Report August 2025
Performance – August 2025: In August 2025, the Pareturn Columbus Class I2 fund posted a return of +0.75%, in line with its benchmark index, the Stoxx 600, which rose 0.74%. During 2025, the fund has accumulated a rise of 19.2%, while in the last 12 months it has gained 21.6%, which compares favorably with the Stoxx 600’s 8.4% in 2025 and 4.8% over one year. This solid performance places the fund in the top quartile of its category over 1, 3, and 5 years, according to Morningstar. Since its launch in June 2008, the fund has accumulated a return of +201.4%, outperforming the main European stock indices.
Market environment – a favorable summer: August has been a good month for the markets, with Europe accumulating positive returns for the year, accentuated by the relative strength of the euro, which is very important for international investors. This month, the S&P 500 rose 3.6%, but the US dollar depreciated slightly again, continuing to show a notable depreciation against the euro (-12% in 2025 for the year to date). In the US, some sources (e.g., MIT) are beginning to question the returns on heavy investment in artificial intelligence, which has so far sustained macroeconomic growth and the stock markets. European markets have been steady, with the exception of France, where political and budgetary uncertainty persists. Inflation is showing some resistance in the US and Europe.
A highly polarized market in 2025: The earnings season has ended with good results for our companies, although we have been struck by the wide dispersion of results in the market. Large companies such as Novo Nordisk and Orsted have suffered sharp corrections, and sectors such as automobiles, consumer goods, and luxury goods continue to suffer. The healthcare sector had a good month, recovering from its weakness at the beginning of the year, while banks, which had a good year, saw profit-taking, partly at the end of the month due to doubts about the French budget, a significant event.
Performance of key positions: In August, the strongest contributors in the portfolio were Zegona (+32%), one of our largest holdings. The company announced the disposal of its fibre network, as a result of which we expect the company to be able to cancel Vodafone’s preferred shares, a transaction that creates significant value for shareholders.. Other positives includes Interpump (+13%), Fraport (+12%), and Fresenius (+11%) following strong results. In contrast, we saw declines in Redcare Pharmacy (-17%) despite a good set of results, Kontron (-14%), and Siemens Energy (-11%).
Portfolio changes: During the month, we made some selective adjustments, including a slight reduction in stocks that had a strong performance.
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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.
