Horos Asset Management’s Q1 2019 Investor Letter

Horos Asset Management is a Spain-based asset management firm with a focus on value investing. It was recognized as the best equity fund in Spain back in 2014 and 2015, just to gain Citywire 2016 Award for the best Spanish Equity Team in the following year. Its CIO is Javier Ruiz, a Chartered Financial Analyst, who earned a degree in Economics from the University of Salamanca and a Master’s Degree in Finance from the Pontifical University of Comillas (ICADE). Recently, the fund released its Q1 2019 Investor Letter, which you can download below. In the letter, the fund has presented one of its holdings – AerCap Holdings N.V. (NYSE:AER) in details.

“Dear co-investor,

We ended an important quarter of recovery in the markets, after the strong correction at the end of 2018. In this (almost) year of life of Horos, our co-investors, despite the high volatility of the markets, have continued to trust our work, increasing their number month after month. Our thanks to the more than 2,100 co-investors who make this project possible.

After a series of quarterly newsletters that we could define as “general” in nature, this quarter we would like to talk in detail about one of our main investments: AerCap Holdings. We were pleased to present this investment idea recently at the Value Spain investor event. We thought it would be an useful exercise to put the general ideas into this letter so that you can understand our analytical work even better.

As always, we thank you for your confidence and remind you that we are available whenever you may wish to contact us. We will be happy to help.”

You can download a copy of Horos Asset Management’s Q1 2019 Investor Letter here:


You can also see the list of our 2019 Q1 investor letters and download them on this page.