Narval Europa

HISTORIC class A FUND – Data as at close of business 04/30/2025. 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”

During April, markets embarked on a true round-trip journey — almost epic, Tolkien-style. When long-term bond yields once again approached the 5% mark, anunexpected shift in Donald Trump’s rhetoric reactivated the so-called “Trump put,” serving as the catalyst for a historic rebound that took many institutional investors bysurprise, as they continued to flee the U.S. market. Retail investors, in contrast, took advantage of the sharp correction to strengthen their positions in large-cap techstocks and some of their favorite names, such as Palantir. The stark divergence between the cautious underweighting by institutional players and the confidence shownby retail investors strongly recalled the most turbulent moments of the COVID-19 crisis. In this context, the fund closed the month with a 3.38% return in its Class Ashares, while major indices ended slightly in the red.

At the worst point of the correction, the fund’s decline was only half that of the indices. We took advantage of April’svolatility to raise our exposure band to approximately 90% (+30%), locking in profits from hedges, initiating positions in the U.S. financial sector (banks, asset managers,and brokers), and adding to existing holdings such as Palantir, Alphabet, Flow Traders, Galaxy, Prysmian, and Leonardo. We also increased our exposure to Europeancar manufacturers. Despite this, we prefer to maintain a nimble stance over the coming weeks, given the persistently high level of latent risk in the market.