Report January 2026
Performance –January 2026: In January 2026, the Pareturn Columbus Class I2 fund posted an increase of 5,0%, outperforming the European Stoxx 600 index, which rose 3.2%. Over the last 12 months, the fund has gained 27.5%, clearly ahead of the Stoxx 600, which advanced 13.3% over the same period. Thanks to this solid track record, the fund ranks in the first quartile of its category over 1, 3 and 5 years, according to Morningstar data. Since its launch in June 2008, the fund has appreciated 233%, consistently beating the main European equity indices.
A complex a complex start to the year: January was a month of contrasts for markets. The most relevant developments were the depreciation of the US dollar (-1%) and the sharp rise in commodities (gold: +14%). In Europe, the Stoxx 50 index outperformed US indices, moreover when measured in euros. Globally, the most notable move was the weak performance of the Nasdaq (1%), largely due to the market’s focus on shorter‑duration assets. We also note that some global firms are recommending mid caps thanks to their attractive valuations and growing cash‑flow generation (for example BoML, Harnett).
Macroeconomic data – stable rates, change at the FED: Growth data in Europe remain relatively stable. In the US, the most relevant event was the FED’s decision to keep interest rates above European levels; despite this, the US dollar has depreciated. This backdrop helps explain the appointment to the FED of Kevin Warsh, a serious candidate who opposes expanding the FED’s balance sheet (“printing money”). The decision by President Trump is sensible because long‑term bonds, always an important reference, have shown an upward trend (the 30‑year US bond at 4.9%).
Performance of key positions: During January, the strongest contributors in our portfolio were: DEME (+20%), a global leader in dredging with excellent management; Siemens Energy (+20%); Prysmian (+16%); and Laboratorios Rovi (+13%), a recent position for Columbus. Zegona (+13%) also contributed positively, as did Fraport (+12%). On the negative side, we suffered declines in Craneware (-13%), affected by the sell‑off in software companies, and in Mapfre, where we had already reduced our position and which is being hurt by falling reinsurance prices (-10%).
Portfolio changes: During January we made partial trims in holdings that had experienced strong revaluations. We sold AutoTrader, a good company but with less pricing power than in previous years. We also increased several recent positions (Rovi, 1&1, Medacta, Currys).
Download monthly factsheet [PDF]
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.
