Letter to our Co-investors 4Q25

This 2025 that we have just closed has been a year of great satisfaction and important milestones for the entire Horos team. On one hand, after thirteen years fully dedicated to managing our two equity strategies, we took a major step forward with the launch of Horos Patrimonio, a balanced fund with a fixed income focus. In just three months, this product has surpassed €40 million in assets under management, far exceeding our expectations.

On the other hand, throughout the year we have seen the number of investors entrusting us with their savings triple, now exceeding 16,000 across Horos’ various products. This growth has driven our total assets under management beyond the €400 million mark. Such a significant increase has also been reflected in the necessary reinforcement of the management company’s structure, with the additions of Juan Luis, Carlos, Samara, and Jaime. Without a doubt, Horos is a better firm today thanks to the contribution of each of them.

In this highly positive environment, our funds have once again delivered excellent performance. In 2025, Horos Value Internacional and Horos Value Iberia posted returns of 28.5% and 42.9%, respectively. As we always emphasize, short-term results are merely anecdotal, since our true goal is to generate sustainable long-term returns. That is why we believe it is more meaningful to share the cumulative performance that Alejandro, Miguel and I have achieved throughout our journey as a management team: over more than thirteen years, cumulative returns have reached 409% and 355%, which is equivalent to an annualized return of 12.7% for the international strategy and 12.1% for the Iberian strategy(1)

Let me close by wishing you a very happy start to the year.