GRAIAN European Core Equity Fund

A UCITS-compliant vehicle for our flagship European Core Equity strategy, focused on European equities and investing across the EEA, the UK and Switzerland to achieve long-term capital appreciation.

CURRENCY

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Not all costs are displayed. For further information please refer to prospectus. Data Source: FundPartner Solutions (Europe) S.A.

European Core Equity Fund EUR

Fund Performance table

📊 Performance Table — ISIN: LU3209533838

Data Source: FundPartner Solutions (Europe) S.A.
Performance is net of fees. Past performance should not be taken as an indication or guarantee of future performance.

Not all costs are displayed. For further information please refer to prospectus. Data Source: FundPartner Solutions (Europe) S.A.

European Core Equity Fund EUR Z1

Fund Performance table

📊 Performance Table — ISIN: LU3209533598

Data Source: FundPartner Solutions (Europe) S.A.
Performance is net of fees. Past performance should not be taken as an indication or guarantee of future performance.

Not all costs are displayed. For further information please refer to prospectus. Data Source: FundPartner Solutions (Europe) S.A.

European Core Equity Fund USD

Fund Performance table

📊 Performance Table — ISIN: LU3209534059

Data Source: FundPartner Solutions (Europe) S.A.
Performance is net of fees. Past performance should not be taken as an indication or guarantee of future performance.

Not all costs are displayed. For further information please refer to prospectus. Data Source: FundPartner Solutions (Europe) S.A.

European Core Equity Fund CHF

Fund Performance table

📊 Performance Table — ISIN: LU3209534216

Data Source: FundPartner Solutions (Europe) S.A.
Performance is net of fees. Past performance should not be taken as an indication or guarantee of future performance.

INVESTMENT OBJECTIVE

The Sub-Fund aims to deliver long-term capital growth by investing in European equities. It typically maintains net long exposure of 70–140% and may take short positions up to 40% of net assets, using derivatives to enhance flexibility and manage risk. The portfolio focuses on equities and related securities of companies based in the EEA, UK, and Switzerland, with no restrictions on sector or currency. Select fixed income and structured products may also be included within set limits. For liquidity and risk management, the Sub-Fund may hold cash or money market instruments, and can temporarily allocate up to 100% to these assets in defensive market conditions.
The Compartment is actively managed. The Compartment uses the MSCI Europe Net Return Index, however the benchmark is used only for comparison purposes. As such, the Compartment does not track any index and can deviate significantly from the Benchmark.

RISK LEVEL

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The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.

ORGANIZATIONAL DATA

Fund ManagerGraian Capital Management S.A.
Management CompanyFundPartner Solutions (Europe) S.A.
AuditorsDeloitte Audit Sàrl
Custodian bankPictet & Cie (Europe) AG
Legal StatusUCITS V Luxembourg SICAV
DomicileLuxembourg
NAV calculationDaily
Contact informationinfo@graian.ch

MARKET COMMENTARY

The EU portfolio delivered a positive return in June, outperforming its benchmark. Factor positioning was a modest headwind, reflecting a slightly defensive stance and small-cap exposure. Sector allocation was broadly neutral: an overweight in Communication Services and an underweight in Healthcare detracted, but this was offset by the absence of Energy. Performance was primarily driven by stock selection, with Telecom Italia outperforming despite sector weakness, electrification-linked industrials delivering strong gains, and Utilities outperforming, while Capital Goods lagged.
Top contributors included ASML and Telecom Italia, supported by Erste Group Bank and Galderma, with additional gains from Iberdrola, Balfour Beatty, Eurobank, Banca Mediolanum, SIG Group and Sandoz. Detractors were led by London Stock Exchange Group and Zegona Communications, with smaller headwinds from SAP, telecom and basic resources ETFs, Danieli, Gaztransport & Technigaz, Kuros Biosciences and Alzchem. The portfolio remains constructive on Capital Goods, particularly electrification, while exposure to Defence has been reduced. We continue to see opportunities in Utilities, Telecom supported by consolidation and Banks, and remain cautious on Luxury and Autos, while underweight Insurance, Healthcare and Staples.
During the month, we increased exposure to Banks through selective additions while trimming to manage risk. In Financial Services, we took profits in exchange operators amid disintermediation concerns. In Software, we briefly added and exited SAP, maintaining a cautious stance. Within Industrials, we strengthened exposure to electrification, funded partly by profit-taking in prior outperformers. Healthcare exposure was reduced following strong performance and selective concerns. Staples remain underweight, with selective additions on valuation. We reduced Telecom exposure due to rising satellite competition, became more constructive on travel within Consumer Discretionary, and refined Utilities exposure toward higher-conviction names. We also exited broad basic resources exposure in favour of stock-specific opportunities, initiated Givaudan, and continued to refine technology and industrial holdings.

SELECTED ASSET BREAKDOWNS

Sector Breakdown

GECEF - Sector Breakdown

Geographical Breakdown

TOP 10 Holdings

DOWNLOAD AREA

Website for documents:
https://www.fundinfo.com/
https://www.fundsquare.net/

English
Factsheet
PRIIP – Class Z2 EUR
PRIIP – Class HZ2 USD
PRIIP – Class HZ2 CHF
Prospectus