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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

The main stock indices resumed their upward path in May, although with less linear dynamics compared to the beginning of the year.

Monthly comment from the manager

The S&P rose by 5%, the Nasdaq by 7%, while Europe lagged behind at +2% but still positive. Japan and Emerging Markets were exceptions, with slight declines when valued in euro. The latter, in particular, after a vigorous rebound in April, returned to losing ground led by China, the leader both in upward and downward movements.

The US and Europe, however, emerged from the reporting season with more confirmation of a scenario characterized by recovering/stabilizing growth, albeit still concentrated in certain sectors. As in the past two quarters, the earnings growth of the S&P 500 index, for example, would be slightly negative if the contributions of the main mega-caps were excluded. Europe benefits from the very positive phase of continental banks as well as its global champions, even though in the aggregate, fundamentals are not yet clear.

In general, the upward inertia still seems to hold, and fundamentals support this direction, justifying multiples in the upper range of the historical distribution but still far from valuation excesses. However, the short-term dynamics have become more volatile and apparently more correlated with macro data that are often not entirely consistent with each other. In particular, sensitivity to government bond yield fluctuations has increased, as has intra-sectoral volatility, which is leading to continuous changes in short-term momentum. US and UK government bonds tighten after April's monstrous widenings, while the German 10-year continues its widening movement. Peripheral spreads tighten marginally.

The price of crude oil declines, while those of metals and agricultural commodities recover. The greenback is also weak against EUR and JPY.

During the month, growth and momentum styles are favored. Technology and utilities stand out, while energy is the worst-performing sector, negative, in line with the trend in crude oil.

The fund recorded a positive absolute performance but underperformed its benchmark in the period. The sector allocation provided a positive contribution but not enough to balance the negative one from unfavorable stock selection, mainly due to Ryanair, Kubota, and Ashtead. The weight of Diageo rises slightly.

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
Metropolis Capital Limited
Gestore in delega
Risk level
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Rating
Morningstar star star star star star
CFS Rating star star star star star
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