Portfolio positioned for value realization while maintaining discipline amid macro uncertainties and retail-driven market dynamics. |
| Apr 30 2025 | 2025 Q1 | AAPL, AER, ANA.MC, DIA.MC, EAT.WA, ECR.MC, ELE.MC, GCO.MC, JUP.L, LBTYA, MRG-UN.TO, MSFT, NEON, NVDA, PYPL, SDE.TO, SDRL, SEM.LS, SON.LS, VRLA.PA | AI, China, energy, Europe, financials, tariffs, value | - | Horos delivered strong Q1 returns despite major market disruptions from Chinese AI breakthrough and Trump's historic tariff announcements. The fund capitalized on volatility by adding undervalued positions in energy, financials, and asset management while exiting fully valued holdings. Management sees current uncertainty creating excellent long-term opportunities similar to previous market crises. |
| Jan 7 2025 | 2024 Q4 | AAPL, AMZN, AXP, CSCO, DIS, GOOGL, KO, LBTYA, MCD, META, MSFT, NVDA, PG, PYPL, TSLA | Concentration, contrarian, Europe, Market Risk, Spain, Telecommunications, value | ZEGN.L | Horos delivered 11.8% returns in 2024 while warning of dangerous US market concentration at Great Depression levels. They see markets dominated by trend-followers chasing the Magnificent Seven regardless of valuations. Major new position in Zegona Communications for telecom infrastructure value unlocking. Maintaining contrarian value approach, expecting less popular European assets to outperform when the bubble eventually bursts. |
| Oct 31 2024 | 2024 Q3 | 0700.HK, 8002.T, 8031.T, 8053.T, 8058.T, 8113.T, AAPL, AMG, AMZN, APAM.PA, CKN.L, GOOGL, META, MG, MSFT, NOAH, NPN.L, NVDA, PLUX.PA, SEM.LS | Asia, China, Japan, Patience, value, volatility |
NOAH PLUX.PA |
Horos navigated extreme Asian market volatility in Q3, analyzing Japan's historic crash from yen carry trade unwinding and Hong Kong's dramatic rally from Chinese stimulus. The value-focused manager added Noah Holdings and Pluxee while exiting strong performers Clarkson and Mistras. Emphasizing patient discipline over 12+ years of 11.6% annualized returns, they view current market extremes as creating compelling long-term opportunities. |
| Aug 31 2024 | 2024 Q2 | AAPL, AER, AMZN, ATYM.L, BF-B, DEO, ENO.MC, GOOGL, LBTYA, MEL.MC, MSFT, NH.MC, NPN, NVDA, PTON, RI.PA, SEM.LS, TLGO.MC, TSLA, ZM | AI, Concentration, Europe, Margin Of Safety, risk management, technology, value | - | Horos emphasizes investing with high margin of safety amid unsustainable technology sector concentration and AI-driven market euphoria. While large tech companies have excellent businesses, current valuations leave little room for disappointment. The fund initiated Liberty Global position due to significant discount to asset value and value-unlocking catalysts, while maintaining disciplined value approach. |
| Jun 11 2024 | 2024 Q1 | ACX.MC, ALD.PA, ALNT.MC, APAM, ATYM.L, AUBAY.PA, CATOC.MC, FFH.TO, GEST.MC, IBG.MC, LNASF, MEL.MC, MIST, NPAPER.ST, NPN, REN.MC, SDE.TO, SEM.LS, TGS, TLGO.MC | active management, ETFs, Europe, financials, Market Efficiency, Steel, value |
ACX.MC LNA.PA AUB.PA |
Horos delivered 5.9% Q1 returns while defending active management against the index fund revolution. The manager argues passive investing creates market distortions that actually increase opportunities for value investors. Portfolio changes included new positions in Acerinox steel, LNA Santé healthcare, and Aubay IT services, while exiting disappointing Renta Corporación. Long-term conviction remains strong despite current active management headwinds. |
| Feb 13 2024 | 2023 Q4 | AERCF, ALNT.MC, AMG, NHH.MC, SPTN.TO, TGS, VID.MC | Aircraft, catalysts, Coal, Europe, Inefficiencies, Portugal, Spain, value | - | Horos Asset Management maintains disciplined value investing despite 2023's technology-driven market rally. The fund exited coal positions while adding to energy services and asset management companies trading at attractive valuations. Management emphasizes exploiting market inefficiencies through patient capital, expecting catalysts to eventually unlock value in undervalued holdings across European and global markets. |
| Oct 25 2023 | 2023 Q3 | AAPL, CKN.L, EAT.WA, GOOGL, MSFT, NVDA, ONEX.TO, PDG.L, TSLA, VRLA.PA | China, commodities, Concentration, Pattern, Reflexivity, Spain, technology, value | - | Horos delivered 8.7% returns while positioning contrarian to dangerous technology concentration. Manager identifies bubble-like patterns in tech sector representing 28% of S&P 500, similar to dotcom peak. Portfolio focuses 42% on undervalued Spanish and Chinese markets ignored by investors. Recent moves include exiting Alphabet after 50% rally and adding shipping services. Waiting patiently for inevitable market tipping points. |
| Jul 8 2023 | 2023 Q2 | 0700.HK, AAPL, AMZN, BABA, BIDU, GOOGL, JD, META, MSFT, NTES, NVDA, TCOM, TSLA, TSM | AI, China, geopolitics, semiconductors, technology, valuation, Value Investing | - | Horos delivered solid Q2 returns while avoiding artificial intelligence speculation that drove technology stocks to dotcom-era valuations. The manager trimmed expensive positions like Alphabet and added undervalued European names including Azimut Holding. Despite concerns about Magnificent Seven concentration and geopolitical semiconductor risks, they see attractive upside in their disciplined value portfolio versus momentum-driven markets. |
| Apr 30 2023 | 2023 Q1 | - | - | - | |
| Nov 2 2023 | 2022 Q4 | - | - | - | |
| Oct 11 2022 | 2022 Q3 | 7GA GR, AER, AM FP, COOL NO, GAMI, PDG LN, SON1 SW, VRLA FP | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIThe letter extensively discusses the massive AI investment cycle led by hyperscalers (Alphabet, Microsoft, Meta, Amazon) investing an estimated $700 billion in 2026 alone in data centers and computing infrastructure. This investment is creating bottlenecks throughout the semiconductor value chain, from GPU designers like Nvidia to foundries like TSMC and memory makers like SK Hynix. The manager expresses concern about the sustainability of this capital cycle, comparing it to historical bubbles like the dot-com era and railway mania. |
Data Centers Hyperscalers Investment Cycle Bottlenecks Sustainability |
SemiconductorsThe semiconductor sector now represents nearly 20% of the S&P 500, four times more than in 2020. Companies like TSMC, Samsung Electronics, SK Hynix, and Micron Technology have seen explosive stock price gains, with some multiplying 5-9 times in value. Memory prices (DRAM and NAND) have surged 500-650% since early 2023. The manager questions whether supply will react and whether current valuations already reflect all future earnings expectations. |
Foundries Memory DRAM NAND Valuations | |
Capital CycleThe manager uses capital cycle analysis as a core framework, warning that the current AI-driven investment boom mirrors historical technological revolutions that ended in bubbles (canal mania, railway mania, electrification, dot-com). The BIS report cited highlights four pressure points: unsustainable investment pace, financial vulnerabilities including revenue circularity, and interest rate risk that could derail the cycle. |
Investment Cycle Bubbles Supply Demand Historical Parallels | |
InflationThe letter discusses persistent inflationary pressures from the Iran conflict's impact on energy costs, structural public deficits withdrawing savings from the system, and the massive private investment boom in AI infrastructure. Central banks are responding by raising rates or hardening their tone. The manager notes this is keeping interest rates elevated and above inflation (positive real rates). |
Interest Rates Central Banks Energy Costs Public Deficit | |
ValuationsThe manager expresses significant concern about demanding equity valuations reflecting sky-high expectations and euphoria. The SpaceX IPO at $2 trillion valuation (100x sales) is highlighted as emblematic of a 'hopes-and-dreams stock.' The combined market value of all dot-com era VC-backed IPOs is lower than OpenAI or Anthropic's current valuations. Seven semiconductor leaders now rank among the seventeen largest companies globally by market cap. |
Market Cap Multiples Euphoria Expectations | |
SpaceXThe manager provides extensive critical analysis of SpaceX's $2 trillion IPO valuation, noting the company burned $14 billion in free cash flow in 2025 despite $18.6 billion in revenue. The company claims a $28.5 trillion total addressable market across connectivity, space, and AI segments. To justify current valuation, SpaceX would need to generate $120 billion in free cash flow by 2030, requiring 85% annual revenue growth and dramatically improved profitability. |
IPO Valuation Cash Burn TAM | |
Interest RatesLonger-dated sovereign bonds show yields around 5% (US 30-year) or higher (UK), with Japan's 30-year at 4% (all-time highs). This higher yield environment raises the opportunity cost of other assets and has driven corrections in gold (-9% YTD), silver (-17% YTD), and bitcoin (-35% YTD). The manager notes this could harm fragile financial structures and reduce the appeal of AI investment projects. |
Bond Yields Opportunity Cost Financial Risk | |
Margin of SafetyThe manager repeatedly emphasizes maintaining focus on margin of safety as the pillar underpinning their investment approach. They state they will never abandon their investment principles despite decorrelating from index performance. The portfolio changes described involve exiting positions after strong gains and reallocating to investments with better risk-reward profiles and attractive valuations. |
Investment Principles Risk Management Downside Protection | |
| 2026 Q1 |
AIArtificial intelligence advances, particularly from Anthropic's Claude model, are creating disruption risks across software companies. The manager sees this as creating investment opportunities through indiscriminate selling, leading to positions in companies like Booking Holdings where AI impact should be minimal. |
Software Disruption Valuation SaaS Technology |
Private CreditPrivate credit sector experiencing liquidity tensions and redemption restrictions across major managers. Blue Owl Capital's failed merger and subsequent liquidity restrictions have triggered broader concerns about valuations and systemic risks in the sector. |
Credit Liquidity Leverage Risk Banking | |
OilIran war and Strait of Hormuz disruptions have created significant energy price volatility. This benefits portfolio holdings like TGS and Constellation Oil Services while pressuring industrial companies with energy-intensive operations. |
Energy Geopolitics Supply Pricing Infrastructure | |
VolatilityMarket volatility from multiple uncertainty sources is creating investment opportunities through sector divergences. The manager emphasizes volatility as essential for generating long-term returns and enabling portfolio rebalancing toward more attractive opportunities. |
Opportunity Rebalancing Divergence Timing Risk | |
| 2025 Q4 |
Healthcare ITCareCloud helps smaller U.S. health practices manage data and collect payments. High switching costs lock in practices but also lock out competitors. Most RCMs have high fixed costs and too few clients, creating consolidation opportunities for CareCloud to buy cheaply and cut costs. |
RCM EHR Healthcare Consolidation Switching Costs |
CementICG owns cement plants in Kazakhstan and Tajikistan with significant energy and transport cost advantages. Newest dry process plants with heat recovery versus competitors' older wet process plants. Strategic locations 100km closer to customers than competitors. |
Energy Efficiency Transport Kazakhstan Cost Advantage Infrastructure | |
ConstructionCTR Holdings builds structural frames and handles finishing work in Singapore. Most projects are public with stable government payments guaranteeing cash flow. Company had significant net cash and signed project backlog. |
Singapore Government Cash Flow Backlog Public Projects | |
| 2025 Q3 |
AIMassive investments by hyperscalers in AI infrastructure reaching $365 billion, resembling dot-com bubble dynamics. Cross-investments between companies like NVIDIA and OpenAI mirror 1990s patterns. Energy demands and valuations appear unsustainable despite real technological potential. |
Data Centers Cloud Semiconductors Energy Valuations |
ValuationsS&P 500 trading at 23x forward earnings, highest since dot-com bubble. Concentration in Magnificent Seven at record 35% of index. Even non-tech companies showing questionable metrics with over half trading above 20x earnings. |
Multiples Concentration Bubble Overvaluation Risk | |
ValueHoros maintains strict value discipline, focusing on high margin of safety investments. European companies trading at significant discounts to US peers despite similar fundamentals. Portfolio positioned defensively against bubble dynamics. |
Margin of Safety Discipline Undervaluation Europe Defensive | |
| 2025 Q2 |
ValueThe letter extensively discusses value investing philosophy and its evolution, addressing the recurring question of whether value investing is dead. The manager emphasizes the need to evolve the investment process by focusing more on catalysts that can unlock value rather than simply waiting for market recognition. |
Undervaluation Mispricing Discount Catalysts Philosophy |
BuybacksShare repurchase programs are highlighted as a key value creation mechanism, particularly in the context of Liberty Global's ambitious buyback program and the potential for companies like Meliá to repurchase shares trading at significant discounts to asset value. |
Share repurchase Capital allocation Value creation Discount Returns | |
HotelsSignificant focus on hotel investments including Millenium Hospitality RE and Meliá Hotels International. The manager discusses the transformation and repositioning of hotel assets, asset sales, and potential value unlocking strategies in the hospitality sector. |
Hospitality REITs Asset transformation Tourism Real estate | |
TelecommunicationsMajor discussion of telecom investments including Zegona Communications (Vodafone Spain), Liberty Global, and fiber-optic network monetization. The manager analyzes the potential for value creation through asset sales and strategic transactions in the telecom sector. |
Telecom Fiber networks Infrastructure Monetization Joint ventures | |
Energy TransitionInvestment in Acciona Energía represents exposure to renewable energy and the global energy transition. The manager increased positions in this renewable energy company during the quarter. |
Renewables Clean energy Sustainability Infrastructure Growth | |
| 2025 Q1 |
AIDeepSeek's emergence challenged US AI dominance, causing NVIDIA to lose $590 billion in market value. The Chinese company achieved comparable performance to OpenAI's models at 90-95% lower training costs, demonstrating China's engineering efficiency in AI implementation despite US innovation leadership. |
Artificial Intelligence DeepSeek OpenAI GPUs China |
Trade PolicyTrump announced the most restrictive tariff policy since the 1930s, with rates ranging from 10% to 49% based on bilateral trade deficits rather than reciprocity. This triggered historic market volatility and represents a potential restructuring of the global trading system. |
Tariffs Trade War Protectionism Bilateral Deficits Global Trade | |
ValueThe fund maintains a disciplined value investing approach, taking advantage of market corrections to identify undervalued opportunities. Current portfolio shows 130% upside potential for international strategy and 115% for Iberian strategy based on conservative valuations. |
Value Investing Undervalued Margin of Safety Intrinsic Value Long-term | |
Energy TransitionAdded Acciona Energía after the renewable energy sector deflated from ESG bubble highs. The company lost over half its market value since 2022 peak due to rising interest rates and falling energy prices, creating attractive entry valuations. |
Renewable Energy ESG Solar Wind Energy Storage | |
OilIncreased exposure to energy companies like Spartan Delta and initiated position in Seadrill amid sector weakness. Focus on companies with strong management teams, recurring cash flows, and significant discounts to asset values in current uncertain environment. |
Oil Production Natural Gas Offshore Drilling Energy Assets Cyclical | |
| 2024 Q4 |
ValueThe fund maintains a disciplined value investing approach, focusing on acquiring stocks with attractive risk-return trade-offs regardless of market trends. They emphasize contrarian positioning against trend-following investors who dominate current markets. |
Contrarian Fundamentals Undervalued Risk-return Asymmetric |
ConcentrationThe letter extensively discusses dangerous market concentration, with the top 10 US companies representing 40% of the S&P 500 and US stocks comprising 75% of MSCI World Index. This concentration level hasn't been seen since the Great Depression. |
Market concentration S&P 500 Tech giants Magnificent Seven Diversification | |
TelecommunicationsMajor new position in Zegona Communications, which owns Vodafone Spain. The investment thesis centers on value unlocking through infrastructure partnerships and redemption of preferred shares held by Vodafone. |
Telecom Infrastructure Vodafone Network partnerships Value unlocking | |
| 2024 Q3 |
JapanThe Japanese stock market experienced its largest single-day drop since Black Monday 1987 due to the unwinding of yen carry trades. The Bank of Japan's rate hike to 0.25% and yen appreciation triggered massive position unwinding, causing the Nikkei to lose 12.4% in one day. |
Yen Carry Trade Volatility Bank of Japan Nikkei |
ChinaChina's real estate crisis and economic slowdown led to extreme negative sentiment, with the Hong Kong stock market experiencing a 55% drawdown from 2018 peaks. However, September stimulus measures triggered the biggest weekly gain in 17 years, with the Hang Seng rallying 35%. |
Real Estate Stimulus Hong Kong Deflation Hang Seng | |
ValueThe manager emphasizes maintaining patience and adherence to value investing principles despite market volatility and relative underperformance. They reference the need for Stoic-like discipline when investment opportunities exist in overlooked markets while other themes continue rising. |
Patience Discipline Undervaluation Contrarian Long-term | |
| 2024 Q2 |
ValueThe fund emphasizes investing with a high margin of safety and finding companies trading at attractive valuations. They focus on situations that offer substantial upside potential compared to current market prices, particularly in areas where other investors may be overlooking opportunities. |
Margin of safety Undervalued Discount Valuation Upside potential |
AIThe letter extensively discusses the artificial intelligence boom driving large technology companies to new highs. The manager acknowledges AI's impact on companies like Nvidia, Microsoft, Amazon, and Apple, while questioning the sustainability of current valuations and market concentration in AI-related stocks. |
Artificial intelligence Technology Nvidia Concentration Bubble | |
Risk AppetiteThe manager expresses concern about market exuberance and unsustainable dynamics, particularly in technology stocks. They emphasize the importance of maintaining discipline and avoiding investments that lack sufficient margin of safety, citing historical examples of market reversals. |
Exuberance Unsustainable Market dynamics Discipline Caution | |
| 2024 Q1 |
ValueThe letter extensively discusses value investing philosophy and its challenges in current markets. The manager argues that value investing remains viable despite recent underperformance, citing market inefficiencies and the distortive effects of passive investing. They emphasize their focus on fundamental analysis and finding undervalued companies trading below intrinsic value. |
Undervalued Fundamental Analysis Intrinsic Value Valuation Cheap |
ETFsSignificant discussion of the rise of index funds and ETFs, their impact on market efficiency, and potential risks. The manager argues that passive investing creates market distortions and may not be sustainable long-term. They discuss how ETF flows affect price discovery and market elasticity. |
Index Funds Passive Investing Market Distortion Price Discovery Inelastic Markets | |
SteelNew investment in Acerinox, a Spanish stainless steel manufacturer. The company has been penalized by weak European demand but maintains strong competitive position in the US market. The manager sees potential for market recovery and values the company's strategic acquisitions in higher value-added segments. |
Stainless Steel European Demand US Market Competitive Position Value-Added | |
| 2023 Q4 |
ValueThe fund continues to focus on finding market inefficiencies and exploiting them through value investing principles. The manager emphasizes that value is often its own catalyst, citing Mohnish Pabrai's philosophy. The approach involves identifying undervalued companies trading at significant discounts to intrinsic value. |
Inefficiencies Undervalued Intrinsic Discount Catalyst |
CoalThe fund exited both thermal and metallurgical coal positions during the quarter. They sold Geo Energy Resources due to transformational changes in the company's asset base and disappointing operational results. Ramaco Resources was also divested following excellent stock performance and poor risk-return potential given conservative coal price assumptions. |
Thermal Metallurgical Mining Production Costs | |
Aircraft LeasingAerCap Holdings represents a key position benefiting from favorable asset inflation due to production bottlenecks at Airbus and Boeing. The company is aggressively repurchasing shares at discounts to intrinsic value while selling non-strategic aircraft at premium prices, creating significant value for shareholders. |
Fleet Leasing Bottlenecks Buybacks Pricing | |
CatalystsThe manager extensively discusses both external and internal catalysts that can unlock value in investments. External catalysts include monetary policy changes and M&A activity, while internal catalysts focus on management actions around capital allocation. The intensity and context of catalysts significantly influence their effectiveness. |
External Internal Monetary Capital Allocation | |
| 2023 Q3 |
ValueManager emphasizes fishing in ponds with many fish and few fishermen, focusing on undervalued markets like Spanish and Chinese equities that trade at attractive valuations due to lack of investor interest. The fund maintains significant exposure to these markets despite poor recent performance. |
Undervaluation Discount Attractive Cheap Upside |
CommoditiesPortfolio maintains 18% exposure to commodities sector through shipping services, oil and gas producers, and related companies. Manager discusses exits from offshore drilling and metallurgical coal while adding shipping broker Clarkson and reinvesting in Canadian oil producer Spartan Delta. |
Oil Gas Shipping Natural Gas Energy | |
AIManager analyzes the artificial intelligence boom driving massive capital inflows to technology companies, particularly those linked to AI. This creates feedback loops and reflexivity patterns that may be unsustainable, leading to market concentration risks. |
Artificial Intelligence Technology Concentration Bubble Reflexivity | |
| 2023 Q2 |
AIThe launch of ChatGPT has triggered massive speculation in technology stocks, particularly the Magnificent Seven companies. The manager discusses the potential disruption to Google's search business and the broader implications of artificial intelligence development, while expressing concern about current valuations and multiple expansion in the sector. |
ChatGPT OpenAI Machine Learning Disruption Innovation |
SemiconductorsTSMC's dominance in chip manufacturing creates geopolitical risks, particularly given Taiwan's strategic importance. The manager highlights how the semiconductor value chain concentration affects companies like Nvidia and Apple, especially amid US-China trade tensions and potential supply chain disruptions. |
TSMC Chip Manufacturing Geopolitical Risk Supply Chain Taiwan | |
ChinaChina faces obstacles in its AI ambitions due to real estate crisis, US sanctions on chip technology, and censorship requirements for AI chatbots. The manager discusses Chinese tech companies' AI developments while noting the country's dependence on US hardware and software creates vulnerabilities. |
Censorship Trade War Real Estate Crisis Technology Independence Regulation | |
Trade PolicyUS sanctions on Chinese technology companies, particularly in semiconductors, are reshaping global supply chains. The manager explains how trade restrictions affect companies like Huawei and create challenges for China's technological development while forcing alternative trading channels. |
Sanctions Technology Transfer Export Controls Supply Chain Geopolitics |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 27, 2026 | Fund Letters | Horos Asset Management | SUZB3.SA | Suzano S.A. | Paper & Paper Products | Paper Products | Bull | - | Brazil, Commodity Cycle, Cost leadership, Cyclical, family ownership, Packaging, Paper Products, Pulp Producer, Tissue, Value | Login |
| Jul 27, 2026 | Fund Letters | Horos Asset Management | ODET.PA | Compagnie de l'Odet | Entertainment | Multi-Sector Holdings | Bull | - | Bolloré Group, conglomerate, cross-holdings, discount to NAV, Family Control Vehicle, france, holding company, Special dividend, value unlock | Login |
| Jul 27, 2026 | Fund Letters | Horos Asset Management | BOL.PA | Bolloré SE | Entertainment | Multi-Sector Holdings | Bull | - | Communications, conglomerate, Corporate Simplification, discount to NAV, Energy Distribution, family ownership, france, holding company, Sum-of-parts, value unlock | Login |
| Jul 27, 2026 | Fund Letters | Horos Asset Management | LDA.MC | Línea Directa Aseguradora | Insurance - Property & Casualty | Property & Casualty Insurance | Bull | Bolsas y Mercados Españoles (Madrid) | Cost advantage, Cyclical Recovery, direct-to-consumer, high ROE, Insurance, Motor Insurance, Pricing power, Spain, Value | Login |
| Jul 27, 2026 | Fund Letters | Horos Asset Management | - | Cirsa Gaming Corporation | Other | Casinos & Gaming | Bull | Bolsas y Mercados Españoles (Madrid) | Blackstone Overhang, cash generation, Casinos, Gaming, high-ROIC, Italy, Latin America, Post-IPO, Regulated Markets, Spain | Login |
| Jan 14, 2026 | Fund Letters | Javier Ruiz | AER | AerCap Holdings N.V. | Industrials | Asset Management & Custody Banks | Bull | New York Stock Exchange | Aircraftleasing, Assetvalue, buybacks, capital allocation, undervaluation | Login |
| Jan 14, 2026 | Fund Letters | Javier Ruiz | NPSNY | Naspers Ltd. | Communication Services | Internet Content & Information | Bull | New York Stock Exchange | buybacks, capital allocation, discount, holding company, Sentiment | Login |
| Jan 14, 2026 | Fund Letters | Javier Ruiz | ZIG LN | Zigup plc | Industrials | Rental & Leasing Services | Bull | New York Stock Exchange | capital discipline, Cost synergies, Incentives, undervaluation, Vehicle leasing | Login |
| Jan 14, 2026 | Fund Letters | Javier Ruiz | ZEG LN | Zegona Communications plc | Communication Services | Telecom Services | Neutral | New York Stock Exchange | buybacks, dividends, restructuring, Special situations, Telecom | Login |
| Jan 14, 2026 | Fund Letters | Javier Ruiz | PLX FP | Pluxee SA | Financials | Transaction & Payment Processing Services | Bear | Euronext Stock Exchange | Brazil, Margins, Payments, Regulation, uncertainty | Login |
| Jan 14, 2026 | Fund Letters | Javier Ruiz | SDE CN | Spartan Delta Corp. | Energy | Oil & Gas Exploration & Production | Bull | New York Stock Exchange | Energy cycle, Execution, exit, natural gas, valuation | Login |
| Jan 14, 2026 | Fund Letters | Javier Ruiz | TCEHY | Tencent Holdings Ltd | Communication Services | Interactive Media & Services | Bull | New York Stock Exchange | cashflow, China, Gaming, platform, Regulation | Login |
| Jan 1, 2025 | Fund Letters | Horos Asset Management | ZEGN.L | Zegona Communications | Communication Services | Diversified Telecommunication Services | Bull | London Stock Exchange | Catalyst, holding company, infrastructure, Network Assets, preferred shares, Spain, Special Situation, telecommunications, turnaround, value unlocking | Login |
| Oct 1, 2024 | Fund Letters | Horos Asset Management | NOAH | Noah Holdings | Financials | Asset Management & Custody Banks | Bull | NYSE | asset management, capital allocation, China, dividend policy, High Net Worth, Hong Kong, regulatory environment, Shadow Banking, undervaluation, wealth management | Login |
| Oct 1, 2024 | Fund Letters | Horos Asset Management | PLUX.PA | Pluxee | Financials | Data Processing & Outsourced Services | Bull | Euronext Paris | B2B2C, Brazil, Digital Solutions, Employee Benefits, Float, france, market leader, Prepaid Vouchers, spinoff, undervaluation | Login |
| May 1, 2024 | Fund Letters | Horos Asset Management | LNA.PA | LNA Santé | Health Care | Health Care Facilities | Bull | Euronext Paris | Aging Population, defensive, Demographics, Family-owned, france, healthcare, Nursing Homes, recovery | Login |
| May 1, 2024 | Fund Letters | Horos Asset Management | AUB.PA | Aubay | Information Technology | IT Consulting & Other Services | Bull | Euronext Paris | Cyclical Recovery, Digitization, Family-owned, financial services, france, high-ROIC, IT services, switching costs | Login |
| May 1, 2024 | Fund Letters | Horos Asset Management | ACX.MC | Acerinox | Materials | Steel | Bull | Madrid Stock Exchange | Cyclical, M&A, manufacturing, materials, Spain, Stainless Steel, US market, Value | Login |
| TICKER | COMMENTARY |
|---|---|
| GOOGL | Alphabet carried out, a little over a month ago, the largest capital raise in history, of around 85 billion dollars, to finance these investments. |
| MSFT | Alphabet, Microsoft, Meta and Amazon alone add up to an estimated 700 billion dollars in 2026, a figure that more than doubles that of the entire telecommunications sector and represents 70% of the investment of the global oil and gas industry. |
| META | Alphabet, Microsoft, Meta and Amazon alone add up to an estimated 700 billion dollars in 2026. Recently, Meta announced that it would use the excess capacity of its data centers to lease it out to third parties. An announcement that caught investors by surprise and that, at least initially, was interpreted as a deterioration in the investment cycle of the hyperscalers. |
| AMZN | Alphabet, Microsoft, Meta and Amazon alone add up to an estimated 700 billion dollars in 2026, a figure that more than doubles that of the entire telecommunications sector and represents 70% of the investment of the global oil and gas industry. |
| NVDA | Nvidia has seen its share price multiply 15-fold since the end of 2022, placing Nvidia as the company with the largest market capitalization in the world. |
| AMD | AMD has seen its share price multiply by 9 times since the end of 2022. AMD, further behind, has to settle for seventeenth place in market capitalization ranking. |
| AVGO | Broadcom has seen its share price multiply by 7 times since the end of 2022, placing Broadcom as the seventh largest company by market capitalization (ahead of giants such as Saudi Aramco or Meta). |
| TSM | TSMC was responsible for Taiwan posting year-on-year GDP growth of 13.7% in the first quarter, a rate unheard of for an advanced economy. TSMC's market capitalization has grown more than fivefold since the end of 2022—doubling over the past year—and today TSMC is the sixth-largest company by market value in the world. TSMC and Samsung Electronics will invest some 145 billion dollars in 2026. |
| 005930.KS | Samsung Electronics' market capitalization has grown more than fivefold, though concentrating the entire gain in the last twelve months. Today Samsung Electronics sits in twelfth place by market value. Samsung has already warned that its new models will be more expensive. |
| 000660.KS | SK Hynix has multiplied its market value ninefold over the past year, ranking thirteenth in largest companies by market capitalization. The memory makers plunged by as much as 15% following Meta's announcement about excess data center capacity. |
| MU | Micron Technology has multiplied its market value ninefold over the past year, ranking fourteenth in largest companies by market capitalization. The memory makers plunged by as much as 15% following Meta's announcement. |
| WDC | Western Digital has seen its share price multiply by more than nine times over the past year. |
| STX | Seagate has seen its share price multiply by more than six times over the past year. |
| TSLA | Tesla is a manufacturer of electric vehicles with a declining market share—although it appears to have stabilized between 10% and 15% of the global EV market—and that barely represents around 2% of the total vehicles sold in the world. Despite this, the market is willing to value it with the multiples of an explosively growing technology company. It's an energy company, it's a battery company, it's a robotics company, it's an autonomous driving company—take your pick. It is a hopes-and-dreams stock. |
| ORCL | Oracle is increasing its debt at great speed to finance AI infrastructure investments. Oracle stock has worst week since 2001 dot-com bust as AI financing concerns escalate. |
| AAPL | Apple has already raised the prices of its MacBooks owing to rising memory and component costs. |
| SUZB3.SA | We reallocated much of our long-standing exposure to the stainless steel sector toward Suzano, the Brazilian pulp producer. Suzano is the world's largest player, with a production capacity that is almost triple that of its second-largest competitor. Suzano's stock price has performed poorly in recent years, caused by various factors, such as the heavy investments deployed by the company, the significant drop in the price of pulp, the economic slowdown in China, as well as the uncertainty associated with the vertical integration promoted by the Asian giant. Against this negative sentiment stands the most cost-efficient company in the sector, which allows it to weather the current price pressure and emerge with a stronger competitive position. Suzano has significant family ownership, which helps align the interests of the management team with the other shareholders. All of this, together with a very attractive current valuation, led us to initiate this position. |
| BOL.PA | We initiated two closely linked positions: the French holding companies Bolloré and Compagnie de l'Odet. Bolloré is a French company with more than 200 years of history that has acted as the investment vehicle of the Bolloré family. In recent years the group has been very actively simplifying this structure in order to unlock its value. Following major moves, Bolloré today holds significant investments in the communications sector (with stakes in companies such as Universal Music Group), in energy distribution (Bolloré Energy) and in some industrial businesses. In our view, a conservative valuation of the investments, together with the cross treasury-stock effect, leaves the group trading at a large discount and does not reflect the historic value creation achieved by the Bolloré family's stewardship. |
| ODEN.PA | Compagnie de l'Odet ('Odet') is the holding company through which the Bolloré family controls the group. Odet ended up establishing itself as the central holding company of the group. Bolloré is, in turn, the controlling shareholder of Odet, a cross-holding that acts as a defensive mechanism for the family. That cross-holding also masks the true value of Odet. This, together with the group's recent cash movements (Odet is the main recipient of the extraordinary dividend recently distributed by Bolloré), encouraged us to build a position in this other family vehicle. |
| CIRSA.MC | Cirsa is one of the leading companies in the gaming sector in regulated markets such as Spain, Italy, Panama, Colombia, Costa Rica, the Dominican Republic, Morocco and other Latin American countries. Cirsa has a very profitable business model, with high double-digit EBITDA margins and returns on capital employed, which it uses to keep scaling through small acquisitions that it makes profitable in a very short time. The company carried out its IPO barely a year ago and has Blackstone as its main shareholder (it controls around 75% of Cirsa), which is possibly generating some downward pressure on its market value. This is precisely one of the reasons why we took the opportunity to initiate our investment, since its current share price does not reflect the quality of its business or its strong cash generation capacity. |
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