Report June 2025

Fund performance – June 2025: In June 2025, the Pareturn Columbus Class I2 fund achieved a return of +2.2%, significantly outperforming its benchmark index, the Stoxx 600, which fell by -1.3%. During the first half of the year, the fund saw an impressive 12.3% increase, while in the last 12 months it has gained 17.9%, compared to 6.6% for the Stoxx 600 so far in 2025 and 5.9% over one year. This strong performance places the fund within the top 10% of its category this year, according to Morningstar. Since its launch in June 2008, the fund has demonstrated consistent outperformance, with a +184% appreciation that has consistently exceeded the major European stock indices.

Market Analysis: US vs. Europe. In June, the US market bounced back, with the S&P 500 up 5%. This growth was primarily driven by the technology sector (Nasdaq: +6%), with notable contributions from Nvidia’s strong performance. However, this positive development is somewhat offset by the significant depreciation of the US dollar against the euro this year (-13% in 2025), which could pose challenges in refinancing the country’s growing fiscal deficit. In contrast, European markets experienced a -1.3% decline over the month, demonstrating resilience. Stable interest rates, controlled inflation, and a favorable currency environment create an ideal setting for European companies. We believe that European markets will continue to receive investment flows from abroad, benefiting from the global context.

Europe: The Global Safe Haven and Reforms initiative: The European economy continues to demonstrate stability. Germany has the potential to increase investment in the region if it implements the necessary reforms. Furthermore, the weak dollar and the slowdown in China are encouraging investors to reallocate capital to Europe, a trend which we believe is still in its early stages.

Performance of Relevant Positions: in June Siemens Energy is up +15%, hotel company Dalata +12% (driven by an offer), chemical company Elementis +12%, which announced the sale of its talc division, and Grifols: +10% (remarkable recovery after heavy punishment). The worst contributors of the month were Redcare: -18% and defense company Renk AG: -14%, after strong gains in previous months.

Portfolio changes: During June, we made some selective divestments, including Computacenter, a well-managed IT services company but one that faces risks of spending cuts by its corporate clients.

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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.