Tag Archive for: Columbus Fund

Interpump SpA – Holding Update

 

Price €52.70
Market Cap €4.8bn PE FY2022 25.2x
EV €5.0bn EV:Sales 3.5x
DY 0.6% EBITDA Margin 23%

Interpump stock price | Columbus

 

A COLUMBUS TOP 5 HOLDING

Both Pedro and I have known Interpump for well over a decade (actually closer to 2 decades) and we have been investors for much of this period. The reason for this is that the company consistently demonstrates the characteristics we look for in the ‘high quality’ investments that make up the majority of the Columbus portfolio. These are:

  • Clear strategy
  • Strong management team with proven ability to allocate capital – leading to
  • High, unlevered returns on equity
  • Evident leadership characteristics and barriers to competition – demonstrated by high margins and free cash generation
  • Significant scope for further growth

I have not included valuation in this list as this is not a characteristic of the company but merely a timing issue in the investment decision.

To understand Interpump, as with many quality companies, we need to look at its history.

After the company was founded in 1977 it grew quickly on the back of their highly innovative designs of high-pressure piston pumps, utilising new materials to create smaller and more efficient products than their competitors. This is the culture that the group has taken forward and which took them to be the largest producer of these pumps in the world.

The success of the company led to huge cash generation which the management team put to work acquiring small, specialist companies in engineered products in the hydraulics industry. This allowed them to benefit from their core engineering knowledge and expand into adjacent markets. Fast forward to 2021 and the Group has acquired more than 40 companies since going public in 1996 and have expanded beyond hydraulics into pressure homogenizers and fluid handling components.

By expanding into new areas, they have vastly increased their scope for acquisition as well as created significant opportunities for cross-selling. The result of this strategy has been to provide the group with highly diversified revenues and a base of ~20,000 customers, helping to reduce the cyclicality of the revenues. It also avoids customer concentration with the largest account representing only 1.4% sales.

Revenue Split by End Market 2020

Interpump Revenue Split by End Market | Columbus

Source: Interpump IR Presentation Q1 2021

An interesting common aspect of many of the high quality companies in Europe is family ownership. In this case the founder controls close to 25% of the shares both directly and through a listed investment company. This level of family involvement has shown in many examples to lead to better long term capital allocation and investment behaviour. Owners tend to have their eyes on the longer term, rather than the annual bonus or 3 year incentive plan, and this tends to provide better long term returns. This is certainly the case at Interpump where the returns on equity over the past 5 years have averaged ~18%

Interpump Revenue Split by Geography | Columbus

Source: Interpump IR Presentation Q1 2021

Over the last decade (since FY 2011) the combination of organic and acquired growth led to a CAGR in revenues of 12% and 16.2% in EPS. This has not been achieved at the cost of the balance sheet however, as net debt:EBITDA actually declined over this period from 1.54x to 1.13, peaking at 1.66x in 2014. (The Group’s focus on the financial structure of the business is reflected in the fact that the balance sheet is presented before the income statement in the annual report). Obviously then the growth is driven by the FCF and this has increased by a compound annual growth rate of ~20% over the same period. Margins have also expanded over the Group’s history, with EBITDA margins rising from mid-teens in the early 2000’s to 23% over the past few years. One of the quirks of Interpump is that the company believes in the power of specialist brands which is why, contrary to much received wisdom in corporate finance, they do not typically integrate the companies they buy. Rather they keep them as specialists in their niche and instead provide funding and operational assistance to help them to grow. This maintains their portfolio of niche leaders and reinforces the barriers to competition.

 

Their M&A strategy in general is somewhat differentiated in that they refuse to buy troubled companies to turn them around, and they refuse to buy from private equity. Their aim is to find family led, niche businesses and help them to transition to a larger platform for growth. Since they do not integrate and aggressively cut costs they are seen as a ‘good buyer’ and are often the only bidder in the process. For investors that know Judges Scientific in the UK, it is a very similar mentality.

 

Valuation

It is the combination of the M&A strategy and an average organic growth of ~4% that has provided the 12% CAGR in sales achieved over the past decade. In discussions with management they are confident that they can maintain a similar pace for the foreseeable future as they continue to grow across a number of different product areas. Our model assumes a similar outlook margin in the near term with revenue growth falling quickly to 10% and then fading to a 2% terminal growth in nine years. Assuming a 7% WACC we achieve valuations around €62 per share – about 17% above the current €52.70. Having performed this exercise several times over the years I have found that my assumptions have typically been too conservative. Although the terminal growth rate is low after only 9 more years we prefer to take this approach. No company grows in perpetuity at a rate above GDP and by keeping the a higher portion of the value in the forecast period we can update our target each year and feel confident that the valuation is not slipping too far into the forever.

Benchmarking the current valuation against their closest listed peer, Eaton in the US, we find that Interpump trades at close to a 5 point discount on EV/EBITDA despite similar margins and a higher growth rate. This has typically been the case and results, I believe, partly from the higher multiples generally paid in the US, and partly due to the difference in market cap with the much larger Eaton attracting more attention from analysts.

 

Risks

Key man risk – Fulvio Montipo founded the company in 1977 and remains in position as Chairman and CEO. He has overseen the expansion of the group and is a clear figurehead for the culture of the business. At 77 years old this is an obvious issue for the shares. However, we are confident that the business model and culture of the group is sustainable, even without Mr Montipo at the helm and while there may be some turbulence when he decides to leave his post we do not see this as a significant game changer foe the company given the strength of the operational team he has put in place.

ESG – Although we are not aware of any significant issues on the environmental side the group would not be held up as an example of good corporate governance given the dual Chairman/CEO role held by the founder and a clear lack of gender diversification on the board. However, while we see and understand this argument we would counter that the structure has been highly successful while maintaining very positive treatment of all stakeholders. The supportive approach to M&A and the stability of the workforce (outsourced manufacturing takes the brunt of swings in demand) suggest that the group pays more attention to governance than they appear to from the outside.

M&A – obviously the majority of the growth over the past two decades has come from acquisitions so in order to maintain a similar rate of growth going forward they will need to continue this record. If for any reason the company is unable to identify and execute on acquisitions the shares would be at risk of derating.

Interpump Capital Allocation | Columbus

 

 

(You can also download this report as a PDF here)

Report July 2021

imagen ficha junio

During July the Pareturn Columbus European MidCap Equity Fund rose by 5.93%, well above the 1.96% return of the benchmark STOXX 600 index. Over the past six months the Fund has risen by 17.8%, and by 39.8% over the past 12 months. Since inception in June 2008, Columbus’ return has been 162.9%, comfortably exceeding the broad European equity index.

Financial markets remain in a tug-of-war over the inflation outlook with an increasingly hawkish investment community on one side and an immovable (for now) central banking response on the other. Those on the investment side who see inflation as a more transitory issue generally back the accommodative stance of the central banks and help to cause the sort of swings we are seeing in bond yields. Over the month, despite the current inflationary spike we saw US 10-year yields fall back to as low as 1.16% from 1.7% levels as recently as May. The effect of this fall is to boost the performance of the longer duration ‘growth’ stocks which again outperformed the ‘value’ segment over the month.

From our perspective we can see the transitory nature of the current pressures but are fully alive to the possibility of a more structural return to inflation as governments increasingly shift to fiscal policy to support growth. Our approach, as always, is to focus on what we know and can reasonably predict, and to limit the portfolio risks regardless of the outcome. We continue to invest where we see structural growth potential and advantaged business models, as well as companies with significant upside as the post-Covid recovery progresses.

By far the biggest positive impact over the month was the acquisition of Akka Technologies (one of our top 10 positions, 3% of Columbus AUMs prior to the offer) by the Swiss listed staffing group, Adecco. The bid took the stock price very close to our internal fair value for Akka and represented 100% upside for the month. Akka has been a holding, since 2017, for Columbus, which tested our resolve during the pandemic as the shares endured a period of weakness. However, after spending time (online) with the management team and revisiting our investment case we maintained our commitment and added to the position. So it was gratifying when the value we saw was also identified by an industrial competitor who was able to take advantage of the discount in such a decisive way.

The other very solid performances came from Duerr (+25% for the month), the German listed engineering group, and Borregaard (+22.34%), the Norwegian biomaterials company. Both groups reported strong results for the first half of the year with growth well above consensus expectations, and for Duerr a significant increase in orders.

There were no material detractors from performance this month although the financial holdings (Scor and Unicaja) drifted down in line with the fall in bond yields.

Download monthly factsheet [PDF]

We thank you for your trust and wish the best to you and your families during these uncertain times.

Since June 14, 2018 both domestic and foreign investors have been able to access the Columbus strategy via the master-feeder structure between the Columbus 75 Sicav in Spain (feeder) and the Luxembourg registered Pareturn GVC Gaesco Columbus European Midcap Equity Fund (master). The Luxembourg vehicle offers both institutional and retail share classes.

Adecco Bid for Akka Technologies

Wikimedia Commons

On Wednesday this week (28th July) our position in Belgium’s Akka Technologies soared by 95 % on news that management had agreed a takeover bid by Adecco Group, the Swiss recruiter, for €49 a share. The offer values Akka at an enterprise value of €2bn. Prior to the takeover, Columbus held 3% in Akka, representing one of our top 10 positions.

Strategically the deal appears to make sense as combining Akka with Adecco’s engineering and IT consultancy subsidiary, Modis, will create a powerhouse in the sector, just behind the industry leader, Capgemini. Adecco see considerable cost and revenue synergies from the deal and appreciate the growth potential inherent in this industry which was largely being ignored by investors for Akka as an independent group.

Both groups are strong proponents of the growing importance of ‘Smart industry’ for accelerating innovation and returns for their customers. In the words of Jan Gupta, President of Modis, “Smart Industry is where IT and engineering technologies converge into a digital and connected world, and we look forward to joining forces with Akka, combining their excellent market reputation in engineering with Modis’ strong digital experience.”

At Columbus we see the deal as a vindication of our belief in the business which has at times been controversial and suffered several setbacks during our holding period. After weakness in the stock last year, we reviewed the holding and increased our position, leading to Akka being in our top 10 positions at the time of the takeover. Our view is that investing is an occupation where conviction and patience are important, and we should celebrate when the two are well rewarded.

(Source of the image: Wikimedia)

Report June 2021

During June the Columbus Fund fell by 0.4%. Over the past six months the Fund has risen by 7.52%, and by 30.87% over the past 12 months. Since inception in June 2008, Columbus’ return has been 148.56%, comfortably exceeding the broad European equity index. 

The economic data across Europe strengthened further in June with the composite PMI achieving a 180-month high of 59.2 and further improvements in consumer confidence and manufacturing activity. However, despite this positive backdrop shares in travel and related sectors weakened over the month as Covid restrictions on travelling across the Continent were tightened in response to the rising incidence of the newer ‘Delta’ variant. We continue to believe in the reopening of the economies in the second half, especially in Europe where vaccination was delayed. Alongside the fight against the pandemic, inflation is the other focus of markets. Central Banks continue to reiterate their message that the rise in inflation is temporary and there has been a reduction in the yields of long term bonds. As bond yields fell the rotation towards growth stocks intensified this month while most cyclical stocks and those that benefit the most from interest rates increasing, like financials and energy, performed poorly.

The largest positive contributions for the month came from our long standing positions in Auto Trader and Interpump. Auto Trader (+11.34% in the month), the UK listed on-line motor vehicle classified business reported very strong results in June, both in terms of revenues and margins,  as semiconductor shortages reduced the supply of new cars pushing up demand for used vehicles. The company also improved their guidance for this year and reinstated the dividend. Interpump (+6.34%), the Italian based engineering group saw their share price rally following the announcement of a new acquisition in the US in the hydraulics area. Management called it “the most significant in Interpump’s history expanding our role as a global player in hydraulics”. We think the valuation paid is very attractive, slightly over 5 times EV/EBITDA.  Within the portfolio our holding in Dalata Hotels, the Irish listed hotel operator, was particularly affected by the Delta variant news, falling 15% over the month. While the delays to the resumption of normal tourist activity are obviously a short-term blow, we remain very confident about the longer-term recovery potential in this space and will use any weakness to add to our positions.

Download monthly factsheet [PDF]

We thank you for your trust and wish the best to you and your families during these uncertain times.

Since June 14, 2018 both domestic and foreign investors have been able to access the Columbus strategy via the master-feeder structure between the Columbus 75 Sicav in Spain (feeder) and the Luxembourg registered Pareturn GVC Gaesco Columbus European Midcap Equity Fund (master). The Luxembourg vehicle offers both institutional and retail share classes.

Report May 2021

During May, the Columbus European Mid Cap Equity Fund rose by 4.01%, ahead of the STOXX 600 index which returned 2.14%. Over the past six months the Fund has risen by 13.6%, and by 33.7% over the past 12 months. Since inception in June 2008, Columbus’ return has been 149.8%, comfortably exceeding the European equity index.

Europe was the best performing of the major equity indices over the month, buoyed by the rising rate of vaccinations taking place across the region. Within the major European countries the run rate of close to 1% of the population receiving a jab each day has boosted sentiment regarding the potential speed of the economic recovery. This improving confidence was reflected in the Purchasing Managers Index for the services sector which far exceeded forecasts by rising to 55.1.

Although some form of travel restrictions remain in place across much of the continent there is a rising hope that tourism activity will rebound as the summer progresses. Concerns about the spread of newer variants of the covid virus did lead to some profit taking in the travel and leisure sectors, but this was more than offset within the fund by the very strong industrial recovery evident across much of Europe. This data drove up the prices of a number of our industrial holdings including Interpump,(+5.3% in May) the Italian high pressure pumps manufacturer and Senior,(+32% in May) the UK listed engineering group which soared after receiving a takeover proposal from Lone Star Funds. Senior’s board unanimously rejected the offer as it “fundamentally undervalued Senior and its future prospects”. We agree with the company.

The largest individual contribution, however, came from Bodycote (+12%, UK heat treatment) which also benefitted from an upbeat trading statement late in the month. The company is seeing improvement in revenue trends across most of their key markets and
benefiting from the restructuring achieved over the past year. The most significant detractor was Zooplus, the German online pet product retailer. There was no notably negative news for the company but it gave back some of its strong performance since the beginning
of the year.

Download monthly factsheet [PDF]

We thank you for your trust and wish the best to you and your families during these uncertain times.

Since June 14, 2018 both domestic and foreign investors have been able to access the Columbus strategy via the master-feeder structure between the Columbus 75 Sicav in Spain (feeder) and the Luxembourg registered Pareturn GVC Gaesco Columbus European Midcap Equity Fund (master). The Luxembourg vehicle offers both institutional and retail share classes.

Report April 2021

During April the Columbus Fund rose by 1.20%. Over the past six months the Fund has risen by 23.56%, and by 33.26% over the past 12 months. Since inception in June 2008, Columbus’ return has been 140.41%, comfortably exceeding the broad European equity index.

The European equity market continued its positive trend through April although ceded its position as best performing region year to date as the US market benefitted from the huge Biden stimulus program, the American Rescue Plan. The slower start to the vaccination program in Europe has also weighed on the economy where we are seeing a slower recovery rate than in the US and UK, both of which have now provided a first dose to around half of their respective populations. However, activity in Europe has accelerated and the direction of travel is now very clear.

The most significant positive contributor in the month (+12.3% in April) was Royal Unibrew (Brewer, Denmark) which continued its positive trend from March, buoyed by a positive trading statement. Dalata Hotels (Hotels, Ireland) also performed well after appointing the new Chief Financial officer and providing an upbeat outlook for the coming season. AMS AG (Austria ,sensors) was a poor performer in April as rumours circulated of a possible large contact loss to Apple. The company reported in the last few days and cleared the uncertainty and the stock responded by rebounding 10% on the day.

Download monthly factsheet

We thank you for your trust and wish the best to you and your families during these uncertain times.

Since June 14, 2018 both domestic and foreign investors have been able to access the Columbus strategy via the master-feeder structure between the Columbus 75 Sicav in Spain (feeder) and the Luxembourg registered Pareturn GVC Gaesco Columbus European Midcap Equity Fund (master). The Luxembourg vehicle offers both institutional and retail share classes.

Report March 2021

During March the Columbus Fund rose by 3.59%. The Fund has beaten the market both over a 12-month period (+44.61%) and since the market reached its lowest point on the 18th March 2020 due to the coronavirus-induced market crash (73.03%). Since inception, in June 2008, Columbus’ returns have been 141.36%, comfortably exceeding the broad European equity index.

Over the first quarter of the year, investors have experienced a sharp rotation away from the more growth-oriented sectors, such as Technology, into more cyclical areas such as Commodities and Materials. In addition, the focus has shifted towards stocks which are traditionally seen as ‘value’, a style that had consistently underperformed over the past decade. This notable change of focus stems from a combination of rising bond yields and an increasing confidence in an economic recovery as the global vaccination program gathers momentum.

As mentioned in last month’s report we have been able to take advantage of the performance of some of our longer-term holdings to switch into opportunities which offer a more attractive risk-reward. Amplifon and Avast, for example, were sold during the month and have provided a combined return of more than 90% since purchase. The proceeds from the sale helped to boost some of our exiting holdings as well as starting a position in DormaKaba, a Swiss listed access control group which enjoys strong market shares in the European lock markets and significant growth opportunities elsewhere, most notably in the US.

The best performing holdings during March were our two Spanish banks, Liberbank and Unicaja Banco which agreed a merger deal to form the 5th largest bank in Spain. Zooplus, the German listed online pet products retailer also performed strongly after releasing ambitious growth targets for the coming few years. That said, the bulk of the underperformance in the month came from only two stocks, one of which, Neoen, initiated a large capital raise during the month to fund the raft of opportunities they see ahead. The other, AMS AG, suffered in March despite no negative news of note. Beyond these outliers the bulk of the fund has coped well with the changes in the market, and we remain very comfortable with our positioning.

Download monthly factsheet

We thank you for your trust and wish the best to you and your families during these uncertain times.

Since June 14, 2018 both domestic and foreign investors have been able to access the Columbus strategy via the master-feeder structure between the Columbus 75 Sicav in Spain (feeder) and the Luxembourg registered Pareturn GVC Gaesco Columbus European Midcap Equity Fund (master). The Luxembourg vehicle offers both institutional and retail share classes.

Report February 2021

During February the Columbus Fund rose by 2.48%, slightly ahead of the benchmark STOXX 600 index which returned 2.31%. Over the past six months the Fund has risen by 12.2%, and by 12.5% over the past 12 months. Since inception in June 2008, Columbus’ return has been 129.7%, comfortably exceeding the broad European equity index. It remains notable that the higher returns do not come with higher risk as the volatility of the portfolio over the last twelve months stands at 26 % vs. 30 % for the STOXX600.

Since the new year equity investors have experienced a considerable shift in market dynamics with the dominance of growth companies over the past few years giving way to more cyclical business models. This resulted from a shift of focus towards economic recovery across Europe as Covid restrictions begin to lift, as well as a notable rise in bond yields, particularly in the US. Commodity prices have been rising steadily, leading to a general reappraisal of inflationary risks across the developed world, which affects the very high valuation multiples of companies in sectors such as technology or biotech. The fund stood up well to this rotation and we have been able to take advantage of a number of opportunities that arose as a result.

Looking within the portfolio we can see the effect of the rotation in the individual stock performances. The best of which came from our more cyclically sensitive holdings which will benefit as lockdowns ease across Europe and travel is once again permitted. Both Melia Hotels (Spanish listed resort hotels) and Fraport (German listed airport operator) contributed strongly as expected but remain considerably below the valuations they would justify in a ‘normal’ environment. Ageas (Belgium listed insurance group) also performed well as a beneficiary of the rising bond yields. Our biggest detractors in February included two excellent companies that are long term holdings on the fund; Reply (Italian listed consultancy) and SIG Combibloc (Swiss carton producer) both of which suffered in the under-current of style rotation.

The valuations of many companies impacted by the pandemic remain well below pre-Covid levels and one example of this is Dalata Hotels which operates in the UK and Ireland. Not only has the company weathered the lock-downs well but they have a considerable pipeline of new capacity ready to come on stream when the environment allows. We have built a position in the stock and see considerable upside as the environment normalises and they are able to restart their planned expansion.

Download monthly factsheet

We thank you for your trust and wish the best to you and your families during these uncertain times.

Since June 14, 2018 both domestic and foreign investors have been able to access the Columbus strategy via the master-feeder structure between the Columbus 75 Sicav in Spain (feeder) and the Luxembourg registered Pareturn GVC Gaesco Columbus European Midcap Equity Fund (master). The Luxembourg vehicle offers both institutional and retail share classes.

Report January 2021

During January, the Columbus Fund saw a decline of -3.33%, which lagged the -0.8% decrease in the STOXX 600. This fall was driven by some profit taking over the month in stocks that have performed well over the last year. Over the past six months the Fund has risen by +16.08%, and by +63.06% since the market’s low on March 18th. For the full year 2020 Columbus achieved a positive return of +7.04% which compares favourably to the official benchmark for the fund, the STOXX 600 which achieved a loss of -4.04% for the year.

Since inception in June 2008, Columbus’ return has been 127.06%, comfortably exceeding the broad European equity index. It remains notable that the higher returns do not come with higher risk as the volatility of the portfolio over the last twelve months stands at 26.5% vs. 30.0% for the STOXX600.

As the roll-out of the Covid vaccines began in earnest across much of Europe, equity investors started to focus on the light at the end of the tunnel, and the prospect of a return to economic growth later in the year. This led to a rotation within markets away from some of the higher quality, more stable growth companies towards the more cyclical businesses which had underperformed over much of the last few years. This rotation was supported by rising commodity prices, and subsequent concerns about a possible return of inflation. While more recent news of vaccine delays and persistently high Covid statistics has tempered this early enthusiasm somewhat, investors continue to look through to the summer with optimism.

The Columbus portfolio was partially impacted by this shift in style preference as we entered the new year, with two of our very long term winners, Interpump (Italian specialist engineering) and Royal Unibrew (Danish brewery) experiencing some profit taking as investors shifted into more cyclical holdings. However, the most significant negative impact came from Neoen, the French listed renewables energy producer which had been a star performer on the fund in 2020, having risen as much as 139% from the market low point in March. We remain positive on these companies and see them as quality long term winners. The biggest contributions over the month came from our two Austrian listed holdings, S&T (technology consultancy), which reiterated their guidance for 2021 of at least € 1400 m sales and EBITDA € 140 m, and AMS AG (semiconductors). Both staged solid recoveries after short-term weakness in late 2020.

 

Download monthly factsheet

We thank you for your trust and wish the best to you and your families during these uncertain times.

Since June 14, 2018 both domestic and foreign investors have been able to access the Columbus strategy via the master-feeder structure between the Columbus 75 Sicav in Spain (feeder) and the Luxembourg registered Pareturn GVC Gaesco Columbus European Midcap Equity Fund (master). The Luxembourg vehicle offers both institutional and retail share classes.

Report December 2020

During December the Columbus European Mid Cap Equity Fund rose by +5.2%, comfortably ahead of the +3.7% increase in the MSCI European Mid Cap and +2.4% in the STOXX 600. Over the past six months the Fund has risen by +21.7%, and by a remarkable +68.7% since the market’s low on March 18th. For the full year Columbus achieved a positive return of +7.04% which compares extremely favourably to the official benchmark for the fund, the Stoxx 600 which achieved a loss of slightly more than -4% for the year.

Since inception in June 2008, Columbus’ return has been +132.2%, comfortably exceeding the broad European equity index. It remains notable that the higher returns do not come with higher risk as the volatility of the portfolio over the last twelve months stands at 26% vs. 27.6% for the STOXX600.

Far from being a quiet end to the year, December delivered a number of significant events and provided the basis for continued strength in most equity markets across Europe. Investors responded positively to the outcome of the US elections and further positive news regarding vaccine approvals. The combination caused a shift in momentum towards more cyclical sectors such as materials and travel & leisure, and away from the growth stocks which had led for most of the year.

The long-awaited Brexit agreement was finally achieved late in the month but had a relatively muted impact on Sterling or the UK equity indices. For Europe the more notable news appears to have been the signing of the EU seven year budget of ~€1.8 trillion, including the ‘Next Generation EU’ Covid recovery fund. However, this raft of positive news has been tempered over the past few days as governments have shifted back to more restrictive lockdowns following a notable spike in Coronavirus infection rates across much of the world.

Two of the strongest contributors to the fund through the month were direct beneficiaries of the European budget agreement. As part of the package European leaders shifted to tougher 2030 carbon emission goals which will drive a notable increase in renewable energy investment. Neoen, (+23.67% in the month) the French listed renewable energy group, and the fund’s largest position, and Voltalia (+32.02%) French, also renewable energy. both rose sharply to reflect this improved outlook. Interpump, the Italian listed industrial equipment group, and a long time holding on the fund, also produced a strong return as investor focus shifted to the more cyclical sectors. The most significant detractor on the fund was AMS AG (-16.55%), the Austrian semiconductor group, which suffered following a negative rumour regarding a large client order. After speaking with the company, we remain convinced of the mid-term growth story and continue to back the management.

 

Download monthly factsheet

We thank you for your trust and wish the best to you and your families during these uncertain times.

Since June 14, 2018 both domestic and foreign investors have been able to access the Columbus strategy via the master-feeder structure between the Columbus 75 Sicav in Spain (feeder) and the Luxembourg registered Pareturn GVC Gaesco Columbus European Midcap Equity Fund (master). The Luxembourg vehicle offers both institutional and retail share classes.