We invest a significant portion of our private wealth in Horatius Capital Partners because we believe in the long-term potential of our strategy. While we cannot guarantee future results, we can assure you that our financial interests are fully aligned with those of our investors. Our goal is to grow our own capital, and we aim for your investment to benefit from this success in the same way.

Although we formally operate as a corporation, we have a partnership mindset and vision. We do not view our business as the owner of the assets, but rather as a vehicle that collectively enables us to own the underlying investments.

We do not view our investors as customers, but as co-owners. Our success is closely linked to that of our partners, and we strive to create shared value through transparency, engagement and shared responsibility.

We keep you closely informed of the developments within our largest holdings. The annual figures, which provide insight into the three-year average of earnings per share, are a top priority for us. Through our quarterly newsletters, we share the figures and ratios behind our decisions in detail, with special attention to the economic and financial circumstances in which our listed companies operate. Our in-depth analyses provide a clear picture of the current situation, so that we can adjust our strategy where necessary. We carefully explain our value creation methods, both conventional and unconventional, so that you better understand our approach. In addition, HCP organises 2 general meetings per year, where the Board of Directors is happy to answer all your questions.

We focus our investments on companies that can build value over the long term. We avoid chasing short-term gains or trends. Patience is one of the most underestimated qualities in investing, especially during periods of market fluctuations. Why? Because it ensures that your investments remain stable in the long run, even in times of volatility.

We only invest when there is a clear 'margin of safety.' The price of an asset must be significantly lower than its estimated intrinsic value. This protects us from depreciation and ensures that we do not overpay, which is essential for a sustainable long-term strategy.

We invest in companies that make optimal use of their available capital. This means companies that achieve a high return on invested capital (ROIC) and do not waste capital on unprofitable projects.

Physical gold is a form of liquid asset and therefore plays an important role in our portfolio. It serves as a stable store of value and a diversification tool during times of economic uncertainty. This provides us with the flexibility to act quickly when attractive opportunities arise and minimizes the risk of overinvesting in overvalued markets.

We invest in companies that are not only financially strong, but also deal responsibly with the environment, operate sustainably, have good governance and have a positive social impact. Companies that operate sustainably have a greater chance of continuity, fewer risks and greater value growth in the long term.

The selective and responsible use of debt financing can enhance growth, provided that the risk is carefully managed and the potential returns outweigh the costs.

Leverage should only be used when the potential return significantly compensates for the risk.

We foster an open culture of curiosity, where we continuously learn from past mistakes and successes. We constantly evaluate the outcomes of strategic decisions and learn from external cases.

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As the Board of Directors, we will leverage all the knowledge and experience we have gained over the past thirty years to achieve the best possible results. Not all years will be equally successful, and challenging periods lie ahead, but we remain confident in our investment strategy, which serves as the guiding principle for our investment decisions to achieve a doubling of our capital in 5 to 7 years.