Letter to our Co-investors 2Q26

This quarter, the market dynamics already highlighted in previous letters have persisted and even intensified. Whereas we previously focused on the major investment cycle of the technology giants in data centers, today its repercussions across the entire value chain of the industry are more relevant, to which we can add the historic milestone of the largest IPO in history, led by SpaceX. Nevertheless, we remain concerned about certain turbulence lurking beneath the surface that the market appears to ignore, which is why we maintain a cautious view toward certain markets and companies more exposed to these dynamics.

Obviously, this decorrelates us, for better and for worse, from the performance of many indices, but you can be assured that we will never abandon our investment principles. Our goal remains the same as always: to achieve satisfactory and sustainable long-term returns.

In this context, our funds have performed as follows: Horos Value Internacional posted a return of 4.9%; Horos Value Iberia 6.6% and Horos Patrimonio 2.1%. As we always emphasize, these short-term results are of little significance. That is why we believe it is more meaningful to also share the cumulative performance that Alejandro Martín, Miguel Rodríguez and I have achieved throughout our journey together as a portfolio management team: over these more than 14 years, cumulative returns have reached 420% for the international strategy and 388% for the Iberian strategy, which is equivalent to annualized returns of 12.4% and 12.2%, respectively.1

Let me close, as always, by thanking you for your continued trust in Horos.