Report September 2024
In September 2024, Columbus Class I2 fund recorded a slight decline of 0.2%. This month has been challenging for global markets, and Columbus has maintained a performance in line with its benchmark index, the Stoxx 600, which retreated 0.4%. Since its inception in June 2008, the fund has achieved a return of 146%, outperforming the major European equity indices.
Market conditions: September was marked by key events: the US Federal Reserve’s rate cut and the strong rebound in the Chinese market, which responded positively to public stimulus after a previous decline. In addition, good inflation data and the reduction of long-term rates to annual lows helped to stabilize the markets, although the deterioration of the situation in the Middle East generated uncertainty. Globally, the main stock market indexes showed moderate gains (Stoxx50: +1%, S&P 500: +2%, Nasdaq: +3%).
Opportunities in Sight: At Columbus, we identify interesting opportunities, despite a challenging macro environment. The interest rate cycle is acting as a support, and valuations in Europe are particularly attractive. Although volatility persists, we continue to find great value in European companies with global growth potential.
Performance of Relevant Positions: In September, the positive performance of Siemens Energy (+26.9%), Mobico (+7.8%), Interpump (+5.4%) and Trainline (+9.8%) stood out. In contrast, YouGov experienced a drop of 10.9%, affected by a competitor’s profit warning.
New Investments: We have added two new strategic positions in Cellnex and Acciona Energía. Both companies have solid assets, improved cash generation and attractive valuations that ensure a positive evolution in the coming years.
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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.