Report November 2025
Performance – November 2025. In November 2025, the Pareturn Columbus Class I2 fund rose by 0.5%, close to the European Stoxx 600 index, which gained 0.8%. Year to date, the fund is up 21.8%, and over the last 12 months it shows a gain of 22.7%, clearly outperforming the Stoxx 600, which over the same period rose 13.6% (2025) and 13.0% (12 months).
Thanks to this solid performance, the fund ranks in the first quartile of its category over 1, 3 and 5 years, according to Morningstar data. Since its launch in June 2008, the fund has gained 208%, consistently beating the main European equity indices.
Market environment – a month of contrasts: November was a month of contrasts for markets. In Europe, the Stoxx 50 index barely rose (0.1%) but it maintains favourable returns in 2025. In global markets, the main feature was the decline of the Nasdaq (-1.5%), as valuations linked to AI are being questioned. This is the hot topic in markets because of its impact on global indices and the US macro picture. The US dollar was more stable this month but remains down 11% in 2025.
Complex macro data, relief on inflation and rates, possibly temporary?: European data showed some stability after the improvement in manufacturing PMI in October. Inflation data in Europe appear to be stabilizing at 2%. In Germany, confidence is low as investors wait for a 2026 with higher investment. In the US, consumption data are weak, and a rate cut is expected in December, although with less conviction. In Europe, rate expectations are stable. Long‑term bonds, always an important reference, showed some relief in November (possibly temporary?), reducing some pressure on government balance sheets.
Performance of key positions: During November, the most notable positions were: Zegona (+19%), 1&1 (+13%), a recent addition to the fund due to its potential merger in Germany, and EFG International (+10%), a long‑term Columbus holding. Siemens Energy (+7%) delivered good results and a very positive investor day, and Kontron (+6%) also contributed positively. On the negative side, there were somewhat sharp declines in Renk AG (-23%) due to a correction in defense, and Edenred (-26%), hit by a very adverse regulatory change in Brazil.
Portfolio changes: During November, partial adjustments were made to holdings with strong share‑price appreciation. We divested in Dalata following the offer on the company which has revalued 40% in 2025. The position in Wise was also sold; it had been profitable and delivered solid growth, but there are concerns about its cost base, heavy investment in the US and the hypothetical risk of disruption from stablecoins.
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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.
