Report May 2025
Performance – May 2025: an exceptional month: The Pareturn Columbus Class I2 fund had a return in May of 9.14%, outperforming the main European and global indices. During May, the Stoxx 600 advanced by 4.0%. Over the cumulative 2025, the Fund has a return of +9.9%, ahead of the Stoxx 600 (+8.1%). Since its inception in June 2008, it has recorded a cumulative appreciation of + 178%, outperforming the main European equity indices.
Market analysis: May brought relief to markets, driven by progress in US trade negotiations. However, 2025 is characterized by high volatility stemming from mixed macroeconomic signals and erratic trade policy. Structural imbalances persist, such as twin deficits (fiscal and trade), which generate uncertainty and pressure the dollar. Tariff policy has eroded consumer confidence, which contributed to negative US GDP growth in the first quarter. In Europe, the euro has appreciated, equity valuations are at historically low levels and interest rates have declined, which supports the market.
Europe: capital inflows likely to persist. There has been a sustained inflow of funds into European assets, mainly concentrated in defense, telecommunications, banking and infrastructure, with the prospect of expanding into other sectors. Although US macroeconomic indicators could deteriorate in the coming quarters, the European market appears as an attractive alternative with lower risk. The reform agenda (Draghi, Letta), together with the German infrastructure plan and falling energy prices and interest rates, reinforce this environment.
Performance of relevant positions: In May, positions in Renk (+48%), Siemens Energy (+26%), Acciona Energy (+17%) and Elementis (+14%) stood out positively, thanks to solid results. On the negative side, Redcare Pharmacy (-13%), Trainline (-8%).
The fund is 95% invested; we have slightly increased our cash position in anticipation of opportunities if there were any correction.
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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.
