Report July 2024
Pareturn GVC Gaesco Columbus European Equity Fund class I2 is up +3.3% in July 2024 and +5.0% over the last three months. July has been a positive month for the Fund. Since its inception in June 2008, Columbus I2 class is up 149%, outperforming European equity indices.
July was a good month for the Fund, especially in relative terms (Stoxx 600: +1.3%). Throughout 2024 we have benefited from several IPOs such as Salcef and Neoen but we have suffered in some positions that are now starting to recover. A prime example is Grifols which rose +18% in July (+27% in Grifols B) a complex situation but where we have a good entry price. Although there is the possibility of an opportunistic public offering by the Brookfield fund, which could benefit us, we believe that the long-term evolution of the company has more potential.
In July, we also had a good performance in relevant positions such as Fresenius, which rose +19%. We have increased our investment in this company, as we continue to see great potential with low risk. Other companies that also performed well were Hiscox (+11%) and Elementis (+10%), both mentioned in the press due to speculation about possible bids. Mobico (+10%) and Teleperformance (+21%) also recovered; although the latter had experienced a notable correction in previous quarters, we still see potential in them.
On the negative side, we had a negative result with Scor (-16%), which issued a profit warning. So far, the reinsurance company had performed well. In this case, we believe that the company’s risk management has proved to be insufficient. We also continued to reduce the position in Unicaja as we believe that after the 47% rise in the year it has a reduced capacity for revaluation. We have initiated two positions in the portfolio which we will discuss in the coming months.
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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.
