Horos
Horos AM
Small-cap
Jun 2025 → Jul 2026
Our archive holds 3 letters from this strategy, behind 11 investment theses and positions in 21 companies. Every quote below is copied verbatim from the letter it came from.
3 letters in 2 years — follow all of Horos for every strategy.
Performance
as of Jun 30, 2026
- Inception · /yr+9.7%
| Since inceptionper year | |
|---|---|
| Horos AM | +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.
Read full disclosures →What it bought and sold
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
We also initiated two closely linked positions: the French holding companies Bolloré and Compagnie de l'Odet.
All of this, together with a very attractive current valuation, led us to initiate this position.
This quarter we exited the stainless steel producer Acerinox and did practically the same with its peer Aperam.
In addition, we reduced our exposure to the French IT consultancy Sopra Steria, after it recovered close to 40% from its April lows,
We also initiated two closely linked positions: the French holding companies Bolloré and Compagnie de l'Odet.
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—
Specifically, we increased our stake in Alquiber Quality ("Alquiber") and initiated a new position in Línea Directa.
Specifically, we increased our stake in Alquiber Quality ("Alquiber") and initiated a new position in Línea Directa.
Likewise, we fully sold our already reduced position in Talgo, the Spanish company that designs, manufactures and maintains rolling stock.
Mirroring our move in Horos Value Internacional, this quarter we significantly reduced our exposure to the stainless steel companies Aperam and Acerinox.
Part of the proceeds from trimming TGS went to another oil and gas value-chain company already held in the fund: Expro Group.
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.
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.
Its investment theses
- SuzanoJul 2026Suzano is the world’s largest pulp producer, with strong cost efficiency, expanding packaging and tissue exposure, family ownership alignment and an attractive valuation.
- BolloréJul 2026Bolloré is a complex family holding company whose ongoing simplification, spin-offs and asset sales are meant to unlock a large valuation discount.
- Compagnie de l'OdetJul 2026Compagnie de l'Odet is the central Bolloré family holding company, protected by cross-holdings that also obscure its underlying value.
- Alquiber QualityJul 2026Alquiber Quality is a flexible leasing company growing its fleet profitably, with strong financial metrics that the market does not fully reflect.
- Línea DirectaJul 2026Línea Directa is a motor insurer with a cost and pricing advantage, high ROE and improving fundamentals as inflation pressures ease.
- CirsaJul 2026Cirsa is a regulated gaming operator with leading market shares, high margins, strong ROCE and cash generation, trading below its business quality.
- ZigupDec 2025Zigup is a leading flexible vehicle leasing operator across the UK, Ireland and Spain with >10% ROCE, low leverage, aligned incentives, and clear undervaluation.
- NaspersDec 2025Naspers is a South African tech holding with significant Tencent exposure where discount-to-NAV and improved capital allocation create compelling value.
- Liberty GlobalJun 2025Liberty 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.
- Meliá Hotels InternationalJun 2025Meliá 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.