Report February 2026
Performance –February 2026: In January 2026, the Pareturn Columbus Class I2 fund posted an increase of 2.4%, in line with the European Stoxx 600 index, which rose 3.7%. Year to date GVC Columbus is up by 7.5%, outperforming the Stoxx 600 (7.0%) and over the last 12 months, the fund has gained 32.0%, clearly ahead of the Stoxx 600, which advanced 13.8% 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 241%, consistently beating the main European equity indices.
A complex and volatile environment: February was marked by macro events and a severe sector rotation driven by fears of AI disruption. In 2026 some sectors are clear outperformers (metals, infrastructure), while potentially disrupted sector are suffering notably (software, banks). In Europe, the Stoxx 50 index was up 2.2% notably outperforming US indices. The most notable move was the decline of the Nasdaq (-3.9%), largely due to the market’s focus on shorter‑duration assets. In a context of complexity and disruption, European mid caps are capturing inflows due to attractive valuations and stable cash‑flow generation.
Macroeconomic data – geopolitical risk: recent global events are been taken with a certain level of complacency despite tight valuations. In the US, policy seems to indicate to lower rates but above European levels; nevertheless, the US dollar has depreciated. Long‑term bonds, always an important reference, have shown a very stable trend, a relief to public finances (the 30‑year US bond at 4.6% vs. 5.1% six month ago).
Performance of Key Positions: During February, the strongest contributors in our portfolio were: Cellnex (+24%), largely driven by good results and a bounce on infra stocks; DEME (+17%); Laboratorios Rovi (+16%); Siemens Energy (+13%) and Getlink (10%). On the negative side, we suffered declines in Interpump (-21%) due to weak results, and Reply (-19%) which we partly sold months ago, affected by the sell‑off in software companies.
Portfolio Changes: During February we made partial cuts in holdings that had experienced strong revaluations. We also took the opportunity to add on a few stocks and keep a relatively high cash position (7% of the fund).
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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.
