Horos Value Internacional on TGS ASA
Thesis
Horos trimmed TGS after the seismic-data company more than doubled from its 2025 lows, but it remains one of the larger positions in the international portfolio. The business benefited from the Iran conflict and, more importantly, from a shift in the energy sector toward security of supply. Horos expects that change to drive greater investment in oil and gas fields located in lower-geopolitical-risk regions, supporting demand for TGS's services. Despite taking some profits, the fund continues to see notable upside.
“We continue to see notable upside potential, which is why TGS remains among the top positions in our international portfolio.”
Key risks
- A reversal in energy-security investment or sector sentiment could weaken demand
- The strong share-price recovery reduced the valuation margin that prompted the fund to trim