Horos
Our archive holds 5 letters from Horos, behind 19 investment theses and positions in 14 companies. Every quote below is copied verbatim from the letter it came from.
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What they bought and sold · 14 moves
- ExitedVermilion EnergyJuly 2026
“the sale of the bonds of Vermilion Energy maturing in 2030 and of Cirsa maturing in 2029, following their strong performance since our initial investment”
Read the letter - New positionBolloréJuly 2026
“We also initiated two closely linked positions: the French holding companies Bolloré and Compagnie de l'Odet.”
Read the letter - New positionSuzanoJuly 2026
“All of this, together with a very attractive current valuation, led us to initiate this position.”
Read the letter - ExitedAcerinoxJuly 2026
“This quarter we exited the stainless steel producer Acerinox and did practically the same with its peer Aperam.”
Read the letter - TrimmedSopra SteriaJuly 2026
“In addition, we reduced our exposure to the French IT consultancy Sopra Steria, after it recovered close to 40% from its April lows,”
Read the letter - New positionCompagnie de l'OdetJuly 2026
“We also initiated two closely linked positions: the French holding companies Bolloré and Compagnie de l'Odet.”
Read the letter - ExitedCovestroJuly 2026
“This quarter, the most significant moves in this part of the portfolio were the exit from the special situation in Covestro—with a slightly negative, though very limited, result for the fund—”
Read the letter - New positionLínea DirectaJuly 2026
“Specifically, we increased our stake in Alquiber Quality ("Alquiber") and initiated a new position in Línea Directa.”
Read the letter - AddedAlquiber QualityJuly 2026
“Specifically, we increased our stake in Alquiber Quality ("Alquiber") and initiated a new position in Línea Directa.”
Read the letter - ExitedTalgoJuly 2026
“Likewise, we fully sold our already reduced position in Talgo, the Spanish company that designs, manufactures and maintains rolling stock.”
Read the letter - TrimmedAperamJuly 2026
“Mirroring our move in Horos Value Internacional, this quarter we significantly reduced our exposure to the stainless steel companies Aperam and Acerinox.”
Read the letter - AddedExpro GroupJuly 2026
“Part of the proceeds from trimming TGS went to another oil and gas value-chain company already held in the fund: Expro Group.”
Read the letter - TrimmedTGSJuly 2026
“Lastly, we trimmed our stake in TGS, the seismic data services company, taking advantage of its strong performance—it has more than doubled from its 2025 lows.”
Read the letter - AddedAntin Infrastructure PartnersJuly 2026
“Thus, we continued building our stake in the alternative asset manager specialized in infrastructure, Antin Infrastructure Partners, for the reasons already set out in the previous quarterly letter.”
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Companies held · 14
Every company Horos has disclosed a position in across our archive, with the letter that last mentioned it.
- AcerinoxJul 2026
- Alquiber QualityJul 2026
- Antin Infrastructure PartnersJul 2026
- AperamJul 2026
- BolloréJul 2026
- Compagnie de l'OdetJul 2026
- CovestroJul 2026
- Expro GroupJul 2026
- Línea DirectaJul 2026
- Sopra SteriaJul 2026
- SuzanoJul 2026
- TalgoJul 2026
- TGSJul 2026
- Vermilion EnergyJul 2026
Theses · 19
- SuzanoJuly 2026
Suzano is the world’s largest pulp producer, with strong cost efficiency, expanding packaging and tissue exposure, family ownership alignment and an attractive valuation.
Read the full thesis - BolloréJuly 2026
Bolloré is a complex family holding company whose ongoing simplification, spin-offs and asset sales are meant to unlock a large valuation discount.
Read the full thesis - Compagnie de l'OdetJuly 2026
Compagnie de l'Odet is the central Bolloré family holding company, protected by cross-holdings that also obscure its underlying value.
Read the full thesis - Alquiber QualityJuly 2026
Alquiber Quality is a flexible leasing company growing its fleet profitably, with strong financial metrics that the market does not fully reflect.
Read the full thesis - Línea DirectaJuly 2026
Línea Directa is a motor insurer with a cost and pricing advantage, high ROE and improving fundamentals as inflation pressures ease.
Read the full thesis - CirsaJuly 2026
Cirsa is a regulated gaming operator with leading market shares, high margins, strong ROCE and cash generation, trading below its business quality.
Read the full thesis - July 2026
Fertiberia is the leading Iberian fertilizer producer, backed by tangible assets, specialty-product growth and a stronger financial profile.
Read the full thesis - Serica EnergyJuly 2026
Serica Energy is a major UK gas producer with reserves, production growth and a likely net-cash balance sheet that reduces financial risk.
Read the full thesis - July 2026
Performance Shipping owns mid-sized oil tankers with strong revenue visibility from long-term charters, falling capex and contained debt.
Read the full thesis - December 2025
Zigup is a leading flexible vehicle leasing operator across the UK, Ireland and Spain with >10% ROCE, low leverage, aligned incentives, and clear undervaluation.
Read the full thesis - December 2025
Naspers is a South African tech holding with significant Tencent exposure where discount-to-NAV and improved capital allocation create compelling value.
Read the full thesis - June 2025
Liberty Global is a telecommunications holding company that presents an attractive investment opportunity due to its significant asset discount and management's initiatives to enhance shareholder value.
Read the full thesis
- Meliá Hotels InternationalJun 2025
- Hotei Properties GroupJun 2025
- Acciona EnergíaMar 2025
- AlquiberMar 2025
- JupiterMar 2025
- Morguard Real Estate Investment TrustMar 2025
- SeadrillMar 2025
Letter archive · 5
2024
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