Report June 2026
Performance June 2026: During June, the Pareturn Columbus Class I2 fund fell by 2.07 per cent. Since the start of the year, it has risen by 6.12 per cent. Over the last 12 months, the fund has risen by 18.3 per cent. Columbus ranks in the top quartile of its category over 1-, 3- and 5-year periods, according to Morningstar data. Since its launch in June 2008, the fund has risen by 236 per cent, consistently outperforming the main European stock market indices.
Market Environment: In June, European equities continued to perform well, supported by easing geopolitical tensions, falling oil prices following the ceasefire in the Middle East, and earnings growth prospects that continued to improve. Investors showed a greater appetite for cyclical assets, favouring the travel and leisure, banking, insurance and technology sectors, whilst the market pushed concerns about inflation into the background. Although the European Central Bank maintained a cautious tone, the macroeconomic environment and the resilience of corporate earnings underpinned the strong performance of European stock markets during the month.
Performance of key holdings: In June, Redcare Pharmacy’s rise (+54%) stood out. The German online pharmaceutical retailer raised its annual financial outlook after posting solid growth in the second quarter of 2026, with a 20 per cent year-on-year increase in revenue and a 14 per cent rise in over-the-counter sales in Germany.
The two companies we bought during the market falls triggered by the Gulf conflict also saw sharp rises. The German firm MTU Aeroengines AG experienced a strong upward surge of over 20 per cent. The market viewed the diversification of its portfolio favourably following the April acquisition of AeroDesignWorks and its expansion into the defence sector, offsetting the cost issues arising from the overhauls of its GTF engines. Similarly, DO & CO, a provider of gourmet catering and airport services, recorded a strong upward surge of 18.5% on the Vienna Stock Exchange.
On the downside, June was a difficult month for the telecoms sector, both in the US and in Europe, with the sector falling by around 12 per cent. Our positions in Zegona (-12.8%) and 1&1 AG (-15.8%) were affected. The falls were triggered by the IPO of SpaceX and its subsidiary Starlink Mobile, which, in its prospectus, estimated a potential market equivalent to the total revenue of the global mobile market, excluding Russia and China. However, our initial view is that the impact will be moderate, as spectrum, distance and beam size will limit Starlink to providing a complementary service to rural mobile telephony, direct-to-device connectivity and broadband. We expect the greatest impact to be felt in the US and for it to be limited in Europe.
The shift in economic conditions we identified in March remains intact: weaker growth coexisting with higher inflation. Risk premiums remain elevated pending the resolution of the Gulf conflict.
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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.
