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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Horos reports strong Q2 2025 results and outlines its evolving active strategy of targeting deeply discounted value opportunities reinforced by clear corporate catalysts and highly-aligned management teams."
In their Q2 2025 investor letter, Horos AM outlines robust quarterly returns of 6.6% for the International Strategy and 10.3% for the Iberian Strategy, pushing YTD gains to 11.9% and 22.8% respectively. CIO Javier Ruiz discusses the rapid rebound in global equity indexes, pointing to Trump’s 90-day tariff truce, strong technology earnings, and the prominent influence of systematic 'buy the dip' retail trading. The letter addresses the changing structure of active management, aligning with David Einhorn's view that the traditional active analyst model has contracted, which in turn creates more overlooked mispricings. To succeed, Horos has pivoted to prioritize investments with strong corporate catalysts and aligned management incentives, highlighting successful outcomes in Zegona, Minor Hotels, and DIA. Lastly, the letter pays tribute to Warren Buffett on his retirement at age 94, focusing on five key principles that guide Horos: circles of competence, economic moats, low leverage, capital allocation, and margin of safety.
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