Report March 2026
Performance –March 2026: During March 2026, the Pareturn Columbus Class I2 fund fell by -8.1%, in line with European equity indices, which fell by 8%. Over the last 12 months, the fund has risen by 24.5%, significantly outperforming the Stoxx 600, which rose by 9.2% over the same period. Thanks to this solid performance, the fund ranks in the top quartile of its category over 1, 3 and 5 years periods, according to Morningstar data. Since its launch in June 2008, the fund has recorded a cumulative return of 213%, consistently outperforming the main European stock market indices.
Market environment: Escalating tensions between the US/Israel and Iran, and the closure of the Strait of Hormuz, have triggered a simultaneous shock, with investors lowering their growth expectations whilst raising their inflation expectations. The market is thus pricing in a stagflation scenario. The dollar strengthened, and European credit spreads widened. Even gold lost its status as a safe-haven asset. Long-term interest rates rose amid fears of a resurgence in inflation, ignoring the expected slowdown in growth.
The stock market fall has been widespread, affecting all sectors with the exception, of course, of the energy sector, which has risen sharply. The industrial, property and financial sectors have been hit. Even sectors considered defensive, such as consumer goods and healthcare, have fallen in line with the market, reinforcing the view that this has been a broad-based sell-off rather than a rotation within the market.
Performance of key holdings: In March, the standout performer was Trainline (+16.2%), the leading UK company in online train ticket sales. Similarly, DIA, the Spanish supermarket chain, Getlink, the concessionaire of the tunnel between France and the UK, and Ageas, the Belgian insurer, posted slightly positive returns against a backdrop of widespread declines.
Equity markets are being held hostage by the geopolitical situation. Obviously, we do not know how long this will continue. We believe that even though the markets are oversold and market rallies will occur when there is news of de-escalation, we have entered a new market structure characterized by lower growth and higher inflation. We have identified quality companies that are better suited to the new situation and in which we will take positions, taking advantage of the fall in prices.
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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.
