MRPRF - Horos Asset Management Quarterly Letter To Our Co-Investors April 2021

• Horos is an asset management firm that knows the benefits of value investing over the long term.
• We invest in companies that we consider, after analyzing them, to have a value higher than the price they ask for within the stock market.
• In our search for companies with potential and with the aim of minimizing errors, we rule out companies that are highly indebted, poorly managed, and that present a high regulatory risk.
• The theoretical potential of the fund for the next three years is around 139%, which gives an idea of how attractive the current time is for investing in Horos.

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