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 managed two strategies: international and Iberian equities. In these eleven years we have delivered cumulative returns of 236% in the international strategy (11.3% annualized) and 185% in the Iberian strategy (10.0%), outperforming their benchmark indices in both cases. These returns are very satisfactory and we will undoubtedly work to maintain this positive trend in the coming years. Of course, the current high upside potential of our funds leads us to believe that we can achieve this.

Taking a shorter-term view, our funds are up 8.7% in 2023 for Horos Value Internacional (versus 10.9% of its benchmark index) and 9.0% for Horos Value Iberia (versus 16.2%). However, these returns do not reflect a number of very important anomalies that are occurring and which make us cautious about the market and, paradoxically, optimistic about our portfolios for the future. I will devote this quarterly letter to explaining this and the main movements of our funds.

Thank you for your confidence.

Yours sincerely,

ı———ı
Javier Ruiz, CFA
Chief Investment Officer
Horos Asset Management

Additionally, you can access september factsheets for Horos Value Iberia, Horos Value Internacional and Horos Internacional PP, where you can see more in detail our top 10 positions for each fund.