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Report October 2021

During October, Pareturn GVC Gaesco Columbus European Mid Cap Equity Fund class I increased by +2.21%. The Columbus Fund has risen by +18.99% YTD, and by +41.64% in the last 12 months . Since its inception in June 2008, Columbus’ return has been +184.7%, comfortably exceeding the broad European equity index. Following the sell-off in September markets rebounded strongly this […]

Report September 2021

During September the Pareturn GVC Gaesco Columbus European MidCap Equity Fund class I fell by – 0.98%, beating the -3.41% return of the STOXX 600 index. Over the past six months the Fund has risen by +13.49%, and by +34.34%% over the past 12 months. Since inception in June 2008, Columbus’ return has been 171.07%, […]

Zardoya-Otis Takeover – Effect on Columbus fund

On Thursday 23rd September Otis Worldwide announced its intention to acquire the outstanding shares of its Spanish subsidiary, Zardoya Otis at a 31% premium to the prior close. This marks the third takeover announcement for a holding in the Columbus fund in as many months. As for the other recent takeovers, Akka Technologies and Zooplus, […]

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National Express/Stagecoach Merger – Effect on Columbus fund

National Express, the international transport company, announced on Tuesday 21st September, that they are in merger discussions, in all-share deal, with UK public transport operator, Stagecoach. The suggested deal appears to make strategic sense for both parties as it combines the two operations to enable significant annual cost savings (“at least £35 million”) and accelerate […]

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Global Dominion Access – Holding Update

Price €4.50 Market Cap €730m PE FY2022 14x EV €664m EV:Sales 0.54x DY 0.5% EBITDA Margin 9.2%   Conclusion Having initially purchased our position in DOM at the IPO in 2016 for a price of €2.74 we have now followed the company for over 5 years and continue to find the investment case very attractive. […]

Report August 2021

During August the Pareturn Columbus European MidCap Equity Fund rose by 3.23%, surpassing the 1.99% return of the STOXX 600 index. Over the past six months the Fund has risen by 18.7%, and by 33.2% over the past 12 months. Since inception in June 2008, Columbus’ return has been 171.1%, comfortably exceeding the broad European equity […]

Interpump SpA – Holding Update

  Price €52.70 Market Cap €4.8bn PE FY2022 25.2x EV €5.0bn EV:Sales 3.5x DY 0.6% EBITDA Margin 23%   A COLUMBUS TOP 5 HOLDING Both Pedro and I have known Interpump for well over a decade (actually closer to 2 decades) and we have been investors for much of this period. The reason for this […]

Report July 2021

During July the Pareturn Columbus European MidCap Equity Fund rose by 5.93%, well above the 1.96% return of the benchmark STOXX 600 index. Over the past six months the Fund has risen by 17.8%, and by 39.8% over the past 12 months. Since inception in June 2008, Columbus’ return has been 162.9%, comfortably exceeding the […]

Adecco Bid for Akka Technologies

On Wednesday this week (28th July) our position in Belgium’s Akka Technologies soared by 95 % on news that management had agreed a takeover bid by Adecco Group, the Swiss recruiter, for €49 a share. The offer values Akka at an enterprise value of €2bn. Prior to the takeover, Columbus held 3% in Akka, representing […]