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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Horos warns of a severe, unsustainable dot-com-style bubble in the US AI sector, choosing to stay on the sidelines and focus instead on deeply discounted European and Iberian stocks with a high margin of safety."
In their Q3 2025 quarterly letter, Horos Asset Management reports strong short-term performance, with Horos Value Internacional and Horos Value Iberia returning 10.7% and 7.0% respectively for the quarter. However, CIO Javier Ruiz highlights severe concerns regarding the 'rampant optimism' in the U.S. stock market, identifying clear dot-com-style bubble characteristics in the artificial intelligence and mega-cap tech sectors. The letter highlights extreme capital expenditure trends among hyperscalers, massive concentration risk (the Magnificent Seven holding 35% of S&P 500 value), circular cross-investments reminiscent of 1990s vendor financing, and unprecedented energy grid demands from data centers. In response, Horos is avoiding these overvalued tech structures, focusing instead on under-the-radar European and Iberian companies with a high margin of safety. Key portfolio transactions include initiating positions in Sopra Steria, Expro Group, and HBX Group, while completely exiting holdings in Baidu, Atalaya Mining, AMG, Neonode, and Técnicas Reunidas.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Horos warns of a severe, unsustainable dot-com-style bubble in the US AI sector, choosing to stay on the sidelines and focus instead on deeply discounted European and Iberian stock...
Growth Outlook
Market outlook remains low conviction: Horos warns of a severe, unsustainable dot-com-style bubble in the US AI sector, choosing to stay on the sidelines and focus instead on deeply discounted European and Iberian stock...
Risk Appetite
Risk appetite posture is low conviction: Horos warns of a severe, unsustainable dot-com-style bubble in the US AI sector, choosing to stay on the sidelines and focus instead on deeply discounted European and Iberian stock...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Horos warns of a severe, unsustainable dot-com-style bubble in the US AI sector, choosing to stay on the sidelines and focus instead on deeply discounted European and Iberian stock...
Forward Guidance
Forward guidance signal: Horos warns of a severe, unsustainable dot-com-style bubble in the US AI sector, choosing to stay on the sidelines and focus instead on deeply discounted European and Iberian stock...
Language Signal
Tone analysis indicates high conviction language: Horos warns of a severe, unsustainable dot-com-style bubble in the US AI sector, choosing to stay on the sidelines and focus instead on deeply discounted European and Iberian stock...
Perceived Risk
Perceived risk level is evaluated as high conviction. Horos warns of a severe, unsustainable dot-com-style bubble in the US AI sector, choosing to stay on the sidelines and focus instead on deeply discounted European and Iberian stock...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Horos warns of a severe, unsustainable dot-com-style bubble in the US AI sector, choosing to stay on the sidelines and focus instead on deeply discounted European and Iberian stock...
Time Horizon
Investment time horizon reflects a high conviction orientation. Horos warns of a severe, unsustainable dot-com-style bubble in the US AI sector, choosing to stay on the sidelines and focus instead on deeply discounted European and Iberian stock...
