Report September 2025
Performance – September 2025: In September 2025, the Pareturn Columbus Class I2 fund returned 2.5 %, outperforming its benchmark, the Stoxx 600, which rose by 1.5%. During 2025, the fund has accumulated a 22% increase, while in the last 12 months it has gained 25%, which compares favourably with the Stoxx 600’s 9.9% in 2025 and 7.2% over one year.
This solid performance places the fund in the top quartile of its category over 1, 3 and 5 years, according to Morningstar. Since its launch in June 2008, the fund has accumulated a +209 % appreciation, beating the main European stock indices.
Market environment – Complacency: September was a good month for the markets, with Europe posting positive returns for the year, accentuated by the relative strength of the euro, although this month the US has recovered against other markets. This month, the S&P 500 has seen its biggest rise in 15 years, up 3.5%, although the US dollar continues to depreciate slightly and, in cumulative terms for 2025, continues to show a notable depreciation against the euro (-12% in 2025).
Complex macro data: in Europe and the US. Employment data in Europe and the US have shown some weakness, as has the manufacturing PMI survey, which is negative in Europe. Inflation appears to be stabilising at around 2.2% in Europe, with no further rate cuts expected, in contrast to the Fed in the US, which is starting from much higher rates and has begun to cut rates. The stock markets are enthusiastic about the interest rate environment and technology. Long-term bonds are showing mixed signs.
Performance of key positions: in September, the positions that rose the most in the portfolio were Renk (+40%), the German defense manufacturer. Currys (24%) also rose, a recent position in the fund where we value the good management of its electronics stores and a very reasonable valuation. Other stocks that have risen are Prysmian (+13%), Kontron (+12%), and Craneware (+12%). In contrast, we have suffered declines in Edenred (-18%) due to regulatory uncertainties, as well as in Swiss company Burckhardt Compression (-14%).
Portfolio changes: During September, we made some corrections to stocks that had risen sharply, and we initiated positions in two stocks: 1&1, a German telecoms company where we see good consolidation potential, and Laboratorios Rovi, a large, well-managed company with enormous long-term growth potential. Rovi is one of the world leaders in injectables, an area with high barriers to entry and structural growth.
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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.
