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Main information

Fund name Globersel Equity Value Class A - Metropolis
Benchmark 100% MSCI World Index
Category International Equity Fund
Legal structure Luxembourg umbrella mutual fund
Currency Euro

Investment object

The main objective of the sub-fund is the appreciation of the capital value over a long period of time (approximately 5 years) with a high level of risk.

Investment policy

The sub-fund invests in shares of companies selected according to high quality criteria, undervalued by the market in relation to their ability to generate income streams in the future, according to a value approach. Investments are concentrated in a limited portfolio (15-25 securities), with low turnover, around 5 years.

ESG, environment, society, governance

The investment process integrates environmental, social and governance factors. The fund monitors the ESG (Environmental, Social and Governance) profile of the investments and can take a position on issues that could have a negative impact on the matter.

Legal information

Depository bank CACEIS Bank, Luxembourg branch
Audit firm EY
How to subscribe it

The Funds managed by Ersel Gestion Internationale S.A. can be subscribed by sending an order to the Transfer Agent and Custodian Bank of the Fund. Investor Services Team:

  • Email address: fds-investor-services@caceis.com
  • Phone number: 00 352 47 6759 99
  • Fax number: 00 352 47 67 70 37
  • Business hours: 9 a.m. to 6 p.m. CET
  • Languages: Inglese, French, Spanish, Italian, German, Dutch

For institutional investors the orders can also be transmitted through the following distributors: Allfunds Bank, Mfex, Fund Channel.

NAV calculation frequency Daily
Fund units publication Fundsquare.net

Fund ticker

ISIN code LU2018618616
Bloomberg GLBEVMA LX

Charges

Entry charge None
Exit charge None
Maximum management fees 1.5% on an annual basis
Performance fee 20% calculated on the positive difference between the net return of the Sub-Fund and the MSCI World Index in the reference calendar year (Reference Period).
Minimum amount of the first subscription 2.500 euro
Minimum amount of subsequent subscriptions None

Performance

Period NAV Fund Benchmark
- - - -
* Average annual compound yield
NOTE: Before subscribing, read the informative prospectus. There is no guarantee of obtaining the same return afterwards.

Graphic trend

After several months of upward dynamics, the major developed markets closed April recording negative returns and underperforming stock indices in other geographic areas: the S&P and Nasdaq gave up 4%, the Eurozone 3%, and Japan 2%. The UK bucked the trend, positive.

Monthly comment from the manager

However, the recovery of emerging markets continued with rising monthly performances, although there remains a not too encouraging mix of negative revisions and sentiment. China and particularly Hong Kong marked a +7%. 

In particular, the absolute performances of the US and Europe seem weighed down by fears of a less optimal macroeconomic condition than expected until recently, influenced by the recent upward trend in rates and disappointing US inflation data, but also by the potential for increased geopolitical risk. US, UK and German government bonds in response widened by 50, 40 and 30bps, respectively. Peripheral spreads tightened instead.

Macro fears were felt on energy and agricultural commodities, while metals continued to rise. The EUR and JPY were weak against the US dollar.

In addition to developments on the macro-front, April was also characterized by updates on the micro front resulting from the reporting season. In general, aggregate expectations were not too far from those of the previous quarter (4Q 2023). Based on currently available results published by S&P 500 or Stoxx 600 companies, EPS in the quarter proved slightly higher than expected for US companies and declining for European companies; in both cases there were positive surprises although of different magnitudes.

Less surprise effect, however, regarding revenue growth which confirms earnings dynamics: higher in aggregate for US companies and slightly decreasing for European companies.  

During the month, the value style and large caps were favored. Energy and utilities were the only positive sectors, while real estate and IT were the worst, negative.

The fund recorded a negative absolute performance but higher than its benchmark over the period. Sector allocation provided a positive contribution along with stock selection, mainly thanks to Alphabet and Ashtead. No new movements.

Offer documents

Document Date of the document Download
PRIIPS KID 01/03/2024 PDF get_app
KIID (UK INVESTORS) 01/01/2023 PDF get_app
Management rules 05/02/2019 PDF get_app
Prospectus 08/01/2024 PDF get_app
Addendum to the Prospectus for Investors in the UK 01/07/2022 PDF get_app
Annual reporting requirements 31/12/2022 PDF get_app

Semi-annual reports

Document Date of the document Download
Semi annual report 30/06/2023 PDF get_app

Annual reports

Document Date of the document Download
Annual report 31/12/2023 PDF get_app
Annual Report CH 31/12/2021 PDF get_app
Annual Report DE 31/12/2021 PDF get_app
Fund manager
Metropolis Capital Limited
Gestore in delega
Risk level
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
Rating
Morningstar star star star star star
CFS Rating star star star star star

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