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During the month of September, Inversion Columbus increased by 2.21% compared to 3.60% of the STOXX 600, 3.49% of the MSCI Mid Cap and 4.90% of the IBEX 35.

Year to date performance is 16.24%. At 5Y and 7Y return are 28.44% and 77.47% respectively and since the start of Columbus’s, in July 2008, performance is 101.67% by far exceeding the European equity indexes. The volatility of the portfolio remains at 11.7% much lower than the average of recent years and similar to the volatility of the STOXX 600.

September has been a month of recovery in the markets, after the volatility of the previous month. Economic uncertainties continue to weigh on global exchanges. Macroeconomic data shows weakness in the industrial production of Germany and China, while the situation in the United Kingdom remains unclear as to what type of Brexit will occur. However, macroeconomic data in the US is mixed, with consumption and inflation data at the top of expectations.

Futures markets discount that the Federal Reserve will continue to reduce interest rates until the end of 2020. We are still expecting for an economic slowdown next year and although, we do not rule out a recession in the next twelve months, we do not expect it. Our expectation is that the declines in rates both in the US and in Europe will have an effect and economic growth will begin to accelerate again in the second part of 2020, with economies in the developed world avoiding contractions.

We continue to be sectorially positioned in consumer and service companies and with reduced positions in banks, cyclicals and natural resources as well as oil companies that have greater exposure to the economic cycle.

The portfolio currently has very attractive average valuations, with PERs and EV / EBITDAS of one digit that nevertheless have sales growth and EBITDAS of two digits for the coming years. We continue to rely on our portfolio, which is diversified in companies with high capital returns and cash generation, with strong growth in both sales and EBITDA for the coming years at discounted prices.

As for the portfolio, during the month, Columbus has risen 2.11% and year to date 14.85% as we have already pointed out. During September Interpump, the Italian water pump company rose 11.2% in the month and the French service company Spie also rose 11.3%. Our exposure to the industrial sector and cars has been reduced from the beginning of the year from 25% to 12.75%, given our most cautious position on the economic cycle. We have also increased cash to 9%.

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Since June 14, 2018, the Master-Feeder structure between Inversion Columbus 75 Sicav (feeder) and the compartment in Luxembourg, Pareturn GVC Gaesco Columbus European Midcap Equity Fund (Master), has been operational. This structure allows domestic and foreign investors to access Columbus’s strategy from a vehicle established in Luxembourg, with two types of shares according to investment volume.

The creation of this structure does not carry any type of fiscal contingency for current investors. The compartment is available on the AllFunds, Inversis and MFEX fund platforms.

During the month of October, Inversion Columbus rose by +1.74%, whilst the STOXX 600, MSCI Mid Cap and the IBEX 35 increased by +0.92%, +1.77% and +0.14% respectively. Year to date performance is +17.35%. Returns are +30.57% and +77.22% at 5Y and 7Y, respectively, and, since the genesis of Columbus in July 2008, the fund has risen by 104.98%, far exceeding that of the European equity indexes. The volatility of the portfolio remains at 11.7%, which is much lower than the average of recent years and similar to the volatility of the STOXX 600.

October has been a month of recovery in the markets. Business results which are being reported now, are better than expected, and have served to strengthen global stock markets. We have had a new cut in interest rates by the Federal Reserve in the US that seems to indicate that it may be the last for some time. The elections in the United Kingdom also reduce the possibility of a no deal Brexit. We are still expecting an economic slowdown next year and although we do not rule out a recession in the next twelve months, we do not envision it. Our expectation is that the drop in rates in both the US and Europe will have an effect and economic growth will begin to accelerate again in the second part of 2020, with economies in the developed world avoiding contractions.

We continue to be sectorially positioned in consumer and service companies and with reduced positions in banks, cyclical sectors and natural resources as well as oil companies that have greater exposure to the economic cycle. The portfolio currently has very attractive average valuations. Most of the portfolio has cheap valuations with PERs and EV/ EBITDAS in single digits while our forecast for future years are strong sales growth and earnings. We continue to have confidence in our portfolio, which is diversified in companies with high capital returns and cash generation, with strong growth in both sales and EBITDA for the coming years at discounted prices.

As for the portfolio, during October, Columbus rose 1.74% and in the year is up by 17.35% . We have seen a pivot towards more cyclical sectors. Avast, the Czech antivirus software company, listed on the London Stock Exchange, rose 17.1% in the month and Anima, the Italian asset manager, stands out with a rise of 16.7%. Among the stocks ​​that underperformed, AKKA, the French engineering company, fell -7.5% . We have taken the opportunity to increase our position in Akka. This month, we have also taken positions in the German company Software AG, which is priced at a significant discount against the sector, and in Talgo, a Spanish company which specialises in the manufacturer and maintenance of railway equipment. We expect strong growth in the coming years.

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Since June 14, 2018, the Master-Feeder structure between Inversion Columbus 75 Sicav (feeder) and the compartment in Luxembourg, Pareturn GVC Gaesco Columbus European Midcap Equity Fund (Master), has been operational. This structure allows domestic and foreign investors to access Columbus’s strategy from a vehicle established in Luxembourg, with two types of shares according to investment volume.

The creation of this structure does not carry any type of fiscal contingency for current investors. The compartment is available on the AllFunds, Inversis and MFEX fund platforms.

During the month of November, Inversion Columbus rose by 4.47% whilst the STOXX 600, MSCI Mid Cap and the IBEX 35 grew by 2.69%, 3.65% and 1.02% respectively. Year to date, performance is 21.95%. At three and seven years, profitability is 26.43% and 82.46%, respectively, and since the genesis of Columbus, in July 2008, the Fund has risen by 114.14%, far exceeding the European equity indexes. The volatility of the portfolio remains at 11.7% much lower than the average of recent years and similar to the volatility of the STOXX 600.

November has continued to be a month of recovery in stock markets. Companies’ results published so far continue to be moderately better than expected and have served to strengthen global equity markets. The elections in the United Kingdom also reduce the likelihood of a no-deal Brexit. We are still expecting an economic slowdown next year and although we do not rule out a recession in the next twelve months, we do not envision it. Our expectation is that the drop in rates in both the US and Europe will have an effect and economic growth will begin to accelerate again in H2 2020, with economies in the developed world steering clear of contractions. In the US, growth, consumption and unemployment data continue in a positive direction. In Europe, economic weakness continues to be the norm, but the slight growth of GDP in Germany was a positive surprise.

We have kept our overweight positions in consumer and service companies and have reduced positions in the banking, cyclical and natural resource sectors as well as in oil companies given their greater exposure to the economic cycle. The portfolio currently has cheap valuations, PERs and EV / EBITDAS. Nevertheless the overall portfolio has strong sales growth and EBITDAs for the coming years. We continue to have faith in our portfolio due to it being diversified in companies with high capital returns and cash generation.

As for the portfolio, in November, Columbus rose by 4.47% and in the year is up by 21.95%. Cyclical companies and out of favour sectors have continued to rally. During the month, Anima, the independent Italian asset manager, rose income by 18%, which surprised the market. The increase in income was a result of new assets under management and higher commissions. Also in Italy, Reply, the digital services company, performed strongly in the month (+18%). It published better-than-expected results with revenue increases of 15% and EBITDA of 35% over last year’s results. We are confident that this growth will continue in the coming years given its leadership in digital innovation and artificial intelligence. We have also continued to increase positions in the German company Software AG, which has significant valuation discounts against other companies in the sector and in Talgo, the Spanish company that manufactures and maintains railway equipment. We expect strong growth in both industries in the coming years.

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Since June 14, 2018, the Master-Feeder structure between Inversion Columbus 75 Sicav (feeder) and the compartment in Luxembourg, Pareturn GVC Gaesco Columbus European Midcap Equity Fund (Master), has been operational. This structure allows domestic and foreign investors to access Columbus’s strategy from a vehicle established in Luxembourg, with two types of shares according to investment volume.

The creation of this structure does not carry any type of fiscal contingency for current investors. The compartment is available on the AllFunds, Inversis and MFEX fund platforms.

During the month of December, Pareturn Columbus rose by 2.91% while the STOXX 600, MSCI Mid Cap and the IBEX 35 grew by 2.91%, 2.35% and 2.11% respectively. For the full year the absolute return was 27.61%.Fiveandsevenyearsreturnswere32.15%and82.12%respectivelyand,sincethegenesisofColumbusinJuly2008,thefundhasreturned119.12%, exceedingthatofEuropeanequityindices.The volatility of the portfolio remains at 11.7%, much lower than the average of recent years and similar to the volatility of the STOXX 600.

December was again a positive month for European stock markets which continue to benefit from stronger than expected corporate earnings. Stock prices were partly buoyed by the improving visibility surrounding Brexit, with the new British government effectively eliminating the possibility of leaving without a deal. The broader economic outlook remains mixed, however, with economic growth remaining close to zero across large parts of Europe, and the Chinese economy clearly slowing. This contrasts sharply with the US where the positive growth trend continues to be backed by strong consumption and employment figures. Although we remain somewhat cautious for the first half of the coming year in the European markets, our outlook for 2020 overall is positive with global central banks likely to remain supportive in response to any weakness.

Although the portfolio is constructed from the bottom up the structure has changed very little over the month with only a small continued reduction in our exposure to the more cyclical sectors such as banks, natural resources and energy. We continue to be positively positioned across the sectors where we see the most attractive mix of risk and reward, which are the consumer, business services and technology sectors. The average valuations of the fund remain attractive in our view, with the fund expected to see above average growth but without paying a valuation premium to the market overall. As always our focus remains on owning companies with high capital returns and free cash generation but trading at discounted valuations.

Within the portfolio the best performance in December came from Neoen, the French renewable energy company. The shares rose 20% in December taking the performance for the year up to 62%. The increase has been driven by the improving operating performance with quarterly revenues showing a 26% rise. The company reiterated its objectives for the current year, and out to 2021 by when it expects to almost double its operating profit to €400M. This will be driven by an increase in the installed capacity from 3 GW to 5 GW.

Akka Technologies was another strong performer, rising 16.3% during the month and 55.7% over the year. Akka is the leading engineering and research consulting firm in the mobility segment, and reported revenue growth of 26% during Q4. In the same period the company announced the acquisition of Data Respons, a Norwegian digital engineering consultancy, which will add scale to Akka’s own operations making it a leader in the European digital arena.

We have continued to increase our position in Software AG which in our view trades at an unwarranted discount to the sector and to its intrinsic value; as well as Talgo, the Spanish railway equipment group where we expect a significant improvement in growth in the coming years.

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Since June 14, 2018, the Master-Feeder structure between Inversion Columbus 75 Sicav (feeder) and the compartment in Luxembourg, Pareturn GVC Gaesco Columbus European Midcap Equity Fund (Master), has been operational. This structure allows domestic and foreign investors to access Columbus’s strategy from a vehicle established in Luxembourg, with two types of shares according to investment volume.

The creation of this structure does not carry any type of fiscal contingency for current investors. The compartment is available on the AllFunds, Inversis and MFEX fund platforms.

During the month of August, Columbus Investment fell -0.97% versus -1.63% of the STOXX 600, -1.26% of the MSCI Mid Cap and -1.76% of the IBEX 35.

Year to date, performance is 12.48% and the 5Y and 7Y return is 27.44% and 80.25% respectively. Since the start of Columbus, in July 2008, we have return 97.51%, by far exceeding that of the European equity markets. The volatility of the portfolio remains at 11.7% much lower than the average of recent years and similar to the volatility of the STOXX 600.

August has been a month with substantial declines in equity markets in the first half of the month and a subsequent recovery. Economic uncertainties continue to weigh on global exchanges. Macroeconomic data shows weakness in the industrial production of Germany and China, while the situation in the United Kingdom, despite the parliamentary defeats of Boris Johnson, is at least very confusing regarding the kind of Brexit that will happen.

However, macroeconomic data in the US is mixed with consumption and inflation data at the top of expectations. Futures are now discounting that the Federal Reserve will lower rates up to 100 basis points until the end of 2020, with another drop now in September. We are still expecting an economic slowdown next year and although, we do not rule out a recession in the next twelve months, we do not expect it.

Our expectation is that the declines in rates both in the US and in Europe will have an effect and economic growth will accelerate again in second half 2020, with economies in the developed world avoiding contractions.

We continue to be sectorially positioned in consumer and service companies and with reduced positions in banks, industrial and natural resources as well as oil companies that have greater exposure to the economic cycle and have been the most affected by the declines of the last month.

The portfolio currently has very attractive average valuations, with PERs and EV / EBITDAS of one digit that nevertheless have sales growth and EBITDAS of two digits for the coming years. We continue to rely on our portfolio, which is diversified in companies with high capital returns and cash generation, with strong growth in both sales and EBITDA for the coming years at discounted prices.

As for the portfolio, during the month, as we have already pointed out Columbus has fallen less than the equity markets and year to date performance is 12.48%. During august, Avast, the Czech antivirus software company rose 18.2% and the Danish brewer Royal Unibrew rose 16%. Our exposure to the industrial and autos sector has decreased since the beginning of the year from 25% to 12.75%, almost half in line with our more cautious position on the economic cycle. We have also increased cash to 9%.

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Thank you for your trust

 


Since June 14, 2018, the Master-Feeder structure between Inversion Columbus 75 Sicav (feeder) and the compartment in Luxembourg, Pareturn GVC Gaesco Columbus European Midcap Equity Fund (Master), has been operational. This structure allows domestic and foreign investors to access Columbus’s strategy from a vehicle established in Luxembourg, with two types of shares according to investment volume.

The creation of this structure does not carry any type of fiscal contingency for current investors. The compartment is available on the AllFunds, Inversis and MFEX fund platforms.

During the month of July, Inversion Columbus rose + 0.06 compared to + 0.23% of the STOXX 600 and + 0.42% of the MSCI Mid Cap and down of -2.48% of the IBEX 35.

Year to date, performance is 13.58% and the 3y and 5y is 15.12% and 85.70% respectively. Since the beginning of Columbus, in July 2008, it has almost doubled to 99.45% far exceeding the performance of the European equity indexes. The volatility of the portfolio remains at 11.7% much lower than the average of recent years and similar to the volatility of the STOXX 600.

During July, uncertainties have returned to the Stock Markets. Macroeconomic data shows weakness in Germany and China, while it has increased the risk of an Brexit without UK agreement at the end of October. However, macroeconomic data in the US is mixed with consumption and inflation data at the top of expectations. The drop in Fed rates at the end of July, widely discounted by the markets, and the foreseeable measures taken by the European Central Bank after the summer does not seem to have
calmed down the markets. Bond Futures are now discounting that the Federal Reserve will lower rates up to 100 basis points up to the end of 2020, with another drop in rates next September. We are still expecting an economic slowdown next year and although,
we do not rule out a recession in the next twelve months, we do not expect it. Our expectation is that the declines in rates both in the US and in Europe will have an effect and economic growth will begin to accelerate again in 2020, with economies in the
developed world avoiding contractions.

We continue to be sectorially positioned in consumer and service companies and with reduced positions in banks, industrial and natural resources as well as oil companies that have greater exposure to the economic cycle and have been the most affected by
the drops in share prices during the last few months.

The portfolio currently has very attractive average valuations, with PERs and EV / EBITDAS of one digit that nevertheless have sales growth and EBITDAS of two digits for the coming years. We continue to rely on our portfolio, which is diversified in companies with high capital returns and cash generation, with strong growth in both sales and EBITDA for the coming years at discounted prices.

 

Country Distribution

As for the portfolio, during the month, Columbus has remained practically flat and in the year it rises 13.58% as we have already pointed out. We continue to reduce our position to cyclics having sold German HELLA and SGL Carbon companies during the month, both related to the automotive components sector. We have no other exposure to the car sector. We have also sold our position in DOMETIC, the Swedish company manufacturing products for the caravan sector. Our exposure to the industrial sector and cars has decreased since the beginning of the year from 25% to 12.75%, almost half in line with our more cautious position on the economic cycle. We have also increased cash up to 10%.

Download monthly factsheet

Thank you for your trust

 


Since June 14, 2018, the Master-Feeder structure between Inversion Columbus 75 Sicav (feeder) and the compartment in Luxembourg, Pareturn GVC Gaesco Columbus European Midcap Equity Fund (Master), has been operational.

This structure allows domestic and foreign investors to access Columbus’s strategy from a vehicle established in Luxembourg, with two types of shares according to investment volume. The creation of this structure does not carry any type of fiscal contingency for current investors. The compartment is available on the AllFunds, Inversis and MFEX fund platforms.

imagen ficha junio

During the month of June, Inversion Columbus rose +2.95% compared to +4.28%, +2.16% and +4.08% for the STOXX 600, IBEX 35 and MSCI Mid Cap indices, respectively.

Since the beginning of the year, profitability is 13.52%. Over a three and seven year period, performance is 20.19% and 87.59%, respectively, and since the beginning of Columbus, in July 2008, it is 99.33%, far surpassing the profitability of the aforementioned European equity indices. The volatility of the portfolio remains at 11.7%, much lower than the average of recent years and similar to the volatility of STOXX 600.

During June, the world stock exchanges partially reversed the strong declines of the previous month. The fear of the trade war’s consequences has given way to investors focussing on the measures that central banks will adopt. Futures are currently pricing in the fact that the Federal Reserve will lower rates up to 3 times in the next months with the first drop due next September. The ECB has also announced measures to support the banking sector. We continue to believe that although there is an economic slowdown, we do not expect a recession.

We continue to be positioned sectorially in consumer and service companies and with reduced positions in the banking, automotive, retail, natural resource and oil sectors that have greater exposure to the economic cycle and that have therefore been the most affected by the decreases of the last month.

The portfolio currently has very attractive average valuations, with PERs and EV / Ebitdas of one digit that nevertheless have double-digit sales growth and Ebitdas forecasts for the coming years. We continue to have confidence in our portfolio, which is diversified into companies with high returns on capital and cash generation as well as strong sales and EBITDA forecasts for the next few years at discount prices.

 

Country Distribution

With regards to the portfolio, Anima’s performance (+21%) has stood out. Last month, we already pointed out that we consider the valuation of the Italian asset manager to be very attractive given the decreases of previous months and because we expect corporate movements in the sector. AKKA technologies’ performance (+15.4% for the month, 48% for the year) is also worth highlighting. The French engineering firm announced strong revenue growth of 26%, propelled by AKKA North America’s revenue growth of 34%. We have taken advantage of these increases to reduce our position in Bodycote and sell our positions in Forfarmers, K + S and FLSmitdth.

Download monthly factsheet

Thank you for your trust.

 


Since June 14, the Master-Feeder structure between Inversion Columbus 75 Sicav (feeder) and the compartment in Luxembourg, Pareturn GVC Gaesco Columbus European Midcap Equity Fund (Master), has been operational.

This structure allows domestic and foreign investors to access the Columbus strategy from a vehicle established in Luxembourg, with two types of shares according to investment volume. The creation of this structure does not bring any kind of fiscal contingency for current investors. The sub-fund is available in the AllFunds, Inversis and MFEX fund platforms.

 

During the month of May, Inversion Columbus fell by -6.82% compared to -5.70% for the STOXX 600, -5.92% for the IBEX 35 and -6.14% for the MSCI Mid Cap.

Since the beginning of the year, the fund is up 10.26% which exceeds the growth of the three aforementioned indices: STOXX 600 +9.30%, IBEX 35 +5.44% and MSCI Mid caps Europe +10.05%. At five and seven years, profitability has increased by 21.30% and 94.06% respectively, and since Columbus’ inception, in July 2008, profitability is 93.62%, far surpassing that of the European equity indices. The volatility of the portfolio remains at 11.7%, which is much lower than the average of recent years and similar to the volatility of the STOXX 600.

During May, global stock exchanges partially reversed the strong increases of the current year. In this last month, the commercial war between the US and China has been reignited. The US imposed more tariffs on China (and vice versa) and threatened Mexico. The refuge in this
situation has been government bonds, which in many cases have reached historical lows in their profitability. The Bond Futures price in the Federal Reserves plans to lower rates up to 3 times in the next months. The ECB has also announced measures to support the banking sector. We continue to believe that while there is an economic slowdown, we do not expect a recession.

We continue to be positioned sectorially in consumer and services companies. In contrast, we hold reduced positions in the banking, automotive, retail, natural resource and oil sectors due to their greater exposure to the economic cycle (these stocks were those that were most negatively impacted last month). We have sold our position in Rotork, thus further reducing our exposure to industrial companies.

The portfolio currently has very attractive average valuations, with PERs and EV/Ebitdas of one digit that nevertheless have double-digit sales growth and Ebitdas for the coming years. We continue to have faith in our portfolio, which is diversified into companies with high returns on
capital and cash generation, with strong growth in both sales and EBITDA for the next few years at discount prices.

 

Country Distribution

Throughout May, the companies in the portfolio have continued to publish their first quarter results. AKKA technologies has proven to be a standout performer (0.8% for the month, 37.3% for the year) with the French engineering company achieving revenue growth of 26% of the back of its North American division’s revenue growth of 34%. Amplifon (9.7% for the month, 44.4% for the year) has also shown significant growth. The Italian company, who are the market leaders in the hearing aid market, grew revenue and profits by 26% and 33%, respectively, to €392m and €19m. Finally, Autotrader (1.2% for the month, 21.4% for the year), the UK market leader in used car sales, published strong results with revenue and operating profits growing by 8% and 10%, respectively.

On the other hand, the Italian investment management company, Anima (-13% for the month, -14.2% for the year), reported a fall in profits as a result of a drop in performance fees. We maintain the stock due to its valuation and because we expect corporate movements in the Italian investment management sector.

Since June 14, the Master-Feeder structure between Inversion Columbus 75 Sicav (feeder) and the compartment in Luxembourg, Pareturn GVC Gaesco Columbus European Midcap Equity Fund (Master), has been operational.

This structure allows domestic and foreign investors to access the Columbus strategy from a vehicle established in Luxembourg, with two types of shares according to investment volume. The creation of this structure does not bring any kind of fiscal contingency for current investors. The sub-fund is available in the AllFunds, Inversis and MFEX fund platforms.

Download monthly factsheet

Thank you for your trust.

 

During the month of April, Inversion Columbus rose 6.44% compared to 3.23% for the STOXX 600, 3.57% for the IBEX 35 and 3.87% for the MSCI Mid Cap.

Since the beginning of the year, the fund rose 18.33% which exceeds those of the aforementioned indices (STOXX 600, IBEX 35 and MSCI Mid caps Europe). At five and seven years, profitability has increased by 31.97% and 95.14% respectively and since Columbus’ inception, in July 2008, profitability is 107.80%, far surpassing that of the European equity indices. The volatility of the portfolio remains at 11.7%, much lower than the average of recent years and similar to the volatility of the STOXX 600.

April has been a good month for equity markets. The concern over the last few months regarding the macroeconomic situation has given way to a message of caution from central banks. Businesses’ results are still better than expected although the percentage of companies that beat expectations has fallen. Since the beginning of the year, the industrial sector (and cyclical sectors in general) have been the ones that have recovered the most.

Regarding the portfolio, the 6.44% revaluation has been based on the business results of the companies that have already reported. The rise has been widespread with almost a third of the stocks we hold experiencing increases above 5%. Only five values had a negative return in the month.

We continue to be positioned sectorially in consumer and service companies and with reduced positions in the banking, natural resources and oil sectors that have greater exposure to the economic cycle.

The portfolio currently has very attractive average valuations, with PERs and EV / Ebitdas of one digit that nevertheless have double-digit sales growth and Ebitdas for the coming years. We remain confident in our portfolio, which is diversified into companies with high returns on capital and cash generation; with strong growth in both sales and EBITDA for the next few years at discount prices.

Country Distribution

Among the companies that reported in April, it is worth highlighting Edenred’s strong results (+ 2.2% revaluation in the month, 30.8% so far this year). The French company, who is the biggest player in the corporate sector of prepaid vouchers (ticket restaurante is its best-known brand) announced record revenues in the first quarter, with double-digit organic growth (14.2%).

Operating growth of more than 7% and EBIT of 9% are forecasted. Edenred, which is Columbus’ main position, has been helped by the growth in Europe and Brazil’s recovery, which accounts for a third of its income. During 2019 it will focus on integrating recent acquisitions during the first half of the year.

As well as Edenred, Reply’s performance (31.7% revaluation in the year) also stands out. The Italian company specialise in the design and implementation of solutions based on new communication channels and digital media. Revenues increased to €1.040 billion compared to €884 million a year ago and net profits rose to €100 million compared to the €78 million from the previous year.

Since June 14, the Master-Feeder structure between Inversion Columbus 75 Sicav (feeder) and the compartment in Luxembourg, Pareturn GVC Gaesco Columbus European Midcap Equity Fund (Master), has been operational.

This structure allows domestic and foreign investors to access the Columbus strategy from a vehicle established in Luxembourg, with two types of shares according to investment volume. The creation of this structure does not bring any kind of fiscal contingency for current investors. The sub-fund is available in the AllFunds, Inversis and MFEX fund platforms. Thank you for your trust.

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