Global Equity: Pure Fundamental Approach. Your future and present budget - GVC Gaesco THT Global Equity Fund: Investing in the sectors with an ...
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Global Equity: Pure Fundamental Approach. Your future and present budget
GVC Gaesco THT Global Equity Fund:
Investing in the sectors with an increasing share in private and public budgets
Eurozone household expenditure evolution | www.fondos.gvcgaesco.com 2
US Healthcare expenditure of US Households as a percentage of final consumption expenditure
Health expenditure %
of final consumption expenditure of US Households
21.8% 21.8%
21.4%
20.9% 20.9% 20.9%
20.8% 20.9% 20.8%
19.7%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Source: GVC Gesco Gestión, SGIIC on OECD Stat
| www.fondos.gvcgaesco.com 3
IT & Communications & Healthcare Sectors: Increasing stake of the Global Corporate Capex
Source: Global Corporate Capex Survey 2019. S&P Global ratings
| www.fondos.gvcgaesco.com 4
UK Central Government Spending
Source: Apsiz Services LTD. 2014
| www.fondos.gvcgaesco.com 5
ICT Spending keeps growthing at a very fast pace Worldwide
Source: ICT 2018 – 2022 Spending Forecast. IDC
| www.fondos.gvcgaesco.com 6
TECHNOLOGY
H
T Some of our current
holdings:
Nidec Corp.
Nidec Corporation operates as a world's leading manufacturer of
small precision motors mainly used in HDD and optical disk
drives.
The company has extended its focus to the home appliance and
automotive markets.
NIDEC is active in M&A and its subsidiaries include the world's
leading manufacturers of LCD panel handling robots and camera
shutters.
6.47% GVC Gaesco T.H.T.
Sector Country Market Cap Employees
Technology Japan 32.940B EUR 107,554
EBITDA Net
Million EUR Sales EBITDA
Margin Income
2007 4,199 M 627 M 14.9% 266.3 M
2018 11,489 M 1,741 M 15.2% 1,016 M
2019 E 11,851 M 1,858 M 15.7% 964.6 M
2020 E 12,801 M 2,316 M 18.1% 1,224 M
| www.fondos.gvcgaesco.com 8
Expert System
Expert System offers semantic analysis products and services which
include semantic and natural language text searches, text analytics,
development and management of taxonomies and ontologies,
categorization, data and metadata extraction and natural language
processing.
Explore all of our text mining applications based on solution areas or
vertical sector: Banking & Insurance, Defence & Intelligence, Public
Administration, Life Science & Pharma, Oil & Gas, Media &
Publishing.
2.88% GVC Gaesco T.H.T.
Sector Country Market Cap Employees
Technology Italian 119.8 M EUR 214
EBITDA Net
Million EUR Sales EBITDA
Margin Income
2018 28.7 4.6 16.2% -3.7
2019 E 33.1 7.2 21.8% -1.6
2020 E 37.4 9.3 24.7% 1.5
| www.fondos.gvcgaesco.com 9
SOPHOS Group PLC
Sophos Group PLC provides information technology security and data
protection products.
The Company offers protection against viruses, known and unknown
malware, spyware, intrusions, unwanted applications, spam, policy
abuse, and data leakage.
Sophos Group operates worldwide.
2.61% GVC Gaesco T.HT.
Sector Country Market Cap Employees
Technology United Kingdom 1.443B GBP 3,260
EBITDA
Million EUR Sales EBITDA Net Income
Margin
2018 548.3 M 24 M 4.4% -45.1 M
2019 E 624.9 M 96.5 M 15.4% 46.8 M
2020 E 684.6 M 112.7 M 16.5% 63.6 M
| www.fondos.gvcgaesco.com 10Teradyne Inc.
Teradyne, Inc. designs, manufactures, sells, and supports
semiconductor test products and services on a worldwide basis.
The Company's test equipment products and services include,
semiconductor test systems, military, aerospace test instrumentation,
circuit-board test, inspection systems, automotive diagnostic, and test
systems.
2.29% GVC Gaesco T.H.T.
Sector Country Market Cap Employees
Technology USA 6.910B USD 4,900
EBITDA
Million EUR Sales EBITDA Net Income
Margin
2018 1,780 M 507.9 M 28.5% 341.1 M
2019 E 1,835 M 507.9 M 27.7% 333.2 M
2020 E 2,120 M 594.6 M 28% 416.5 M
| www.fondos.gvcgaesco.com 11T
HEALTHCARE
T
Some of our current
holdings:Medtronic PLC
Medtronic, PLC develops therapeutic and diagnostic medical
products.
The Company's principal products include those for bradycardia
pacing, tachyarrhythmia management, atrial fibrillation
management, heart failure management, heart valve
replacement, malignant and non-malignant pain, and movement
disorders.
Medtronic's products are sold worldwide.
5.01% GVC Gaesco T.H.T.
Sector Country Market Cap Employees
Health Care USA 122.139B USD 86,000
EBITDA Net
Million EUR Sales EBITDA
Margin Income
2018 25,364 M 7,728 M 30.5% 4,246 M
2019 E 26,958 M 9,050 M 33,6% 6,164 M
2020 E 28,057 M 9,356 M 33.3% 6,403 M
| www.fondos.gvcgaesco.com 13Fresenius Medical Care AG & Co KGaA
Fresenius Medical Care AG & Co. KGaA offers kidney dialysis
services and manufactures and distributes equipment and products
used in the treatment of dialysis patients.
The Company also offers clinical laboratory testing and diagnostic
testing services and provides home infusion, respiratory therapy,
ultrasound, and echo-cardiography.
Fresenius operates worldwide.
3.62% GVC Gaesco T.H.T.
Sector Country Market Cap Employees
Health Care Germany 21.724B EUR 112,658
EBITDA
Million EUR Sales EBITDA Net Income
Margin
2018 16,546 M 2,880 M 17.4% 1,116 M
2019 E 17,356 M 3,245 M 18.7% 1,332 M
2020 E 18,367 M 3,503 M 19.1% 1,452 M
| www.fondos.gvcgaesco.com 14Grifols SA
Grifols S.A. develops, manufactures, and markets plasma
derivatives, IV Therapy, enteral nutrition, diagnostic systems, and
medical materials.
Grifols is a global healthcare company dedicated to improving the
health and well-being of people around the world.
Established in Barcelona, Spain in 1940, an industry leader in the
production of plasma-derived medicines, with 20,000 employees
across 30 countries.
1.02% GVC Gaesco T.H.T.
Sector Country Market Cap Employees
Health Care Spain 15.429B EUR 18,456
EBITDA Net
Million EUR Sales EBITDA
Margin Income
2018 4,486 M 1,233 M 27.5% 581.7 M
2019 E 4,862 M 1,369 M 28.2% 735.3 M
2020 E 5,206 M 1,500 M 28.8% 829.6 M
| www.fondos.gvcgaesco.com 15T
H
TELECOM
Some of our current
holdings:Euskaltel
Cable operator in some regions in northern Spain:
País Vasco, Galicia & Asturias
Leading position in these regions
Euskaltel S.A. operates as a global telecommunication
company. The Company offers wireless telephone, internet,
television access, and other services. Euskaltel serves its
customers throughout Spain.
3.90% GVC-Gaesco T.H.T.
Sector Country Market Cap Employees
1,489
Cable Operator Spain 699
Million EUR
EBITDA Net
Million EUR Sales EBITDA
Margin Income
2009 339 118 34.7% 26
2017 609 280 46.0% 59
2018 675 316 47.0% 78
2019 E 698 342 49.0% 74
2020 E 707 346 49.0% 80
| www.fondos.gvcgaesco.com 17Softbank Corp.
SoftBank Corp. provides telecommunication and networking
services.
The Company offers mobile communication opening, short
messaging and video function opening, and other related
services.
Softbank also sells mobile phones.
Recently the company execute a 6.5% stocks buyback
2.46% GVC Gaesco T.H.T.
Sector Country Market Cap Employees
Communications Japan 93.744B EUR 74,592
EBITDA Net
Million EUR Sales EBITDA
Margin Income
2007 16,969 M 3,427 M 20.2% 192.2 M
2018 70,714 M 23,132 M 32.7% 8,475 M
2019 E 76,491 M 24,727 M 32.3% 9,277 M
2020 E 77,985 M 22,240 M 28.5% 10,570 M
| www.fondos.gvcgaesco.com 18Telia
Telia Company AB offers telecommunication services.
The Company offers mobile communications services as well as
operates fixed networks throughout Eurasia.
2.42% GVC Gaesco T.H.T.
Sector Country Market Cap Employees
Communications Sweden 179.395B SEK 20,439
EBITDA Net
Million EUR Sales EBITDA
Margin Income
2018 83,559 M 27,868 M 33.4% 10,597 M
2019 E 87,303 M 28,296 M 32.4% 11,024 M
2020 E 88,444 M 28,829 M 32.6% 11,426 M
| www.fondos.gvcgaesco.com 19Sectorial Evolution in GVC Gaesco THT fund
50.00%
45.00%
40.00%
35.00%
30.00%
25.00%
20.00%
15.00%
Technology Telecom Health
| www.fondos.gvcgaesco.com 20Portfolio Composition
% Equity Exposure 97.5%
Número Holdings 60
UTA 8.43
Countries % Portfolio Holdings
Europe ex-Spain 38.5% 22
%
Sectors Holdings Japan 25.1% 13
Portfolio
Pharma 32.3% 23 Spain 9.5% 7
Technology 38.8% 23 Asia ex-Japan 8.7% 6
USA 7.8% 9
Telecom 26.3% 14
UK 6.3% 2
Brazil 1.6% 1
Ranked ( 0 to 10)
Value/Growth 6.29
Small/Large 6.09
| www.fondos.gvcgaesco.com 21Pareturn GVC Gaesco THT Global Equity Fund Class A
42
37
32
27
22
17
12
7
GVC-Gaesco TFT Benchmark
Year YTD Jan Feb Mar Apr May Jun Jul Aug Set Oct Nov Dec
2009 35.94% 0.84% -5.45% 1.78% 11.24% 3.00% 0.14% 6.69% 3.19% 4.41% -1.41% 1.35% 6.31%
2010 21.33% 0.14% 1.74% 7.43% 1.96% -3.32% -2.28% 1.09% -3.05% 4.68% 4.34% 1.39% 6.03%
2011 -7.35% 0.97% 0.67% -2.47% -0.78% 1.98% -4.47% -2.18% -7.16% -2.53% 6.83% 0.28% 1.95%
2012 13.79% 5.91% 5.19% 2.36% -1.31% -5.97% 1.73% 2.71% 0.00% 2.52% -3.37% 3.16% 0.72%
2013 26.19% 3.23% 3.26% 1.94% 0.60% 1.54% -2.62% 2.91% 0.41% 5.40% 3.37% 2.72% 0.96%
2014 9.85% 0.72% 3.63% 2.00% -4.59% 5.04% 0.84% -2.25% 3.20% -1.10% -0.02% 1.37% 0.96%
2015 12.83% 7.81% 6.38% 3.45% -1.06% 0.65% -1.38% 0.59% -7.19% -3.84% 8.42% 4.38% -4.69%
2016 6.28% -7.69% 1.03% 0.27% 1.08% 4.73% 0.78% 2.72% -0.28% 1.22% -1.85% 0.12% 4.57%
2017 15.30% 2.29% 4.55% 0.84% 1.96% 5.50% -3.23% 0.37% -1.59% 2.55% 3.70% -2.69% 0.49%
2018 -9.70% 3.94% -5.22% -3.26% 4.20% 3.36% -0.19% -0.74% -0.83% -1.01% -4.04% 1.47% -7.11%
2019 22.61% 6.58% 2.35% 1.59% 4.14% -7.05% 6.48% -0.31% -2.39% 3.70% 2.96% 3.31% 0.01%
2020 0.64% 0.64%
Annualized Return 10Y 10.43%
| www.fondos.gvcgaesco.com
22Useful data
Useful Data. Pareturn GVC Gaesco THT Global Equity Fund
GVC Gaesco TFT, FI
A Class
Category Euzo Zone Small Caps Equity
Launching Date 12/12/1997 ISIN ES0138984036
1/3 STOXX Europe 600 Technology,
Benchmark 1/3 STOXX Europe 600 Healthcare Management Fee 2.25% + 0.35% Master
and 1/3 STOXX Europe 600 fund
NAV Calculation Daily
Currency Eur Minimum investment 1€
Eur
Asset manager GVC Gaesco Gestión, SGIIC
Depositary BNP Paribas Spain Bloomberg Ticker FONVAL2 SM
Pareturn GVC Gaesco THT Global Equity Fund
Category Euro Zone Small Caps Equity R Class I Class (EUR-USD) U Class
Launching Date Nov/2019
1/3 STOXX Europe 600 Technology, ISIN LU1954207004 LU1954207186 LU1954206964
1/3 STOXX Europe 600 Healthcare
Benchmark
and 1/3 STOXX Europe 600 Management Fee 1.35% 0.75% 0.35%
Telecommunications
NAV calculation Daily Minimum 300,000 10€ /10$ 10,000,000
investment Eur
Management Company MDO
Investment Manager GVC Gaesco Gestión, SGIIC Bloomberg Ticker
Transfer Agent BNP Securities Services Luxembourg
Depositary BNP Securities Services Luxembourg
Auditor Deloitte
Fund Administration BNP Securities Services Luxembourg
| www.fondos.gvcgaesco.com 24Awards
GVC Gaesco Gestión
Asset Management
Mutual Funds: ES & LU 31 ES Mutual Funds
SICAVs: ES & LU 3 LU Mutual Funds
Portfolio Management: ES & LU
44 ES SICAV
Pension Funds: ES
1 LU SICAV
Venture Capital: ES
8 Pension Funds
2 Venture Capital Companies
19 Awards in the last 10 years
Performance Awards
2017
2015
2013
2011
2009
2008
2007
2006
| www.fondos.gvcgaesco.com 26Pareturn GVC Gaesco Absolute Return Fund
GVC Gaesco Gestión, SGIIC
Funds People stamp in 2018
Awarded by European Funds Trophy in
Paris as the best Spanish asset manager in
the category
Bona-Renda, FI GVC Gaesco Small Caps, FI
GVC Gaesco TFT, FI
Top 10 performer of the Spanish Top 10 performer of all the
Top performer of the Spanish Spanish funds in 2017
balanced funds in 2017
sectorial funds in 2017
Fuente: Morningstar, VDOSMore than 20 awards in the last 10 years: A recognition of the Company’s strategy and investment philosophy
2018 2007
GVC Gaesco Gestión, SGIIC GVC Gaesco Gestión, SGIIC
Ranked Best Spanish Asset Management in Award: Eurofonds Fundclass (Le Monde)
its category by the European Funds Trophy Category: All Funds
2013
Fund: Pareturn GVC Gaesco Absolute Return Fund: Gaesco Fondo de Fondos, FI
Fund Fund: IM 93 Renta, FI Award: Eurofonds Fundclass (Le Monde)
In 2018 received Funds People’s stamp of Award: Morningstar – El Economista Category: Equity
approval as a featured product Category: Mixed Flexible Euro
Fund: Catalunya Fons, FI
Award: Eurofonds Fundclass (Le Monde)
2017 2011 Category: Mixed Equity Spain
Fund: GVC Gaesco Small Caps, FI, Manager: Jaume Puig – Mejor Gestor Fund: Catalunya Fons, FI
Category: Among the Top 10 of the most de RV última década Award: Eurofonds Fundclass (Le Monde)
profitable Spanish Mutual Funds 2017 Award: Interactive Data – Expansión Category: Mixed Equity Europe
XXV Aniversario Expansión
Fund: Bona-Renda, FI GVC Gaesco Small Caps, FI
Category: Among the Top 10 of the most Category: Equity
profitable Spanish Mixed Mutual
Fund: GVC Gaesco TFT, FI 2009
Category: The most profitable Sectoral
Spanish Mutual Fund 2017 Fund: Bona Renda, FI
Award: Eurofonds Fundclass (Le Monde)
Category: Mixed Equity
2015
Funds: 2008
GVC Gaesco Small Caps, FI,
GVC Gaesco Op. Empresas Inmobiliarias, FI Fund: Gaesco Fondo de Fondos, FI
GVC Gaesco Japón, FI, Award: Eurofonds Fundclass (Le Monde)
GVC Gaesco 300 Places Worldwide, FI Category: Equity
Category: Top 20 Best Performing Spanish
Investment Funds in 2015
| www.fondos.gvcgaesco.com 28More than 20 awards in the last 10 years: A recognition of the Company’s strategy and investment philosophy
2006 2004 2002
GVC Gaesco Gestión, SGIIC GVC Gaesco Gestión, SGIIC Fund: Cahispa Renta, FI
Award: Lipper – Cinco Días Award: Eurofonds Fund Class (Le Monde) Award: Lipper – Cinco Días
Category: All Funds Category: All Funds Category: Mixed Fixed Income
Fund: Gaesco TFT, FI GVC Gaesco Gestión, SGIIC
Award: Standard&Poor’s – Expansión Award: Standard&Poor’s – Expansión
Category: Equity Category: Best Spanish Equity Asset 2001
Management
Fund: Gaesco Fondo de Fondos, FI Funds: Fund: Gaesco Fondo de Fondos, FI
Award: Morningstar – Intereconomía Gaesco Small Caps, FI, Award: Standard&Poor’s – Expansión
Category: Equity GaescoQuant, FI, Category: Equity
Gaesco Emergentfond, FI,
Fund: Cahispa Emergentes, FI Gaesco Fondo de Fondos, FI, Fund: Cahispa Renta, FI
Award: Morningstar – Intereconomía Eurofondo, FI, Award: Standard&Poor’s – Expansión
Category: Renta Variable Bolsalider, FI, Category: Mixed Fixed Income
Fondguissona, FI,
Fund: Bona Renda, FI Gaesco TFT, FI,
Award: Standard&Poor’s – Expansión Gaesco Multinacional, FI,
Category: Mixed Equity Cahispa Small Caps, FI,
Cahispa Eurovariable, FI,
Cahispa Emergentes, FI,
Cahispa Multifondo, FI
Fund: Fonsglobal Renta, FI
Award: Standard&Poor’s – Expansión
Category: Mixed Equity
Fund: FonsManlleu Borsa, FI
Award: Standard&Poor’s – Expansión
Category: Mixed Equity
| www.fondos.gvcgaesco.com 29Legal Disclaimer
The present information has an advertising nature of GVC Gaesco Beka, SV. SA and purely informative purpose to the recipients, complying with the rules of conduct applied to
all investment services. Therefore, it has been tried that the information is sufficient and understandable for any likely recipient of it.
GVC Gaesco Beka S.V. S.A. is member of the Comisión Nacional del Mercado de Valores with number 182, is member of Bolsas de Barcelona, Madrid and Valencia,
settlement and custody member of MEFF and debt manager with total capacity
GVC Gaesco Beka is a brokerage firm legally authorized to render investment services as referred in the article 63 of la Ley del Mercado de Valores and its ordinance,
particularly the Real Decreto 217/2008, on the 15th February, on the law for investment services companies, the Ministerial Order on 7th October 1999 of developing the
general code of conduct on portfolio managing and the Comisión Nacional del Mercado de Valores (CNMV) 2/2001, 30th May circular
The competent authorities that regulate GVC Gaesco activities are Comisión Nacional del Mercado de Valores, Paseo de la Castellana, 19, 28046 Madrid; Banco de España,
Alcalá, 48, 28014 Madrid
GVC Gaesco Beka is subjected to Fondo de Garantía de Inversiones (FOGAIN) in accordance with the current law, FOGAIN, Paseo de la Habana, 82, 28036 Madrid
GVC Gaesco Beka renders the client the following contract services:
- Postal mail to GVC Gaesco Beka S.V. S.A., Calle Fortuny, 17, 28001 Madrid / Dr. Ferran, 3 - 5, 08034 Barcelona
- Telephone service 914 315 606 / 933 662 727 / 955 328 500 / 961 394 965
- Switchboard telephone / fax 902 237 237 / 915 762 937 / 93 550 47 75
- Corporate e-mail info@gvcgaesco.es
General information on GVC Gaesco Beka, as well as information related to agents are available on the website www.valores.gvcgaesco.com. Client’s can communicate with
GVC Gaesco Beka in Spanish and Catalan.You can also read
