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Main information

Fund name Globersel Equity Value Class B - 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 LU2018618707
Bloomberg GLBEVMB LX

Charges

Entry charge None
Exit charge None
Maximum management fees 1% on an annual basis
Performance fee 10% 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 500.000 Eur
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

October was a moderately negative month for global equities, with most indices posting losses. The United States nevertheless remained the most resilient market even in decline, with the S&P 500 down 2.20% and the Nasdaq Composite down 2.78%.

Monthly comment from the manager

Europe, Japan, and Emerging Markets all underperformed the United States. The Euro Stoxx 50 lost 2.72%, the Nikkei 225 lost 3.70%, and the MSCI Emerging Markets lost 3.94%. The Hang Seng in China posted a similar performance, down 3.91%. Geopolitical events in the Middle East, apart from some support for oil prices, had no significant impact. The main cause of volatility in equity valuations was the fear of higher interest rates for longer, combined with potential cyclical slowdowns, as evidenced by the dynamics of sectors most exposed to the global cycle, primarily European industrials and some commodities. In fact, oil is down more than 10%, while industrial and agricultural commodities are attempting a general rebound. Currencies, on the other hand, are not recording significant movements.

The widening of the US government bond yield was very significant, reaching 5% briefly. European government bonds, on the other hand, did not record significant movements.In general, the start of the earnings season continued to provide evidence of a still stable cycle both domestically and internationally. The expectation of stabilization/acceleration of earnings is so far confirmed, albeit with minimal positive surprises focused more on margins than on revenue growth.

So far, with just over half of companies having already reported results, it seems like a season without any major peaks of euphoria or disappointment. Much of the post-reporting movements, especially downward, are therefore driven by positioning rather than major changes in the interpretation of fundamentals.

Growth, large-cap, momentum, and minimum volatility styles were preferred in the month. The only positive sector was utilities, with energy and consumer discretionary lagging behind. The fund recorded a negative absolute performance and worse than its benchmark in the period. The selection of stocks made a significant negative contribution, mainly due to Texas Instruments, Howden Joinery, and Booking. No significant movement to highlights.

Offer documents

Document Date of the document Download
KID 01/03/2023 PDF get_app
KID ES 01/03/2023 PDF get_app
Management rules 05/02/2019 PDF get_app
Prospectus 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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