Report November 2024
In November 2024, the Pareturn Columbus Class I2 fund rose by 4%. Despite the difficult environment for European stock markets, Columbus performed much better than our benchmark indices. The Stoxx 600 rose slightly (1%) while the major European indices fell (Stoxx 50: -1%). Over the last 12 months the fund has gained 8%. Since its inception in June 2008, the fund has achieved an appreciation of 151%, outperforming the major European equity indices.
Market Situation: Trump’s arrival in power has been a shock with mixed effects: the US stock market has risen (Nasdaq: 6%, S&P: 6%), speculation on cryptocurrencies is rampant, while European (Stoxx 50: -0.5%) and Asian stock markets have fallen due to the expectation of higher tariffs. On the other hand, long-term rates remain relatively high with the US 10-year bond rising to 4.2%, while in Europe the expectation of rate cuts continues due to economic weakness and good inflation data.
Europe has good global companies: the political environment in Europe has deteriorated, but that does not detract from the fact that there are very good global companies that are doing well. We are identifying good opportunities in companies that are very exposed to the US and have very interesting valuations.
Performance of Relevant Positions: in November, the positions that have risen the most are Siemens Energy (+36%), Mobico (+25%), Wise (+25%), and Craneware (+22%). In contrast, we suffered falls in Grifols which fell 16% and remains very volatile, as did Fugro (-18%).
New Investments: In the last few days, we have met with a number of companies. We have recently completed building a position in Craneware, a hospital software company that is present in 40% of American hospitals where it has 100% of its revenues and has a very interesting valuation.
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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.
