Letter to our Co-investors 2Q25

Dear co-investor,

If in our previous quarterly letter we had to report the sharp declines triggered by Trump’s tariff announcements, and explain why we believed they represented a great investment opportunity, this time around the situation is quite the opposite. Stock market indexes have returned to their all-time highs (and quite remarkably) in just a few weeks, reminding us—whether we like it or not—that volatility is the price we must pay to thrive as investors.

Our funds have delivered excellent performance during this period. In the second quarter of 2025, Horos Value Internacional and Horos Value Iberia posted returns of 6.6% and 10.3%, respectively, bringing their year-to-date gains to 11.9% and 22.8%. As we often emphasize, these short-term results are anecdotal, as our true goal is to generate sustainable and satisfactory returns over the long term. That is why we always share the historical track record that Alejandro, Miguel, and I have achieved during our time working together as a portfolio management team. Specifically, over these more than thirteen years, our cumulative returns amount to 343% and 291%, which equates to an annualized return of 12.0% for the international strategy and 11.3% for the Iberian strategy.

Finally, I would like to thank the nearly 2,900 new investors who have entrusted their savings to HOROS so far in 2025—and of course, the more than 5,000 who were already with us. You can count on us to continue working with the same dedication and enthusiasm as on day one.