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Horos

Dec 2024 → Jul 2026 · Publishes quarterly · 2 funds

Our archive holds 5 letters from Horos, behind 16 investment theses and positions in 14 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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5
Letters
14
Companies
14
Moves
16
Theses

Performance

as of Jun 30, 2026

  • Inception · /yr
    +9.7%
Disclaimer

These figures are copied from the manager’s latest letter, as of Jun 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.

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What they bought and sold · 14 moves

  • ExitedVermilion Energy
    July 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”
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  • New positionBolloré
    July 2026
    “We also initiated two closely linked positions: the French holding companies Bolloré and Compagnie de l'Odet.”
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  • New positionSuzano
    July 2026
    “All of this, together with a very attractive current valuation, led us to initiate this position.”
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  • ExitedAcerinox
    July 2026
    “This quarter we exited the stainless steel producer Acerinox and did practically the same with its peer Aperam.”
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  • TrimmedSopra Steria
    July 2026
    “In addition, we reduced our exposure to the French IT consultancy Sopra Steria, after it recovered close to 40% from its April lows,”
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  • New positionCompagnie de l'Odet
    July 2026
    “We also initiated two closely linked positions: the French holding companies Bolloré and Compagnie de l'Odet.”
    Read the letter
  • ExitedCovestro
    July 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—”
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  • New positionLínea Directa
    July 2026
    “Specifically, we increased our stake in Alquiber Quality ("Alquiber") and initiated a new position in Línea Directa.”
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  • AddedAlquiber Quality
    July 2026
    “Specifically, we increased our stake in Alquiber Quality ("Alquiber") and initiated a new position in Línea Directa.”
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  • ExitedTalgo
    July 2026
    “Likewise, we fully sold our already reduced position in Talgo, the Spanish company that designs, manufactures and maintains rolling stock.”
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  • TrimmedAperam
    July 2026
    “Mirroring our move in Horos Value Internacional, this quarter we significantly reduced our exposure to the stainless steel companies Aperam and Acerinox.”
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  • AddedExpro Group
    July 2026
    “Part of the proceeds from trimming TGS went to another oil and gas value-chain company already held in the fund: Expro Group.”
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  • TrimmedTGS
    July 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.”
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  • AddedAntin Infrastructure Partners
    July 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.

Theses · 16

  • Suzano
    July 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
  • Bolloré
    July 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'Odet
    July 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 Quality
    July 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 Directa
    July 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
  • Cirsa
    July 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
  • Zigup
    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
  • Naspers
    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
  • Liberty Global
    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 International
    June 2025

    Meliá Hotels International is undervalued, and we advocate for separating its business segments and potentially divesting assets to repurchase shares, which could significantly enhance shareholder value.

    Read the full thesis
  • Hotei Properties Group
    June 2025

    Millenium Hospitality RE is a REIT that invests in prime real estate in Spain and Portugal, focusing on transforming properties into luxury hotels and presenting a strong investment opportunity due to its attractive valuation and recent management changes.

    Read the full thesis
  • Acciona Energía
    March 2025

    Acciona Energía is a compelling investment opportunity despite recent valuation declines due to shifting market sentiment and external economic factors.

    Read the full thesis

Letter archive · 5

2026

2025

2024

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