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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

A very positive month for global equities, which regained their strength and performance, returning to their highs of the year.

Monthly comment from the manager

Leading the way once again is the NASDAQ up 11%, followed by the S&P500 (+9%) and the Eurozone with the Emerging Markets (+8%), where Mexico (+10%) and Brazil (+12%) contrasted with China, unchanged. Japan more in line with developed markets in the same currency.

The strong market recovery seems to have more of a macro basis at this stage. A series of data supporting the disinflationary thesis, with growth holding up, helped to lift sentiment, which was also supported by fairly pronounced falling rates of interest. Like inflation, government bonds in fact tightened globally, with the treasury leading at -60bps, followed by the bund at around -40bps, peripheral spreads and break even tightened too. At the same pace, oil and derivatives also fell, while gold and precious metals continued to climb, especially in correspondence with the weakness of the USD. 

The evidence on the state of the consumer is more mixed. On the one hand, consumer spending seems to be holding up, as highlighted by the cyber week; on the other, the post-Covid liquidity cushion is running out and more discretionary consumer spending already seems to be suffering. In the background, the reporting season is not brilliant but sufficient to confirm the bottom-line hypothesis and re-acceleration in useful growth implicit in the consensus numbers.

The darker side concerns a certain difficulty for sales to grow, in aggregate, above inflationary levels, while margins seem to have found a bottom and have been the main contributors to bringing profit growth back into positive territory. However, the underlying theme remains that of a clear differentiation in fundamentals, even in the short term, between the US Magnificent 7 and the rest of the index. Much of the re-acceleration, both margin recovery and revenue growth, seen in the aggregate numbers is due to the larger companies in the US index, without which the numbers would be quite different.

The fund's absolute performance was positive and outperformed its benchmark over the period. Stock selection made negative contributions, for Cisco, Ashtead and Comcast. By contrast, financials and healthcare made good sector contributions. No notable movements.

Offer documents

Document Date of the document Download
PRIIPS KID 01/03/2023 PDF get_app
KIID (UK INVESTORS) 01/01/2023 PDF get_app
Management rules 05/02/2019 PDF get_app
Prospectus 01/07/2022 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 31/12/2022 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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