Narval Europa

HISTORIC class A FUND – Data as at close of business 11/30/2025. Source: Miraltabank.
From 23/12/2022: Change in Class A management fees (1.20%/9% success) and change in benchmark index to MSCI Europe.
From 02/11/2020: Class A data valid until 23/12/22 with management fee of 1.60%, and benchmark Stoxx600 TR.
Before 02/11/2020: Class A data valid until 02/11/20 with management fee of 1.10% and Stoxx600 TR benchmark”

November has been marked by episodes of volatility in European stock markets, with indices reacting to shifting expectations regarding the Federal Reserve’s pace ofcuts and a clear rotation in risk appetite. Visible progress in negotiating a peace plan for Ukraine has partially reduced geopolitical risk premiums, allowing the recoveryin monetary easing expectations to translate into a positive monthly close for global equities. In the Eurozone, inflation now very close to the 2% target and still reasonably solid domestic demand have fostered an environment of relative stability, while the ECB keeps rates unchanged and maintains a prudent tone, preserving room for maneuver given modest growth and still-elevated trade tensions. For the fund, November ended with a +0.35% gain in Class A, the result of a deliberately prudent portfolio construction aimed at limiting market swings. The priority has been to maintain efficient exposure to upside potential, avoiding overexposure to segments most sensitive to rate revisions.

Taking advantage of episodes of weakness, we reinforced positions in pharmaceuticals—a sector offering both defensive appeal and potential for margin improvement via AI in drug discovery processes—and increased exposure to metals, semiconductors, and tokenization. At the same time, we took profits in defense and transport names that were trading at demanding valuations and reduced our weighting in France and Consumer Staples, where flowand momentum dynamics are less constructive, thus leaving the portfolio with a reduced beta and a distinctly defensive bias.