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About us

We are a dedicated staff of research professionals using a proprietary research process to identify investment opportunities, which over the last decade has been developed and refined to be the basis for our value added.

Our research process has enabled the delivery of positive results over our recommended holding period and important outperformance of our benchmarks through two global recessions.

Our analysts and portfolio managers participate in the CFA® Program to continue professional development. Currently there are several CFA charterholders and other employees with varying levels of completion of the CFA program.

Horizon Capital Management S.A. is located in a free-trade zone of Uruguay and is registered with and regulated by the Central Bank of Uruguay.

Our funds

Flagship fund

Horizon Growth Fund

The investment objective of the fund is to seek long-term capital appreciation through investments primarily in quoted equity securities in global markets.

Our analyst team utilizes a proprietary research methodology examining thousands of companies before investing in a few that are deeply undervalued relative to their intrinsic value. With more than a decade of experience in valuing companies, the security selection skills are our competitive advantage.

The fund is regulated by the Cayman Islands Monetary Authority, administered by SGG Fund Services, audited by Deloitte and custodied by UBS Switzerland AG.

New fund (looking for seed capital)

Horizon Nippon Small-Cap Fund

The funds seeks long-term capital appreciation through investments primarily in small quoted equity securities in Japan.

Because we are running a more concentrated portfolio, we have several positions where we have a meaningful percentage of its ownership, so we had been working with several of these companies to suggest changes we think could add shareholder value. Our experience shows that management is often receptive when the proposals aim at maximizing the returns for the shareholders in the long term.

Now we are opening a second fund, also with a value investing approach, where we will continue to develop a constructive and friendly dialogue with the companies while taking a more active role.

Our values

Trust is the basis of our business

We maintain the highest standards of ethical and professional conduct and our investment actions are always consistent with the stated objectives and constraints written down in Horizon Growth Fund’s Prospectus.

Research process

Unique investments

Horizon focuses on long-term returns to obtain better results with lower risk. We seek investments that combine two characteristics: a large difference between the cost of the investment and its fundamental value, and growth in the fundamental value of the investment. To obtain the greatest advantage of these investments time-horizon must be long to give time to the market to recognize the fundamental value and for the company to grow.

We are continuously searching for undervalued assets on a global basis using our own independent research. This kind of research leads implicitly to higher costs that most investors are not willing to bear. Many investment managers, brokers and analysts focus on only the top 10% or 20% of the traded companies in any particular market. We believe that focusing on small and medium-sized companies and carrying out our own research pays extraordinary dividends to our shareholders.

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