Horos Asset Management Annual Letter To Our Co-Investors January 2019

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About: Meliá Hotels International, S.A. (SMIZF), SMIZY, RTACF, APEMY, APMSF, SEMMY, SGPMY, SOSSF, AER, KCKSF, URPTF, NAPRF, QIWI, TLLGF, TK, VAL, NPSNY
by: Horos Asset Management
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Summary

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, that present a high regulatory risk.

Includes detailed analysis of Horos Asset Management's positions in SMIZF, SMIZY, RTACF, APEMY, APMSF, SEMMY, SGPMY, SOSSF, AER, KCKSF, URPTF, NAPRF, NPSND, QIWI, TLLGF, TK, ESV, Greenalia, Grenergy, Ercros, Gestamp, Barón de Ley.

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