| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Horos Asset Management navigated Q1 2026 market volatility driven by three major uncertainty sources: artificial intelligence disruption, private credit sector tensions, and Iran war energy impacts. While fund returns were modest (Horos Value Internacional -2.6%, Horos Value Iberia 0.7%, Horos Patrimonio 0.2%), the management team leveraged sector divergences to significantly rebalance portfolios toward higher upside potential. Key moves included adding Booking Holdings after AI-driven selloffs, increasing energy exposure through TGS and Constellation Oil Services amid geopolitical supply risks, and selective positioning in asset managers like Exor and Antin Infrastructure Partners. The manager emphasizes that volatility and time are essential ingredients for sustainable long-term returns, with their 14-year track record demonstrating 395% cumulative returns (12.3% annualized) for the international strategy. Despite near-term uncertainties, the team maintains conviction in their value investing approach, viewing current market dislocations as opportunities rather than threats to long-term wealth creation.
Market volatility from multiple uncertainty sources is creating attractive investment opportunities through sector divergences and indiscriminate selling, allowing active managers to rebalance portfolios toward higher-return potential while maintaining long-term value investing discipline.
The manager expects continued uncertainty from artificial intelligence disruption, private credit tensions, and geopolitical conflicts. However, these sources of volatility are viewed as creating investment opportunities through sector divergences and indiscriminate selling. The focus remains on long-term value creation through patient capital deployment and active portfolio management.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| 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 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | ACX.MC | Acerinox | Materials | Steel | Bull | Madrid Stock Exchange | Cyclical, M&A, manufacturing, materials, Spain, Stainless Steel, US market, Value | 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 |
| TICKER | COMMENTARY |
|---|---|
| BKNG | We have taken advantage of the recent sell-off to invest once again in a company we exited in mid-2019. In our view, the deployment of artificial intelligence should not affect the essence of its business or its future dynamics. From our divestment to the reinitiation of the position this quarter, Booking Holdings has accumulated a return of 133% in euros, compared with the 160% posted by Horos Value Internacional. |
| LBTYA | We added to our position in Liberty Global. During the quarter, the company announced several moves that, in our view, may help unlock value currently not recognized by the market. At the time of these announcements, the share price was around $11 per share, of which approximately $3 corresponded to net cash. The market was assigning a negative implicit value to its telecommunications businesses, despite the fact that they collectively generate approximately €8 billion of adjusted EBITDA. |
| TGS | One of the major beneficiaries has been TGS, our largest position in Horos Value Internacional. The situation at Hormuz has highlighted the risk of relying on oil supply from certain geographic areas, which could accelerate the investment thesis for this company, a global leader in the acquisition and processing of geophysical data for oil and gas production. |
| RNO.PA | This quarter we decided—after many years avoiding this type of manufacturer—to initiate a position in Renault, the French automaker. Despite competing in the volume segment of the market—which we have traditionally avoided in favor of the premium segment—its attractive valuation, strong product positioning and the strategic shift toward profitability rather than volume place the company in a solid competitive position. |
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|---|---|---|---|---|---|
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