GVC Gaesco Oportunidad Empresas Inmobiliarias R.V., FI

WSP commentary

Draft commentary, machine-generated from the fund's prospectus dated 08.06.2026; key information document (PRIIPs), not yet reviewed by WSP.

Investment rationale

This is an international equity fund designed as a sector-specific exposure to listed real estate companies, SOCIMIs, REITs and equivalent foreign entities. Its objective is to beat the STOXX Global 1800 Real Estate Index, and the PRIIP document classifies it as risk class 4 on a 1-7 scale, with a recommended holding period of 5 years. The fund is intended for investors with basic, informed or advanced knowledge and a long-term horizon who can tolerate losses consistent with the fund’s risk profile. Given its concentrated real estate sector focus, high equity exposure and meaningful currency exposure, it is a distinct satellite allocation rather than a broad diversified global equity holding.

Investment strategy

The fund is an actively managed international equity fund that takes the STOXX Global 1800 Real Estate Index as a reference and seeks to outperform it, without being constrained to hold the index or its components. It maintains a full-invested approach with at least 85% in equities and normally 100%, investing in real estate companies, SOCIMIs, REITs and equivalent foreign entities, mainly large caps and to a lesser extent mid and small caps, listed on authorised markets worldwide. Fixed income exposure may reach up to 15% on a temporary basis, limited to public or private OECD issuers with high credit quality of A- or above, or at least the same quality as the Kingdom of Spain, and with average duration below 2 years. Exposure to emerging markets is capped at 33%, exposure to foreign exchange risk is above 30%, investment in other eligible UCITS and non-UCITS is capped at 10%, and deposits at credit institutions may reach 15%. The fund may use listed and OTC derivatives for both hedging and investment, with maximum market exposure through derivatives up to 100% of net assets, and the share class is accumulation; the recommended holding period is at least 5 years.

Investment philosophy

• The portfolio follows a full-invested philosophy, with equity exposure of at least 85% and normally 100%, while respecting minimum liquidity requirements.

• The investment universe is sector-specific and consists of listed real estate companies, SOCIMIs, REITs and equivalent foreign entities traded on authorised markets, mainly large-cap names and to a lesser extent mid- and small-cap companies.

• Security selection is based on the management company’s judgement of which securities offer the best solvency ratios and appreciation prospects at each moment.

• Temporary fixed income exposure of up to 15% is allowed in OECD public or private issuers with high credit quality, generally A- or above, or at least equivalent to Spain, with average duration below 2 years; investment in other funds is limited to 10% and deposits to 15%.

• Risk controls and portfolio limits include a maximum 33% exposure to emerging markets, foreign exchange exposure above 30%, derivative market exposure capped at net asset value using the commitment approach, and the possible use of collateralised efficient portfolio management techniques such as temporary asset purchases or sales for up to 180 days.

The asset manager

The fund is managed by GVC Gaesco Gestión, SGIIC, S.A., which belongs to the GVC Gaesco group. The management company was incorporated on 30/07/1985, registered with the CNMV on 09/12/1985 under number 29, and is based at C/ Doctor Ferran 3-5, 1ª Planta, Barcelona 08034. According to the CNMV records cited in the document, subscribed capital amounts to EUR 480,808. At the date of the prospectus, the firm also managed 43 investment funds and 5 investment companies.

Strengths

The fund is distinguished by its dedicated global listed real estate mandate, rather than a generalist global equity approach. It combines an active management objective with a sector-specific benchmark, aiming to outperform the STOXX Global 1800 Real Estate Index while allowing significant deviation from that reference. The portfolio is structured as a high-conviction equity allocation, normally 100% invested in the sector, with only limited temporary use of fixed income, deposits and other funds. For Class I, the direct management fee is 0.75% annually, which is materially below the fees shown in the class comparison for Classes A and P.

Risks

The PRIIP document assigns the fund a summary risk indicator of 4 out of 7, and the prospectus states that the net asset value may show high volatility. The documents identify equity market risk as central because the fund keeps at least 85% in equities and normally 100%, focused on real estate equities whose prices can fluctuate significantly. Additional named risks include interest-rate risk from the temporary fixed income allocation, currency risk because exposure to non-euro currencies is above 30%, and emerging-market risk because exposure can reach 33%. The fund also carries geographic and especially sector concentration risk due to its exclusive focus on real estate-related companies, liquidity risk from possible investment in smaller-cap names or less liquid markets, credit risk on fixed income issuers, derivative and counterparty risk from listed and OTC derivatives, and sustainability risk based on issuer, sector, geography or ESG policy.