The fund manager Horos Asset Management has decided to join the capital of Rovi with a 2.5% stake during the third quarter of 2026. At the same time, it has increased its exposure to Acciona Energía and has exited from Cirsa and Hotei Properties. In the case of Cirsa, the sale occurred after the announcement of its merger by absorption with the Italian Lottomatica, while in Hotei Properties the divestment has materialized by participating in the public acquisition offer (OPA) launched by Sancus Capital.
In its quarterly letter to investors corresponding to the third quarter of the fiscal year, the firm details that part of the liquidity generated from the sales of Cirsa and Hotei Properties has been allocated to building a 2.5% position in Rovi. The manager has identified a window of opportunity after the pharmaceutical company has lost 37% in the stock market since April, after presenting quarterly results "below expectations" and cutting its forecasts for the end of 2026.
"In our opinion, 2026 is a 'bump' that overshadows the good growth and cash generation prospects for the coming years, so current prices offer an entry point that we consider very attractive," clarifies the manager in the document sent to its participants.
In parallel, Horos AM has increased its stake in Acciona Energía to 8%, making this company the main position in its portfolio. The management team argues that the current valuation of the energy company's assets "supports the investment and provides a margin of safety." Additionally, they anticipate a possible corporate move in the future: that Acciona buys the package it does not yet control, sells part of its presence, or opts to completely divest its stake.
MORE POSITIONS IN CYCLICAL CONSUMPTION
In the international part of its strategy, the firm has chosen to further reduce its weight in the French Sopra Steria, after its shares have recovered nearly 70% since the lows marked in April, and also in Pluxee, which has appreciated around 45% in just two months.
Likewise, the manager has decided to exit Ajisen China Holdings after obtaining "a very unsatisfactory result" after several years invested in the company. "The truth is that the constant deterioration of the business, derived from the consumption crisis, is hindering the recovery of results that we expected," specifies the investment team when justifying the operation.
The capital gains and liquidity from these divestments have allowed Horos AM to take a position in Becle of 1.5%, attracted by its exposure to higher growth segments within the spirits market and to high-end brands. It has also taken a 1.3% stake in Yum China Holdings, a company with "very resilient sales" that recurrently reinvests in new openings.
Furthermore, the manager has strengthened its presence in the French holdings Bolloré and Compagnie de l'Odet, which in its opinion are trading "at an even greater discount than before." In parallel, it has initiated a 1.6% position in Mobility Global (CARFAX), highlighting its ability to generate "large amounts of cash" that will be mainly allocated to acquisitions and share buyback programs.
In the fixed income area, within its mixed fund "Horos Patrimonio," which invests at least 80% of the portfolio in corporate debt with an average duration close to three years, the firm has exited Hotei Properties after the takeover bid and has reduced its exposure to the debt of the Brazilian Constellation Oil Services due to "its greater sensitivity to interest rate movements."
Conversely, the vehicle has increased its investment in the bond maturing in 2031 of the British Serica Energy, an oil and gas company with "low debt" and "the ability to generate cash in the coming years." It has also built new positions in the liabilities of Panoro Energy, Forum Energy Technologies, Sampa, and Virgin Media O2.
EVOLUTION OF THE FUNDS
The 'value' management funds of Horos AM have shown uneven performance in the last quarter. The "Horos Value Internacional" closed the period with a slightly positive return of 0.1%, while the "Horos Value Iberia" recorded a negative return of 1.6% and the "Horos Patrimonio" also noted a negative result of 0.3%.
If the accumulated amount since its launch in 2012 is analyzed, the international fund adds a revaluation of 420%, equivalent to an annualized return of 12.2%. For its part, the strategy focused on the Iberian market reaches a return of 380%, with an annualized rate of 11.8%.