We passed an important milestone earlier this week as Columbus European MidCap Equity Fund (I2-B) returned to a positive absolute performance for 2020 – something that seemed a distant prospect in the dark days of March and April when the Coronavirus first exploded onto the scene. At this stage European Markets still remain in negative territory while Columbus is back to positive return year to date, after it has risen by +24.39% over the last since 6 months, and by +58.55% since the market’s low on March 18th. Over the last 12 months the performance is +4.60%
Our attention to valuation led us to a relatively large cash position before the pandemic struck so we were well placed to capitalise on the weakness through March and April and were then fully invested while markets recovered. The weakness also provided an opportunity to add a couple of new names to the fund that we had been monitoring for some time in the infrastructure sector. As our investors know, our aim is not to time the market, but we do try to take advantage of opportunities when they present themselves – always with a focus on the long term.
Since June 14, 2018 both domestic and foreign investors have been able to access the Columbus strategy via the master-feeder structure between the Columbus 75 Sicav in Spain (feeder) and the Luxembourg registered Pareturn GVC Gaesco Columbus European Midcap Equity Fund (master). The Luxembourg vehicle offers both institutional and retail share classes.