Horos AM

What it bought and sold

• ExitedVermilion EnergyJul 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

• New positionBolloréJul 2026

  We also initiated two closely linked positions: the French holding companies Bolloré and Compagnie de l'Odet.

• New positionSuzanoJul 2026

  All of this, together with a very attractive current valuation, led us to initiate this position.

• ExitedAcerinoxJul 2026

  This quarter we exited the stainless steel producer Acerinox and did practically the same with its peer Aperam.

• TrimmedSopra SteriaJul 2026

  In addition, we reduced our exposure to the French IT consultancy Sopra Steria, after it recovered close to 40% from its April lows,

• New positionCompagnie de l'OdetJul 2026

  We also initiated two closely linked positions: the French holding companies Bolloré and Compagnie de l'Odet.

• ExitedCovestroJul 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—

• New positionLínea DirectaJul 2026

  Specifically, we increased our stake in Alquiber Quality ("Alquiber") and initiated a new position in Línea Directa.

• AddedAlquiber QualityJul 2026

  Specifically, we increased our stake in Alquiber Quality ("Alquiber") and initiated a new position in Línea Directa.

• ExitedTalgoJul 2026

  Likewise, we fully sold our already reduced position in Talgo, the Spanish company that designs, manufactures and maintains rolling stock.

• TrimmedAperamJul 2026

  Mirroring our move in Horos Value Internacional, this quarter we significantly reduced our exposure to the stainless steel companies Aperam and Acerinox.

• AddedExpro GroupJul 2026

  Part of the proceeds from trimming TGS went to another oil and gas value-chain company already held in the fund: Expro Group.

• TrimmedTGSJul 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.

• AddedAntin Infrastructure PartnersJul 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.

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.
• FertiberiaJul 2026Fertiberia is the leading Iberian fertilizer producer, backed by tangible assets, specialty-product growth and a stronger financial profile.
• Serica EnergyJul 2026Serica Energy is a major UK gas producer with reserves, production growth and a likely net-cash balance sheet that reduces financial risk.
• Performance ShippingJul 2026Performance Shipping owns mid-sized oil tankers with strong revenue visibility from long-term charters, falling capex and contained debt.
• 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.

Every letter