Report October 2025
Performance – October 2025. In October 2025, the Pareturn Columbus Class I2 fund posted a decline of 0.8%, underperforming its benchmark, the Stoxx 600, which rose by 2.5%. Year-to-date, the fund has achieved an increase of 21%, and over the past 12 months, it has delivered a gain of 27%, significantly outperforming the Stoxx 600, which rose 12.8% so far in 2025 and 10.2% over the last year.
Thanks to this strong performance, the fund is ranked 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 accumulated an appreciation of 209%, outperforming the main European stock indices.
Market environment: Between Complacency and questions about AI. October was a positive month for markets. Europe continued to deliver favorable returns in 2025, bolstered by euro strength. Standouts in global markets included emerging markets and Japan (+15% in 1 month). However, the main theme in markets is U.S. technology, with the Nasdaq up 4% for the month. Meanwhile, the U.S. dollar has depreciated by 11% in 2025.
Complex macro data: Relief in Inflation and Rates. Data in Europe indicated some relief in manufacturing PMI. Global inflation data appear to be stabilizing. Further rate cuts are expected in the U.S., though with less conviction, while in Europe the rate outlook remains stable. Long-term bonds, a key reference, saw some relief in October, slightly reducing pressure on government balance sheets.
Performance of Key Positions: During October, the standout positions were: Edenred (+16%), DIA Supermercados (+12%)—recently added to the fund for its strong positioning, operational management, and valuation. Interpump (+11%), Fresenius (+6%), and 1&1 (+5%) also contributed positively. On the downside, several names posted notable —and in some cases somewhat exaggerated— declines, including Renk AG (-26%) due to a correction in the defense sector, Kontron (-14%), and Grifols (-10%).
Portfolio Changes: In October, partial adjustments were made to securities with strong revaluations and increased allocations to two recent positions: 1&1 (telecommunications, Germany), which has good consolidation prospects, and Laboratorios Rovi, a leading company in the pharma and injectables segment with a solid management track record and strong long-term growth potential.
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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.
