GVC Gaesco T.F.T., FI

Description

An Equity Fund which invests in three sectors: Technology, Pharmaceutical, Telecommunications. All three are sectors with great long-term potential.

Investment Policy

Technology is clearly a "growing" sector. The other two have more of a "value" character and the growth rates are more moderate. However, they generate a great deal of cash and pay high dividends, which stabilizes the return. The fund usually has about 70-80 titles in its portfolio.

The technology sector is one that has the greatest weight in the Fund, followed by pharmaceuticals and telecommunications. The minimum investment per sector is 20%.

Given the current market conditions, the Fund maintains a constant investment in Nasdaq future purchases. These derivatives are not intended to be speculative; they are only to increase market exposure. They will remain in the Fund until the markets value them at the price that GVC Gaesco considers them to have.

  • In the Telecoms sector not only telephone companies are included. There are cable producers and distributors due to the growth experienced in recent months. E.g.: Kabel Deutschland.
  • In the Pharmaceuticals sector, in addition to conventional pharmaceuticals, biotech companies are also included. Concept of "health".
  • The Technology sector is also very extensive.

When investing the currency effect is also evaluated. The managers believe that this can contribute profitability to the Fund. Therefore, exposure (not hedging) is managed depending on our view of the currency exchange rate. Currently, the Fund has a non-Euro exposure of 62% (around 2/3).

The Fund has a very low turnover. A return to its fundamental value will be the reason for reimbursement. Likewise, if in the market there is a better opportunity for a discount and potential for the assets, this opportunity will be incorporated into the portfolio.

This is a fund that will be permanently invested, with a minimum of 85% of its assets in Equities.

It may invest in derivative instruments traded on organized and OTC markets for hedging and investment purposes.

Details

The Benchmark Index is the simple average of the three sectoral indices in the DJ Stoxx family: DJ Europe STOXX Telecommunications, DJ STOXX Europe Pharmaceutical and DJ STOXX Europe Technology. Despite being a European Benchmark, investments are made worldwide. The weighting of each of the three sectors can range from a minimum of 20% to a maximum of 45%.

(*) Change of investment policy 01/04/1999.

 

General Information
Category International Equity
Risk Profile Very High
Managing Company GVC Gaesco Gestión, SGIIC, SA
Custodian Santander Investment, SA
Launch Date 12/12/1997 (*)
NAV
Benchmark Index Telecommunications, DJ STOXX Europe Pharmaceutical and DJ STOXX Europe Technology
Currency EUR
ISIN ES0138984036
Bloomberg FONVAL2 SM
Liquidity Daily