Report April 2026

Performance –April 2026: During April 2026, the Pareturn Columbus Class I2 fund rose by 8.04%, outperforming European equity indices, which rose by around 5%. Over the last 12 months, the fund has risen by 32.79%, significantly outperforming the Stoxx 600, which rose by 16% over the same period. Thanks to this strong performance, the fund ranks in the top quartile of its category over 1-, 3- and 5-year periods, according to Morningstar data. Since its launch in June 2008, the fund has recorded a cumulative return of 238%, consistently outperforming the main European equity indices.

Market environment: April saw a sharp recovery following the inflationary shock of March. Equity indices recorded their best monthly performance since 2020. Technology led all sectors, whilst defensive stocks underperformed. The European luxury sector continues to lose value.

The geopolitical situation remains the dominant factor. Central banks have kept interest rates unchanged for the time being. Corporate earnings in Europe are mixed, whilst companies are trying to avoid raising their full-year forecasts due to uncertainty in the Gulf.

Performance of key holdings: In April, Nexans (+33.7%) stood out, having been one of the latest additions to the portfolio. The French cable manufacturer reported strong results that exceeded market expectations. Similarly, Redcare Pharmacy,  the German online pharmacy company, announced an 18% increase in revenue and a 58% rise in EBITDA, driving a 30% rise in the share price over the month. Conversely, Borregaard, the Norwegian biorefinery company, fell by 8% over the month, having been affected by rising costs.

Portfolio changes: The shift in economic conditions we identified in March remains intact: weaker growth coexisting with higher inflation. Risk premiums remain elevated pending the resolution of the Gulf conflict. We have added to the portfolio MTU Aerospace, an aviation maintenance company trading at very attractive prices. Consumer goods is a sector that we continue to avoid.

 

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Since May 2023, Spanish investors can access the Columbus strategy through the Spanish fund GVC Columbus European Equities FI. The Fund can be purchased through the AllFunds, Inversis and Fundsettle platforms. Columbus has a Master-Feeder structure. The Pareturn GVC Gaesco Columbus European Equity Fund in Luxembourg (master) and the GVC Columbus European Equities FI (feeder). The Luxembourg vehicle offers institutional and retail share classes denominated in euros and sterling.