Report July 2025
Performance – July 2025: In July 2025, the Pareturn Columbus European Equity Class I2 fund posted a return of +5.3%, significantly outperforming its benchmark index, the Stoxx 600, which rose by just 0.9%. During 2025, the fund has accumulated a rise of 18.3%, while in the last 12 months it has gained 20.3%, comfortably outperforming the returns of European equity indices. Since its launch in June 2008, the fund has accumulated an appreciation of 200%, beating the main European stock market indices.
Market environment: We continue to expect Germany to boost investment and Europe to make progress on reforms. The trade agreement between Europe and the US, although biased in favor of the US, avoids a trade war. The earnings season has been negative for some sectors such as autos, consumer goods, luxury goods and healthcare, while remaining strong in banking, energy and artificial intelligence-related stocks. This month has also seen a partial recovery of the dollar (3%), which in 2025 as a whole continues to show a sharp depreciation against the euro (-10% in 2025). We continue to see positive liquidity flows towards European markets.
Return on relevant positions: in July, the positions that rose the most in the portfolio were Zegona (+28%), where we expect the sale of the fibre companies that have been set up by Vodafone Spain to be finalized soon, Grifols after good results (+24%), Prysmian (+17%) and Unicaja (+16%), also reacting to better-than-expected results. In contrast, we suffered declines in Fresenius Medical (-8%), Cellnex (-8%) and Edenred (-7%).
Changes in the Portfolio: During July, we made some selective divestments, including Acciona Energía after a good performance. We have also slightly increased our position in Redcare Pharmacy, the European leader in online pharmacy, which has reported very good results.
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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.
