Global Equity: Pure Fundamental Approach. Your future and present - - PowerPoint PPT Presentation

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Global Equity: Pure Fundamental Approach. Your future and present - - PowerPoint PPT Presentation

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Global Equity: Pure Fundamental Approach. Your future and present budget GVC Gaesco THT Global Equity Fund: Investing in the sectors with an increasing share in private and public budgets Eurozone household expenditure evolution 2 |

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SLIDE 1

Global Equity: Pure Fundamental Approach. Your future and present budget

GVC Gaesco THT Global Equity Fund: Investing in the sectors with an increasing share in private and public budgets

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SLIDE 2

Eurozone household expenditure evolution

| www.fondos.gvcgaesco.com 2

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SLIDE 3

US Healthcare expenditure of US Households as a percentage of final consumption expenditure

| www.fondos.gvcgaesco.com 3

19.7% 20.9% 20.9% 20.8% 20.9% 20.8% 20.9% 21.4% 21.8% 21.8% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Health expenditure %

  • f final consumption expenditure of US Households

Source: GVC Gesco Gestión, SGIIC on OECD Stat

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SLIDE 4

IT & Communications & Healthcare Sectors: Increasing stake of the Global Corporate Capex

| www.fondos.gvcgaesco.com 4

Source: Global Corporate Capex Survey 2019. S&P Global ratings

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SLIDE 5

UK Central Government Spending

| www.fondos.gvcgaesco.com 5

Source: Apsiz Services LTD. 2014

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SLIDE 6

ICT Spending keeps growthing at a very fast pace Worldwide

| www.fondos.gvcgaesco.com 6

Source: ICT 2018 – 2022 Spending Forecast. IDC

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SLIDE 7

Investment Process

| www.fondos.gvcgaesco.com 7

Company Primary Search Qualitative Analysis Fundamental Valuation Strength of the business and competitive advantage of the company Analysis of the consistency of the management team through one to one meetings Analysis of the performance expectations

Medium-term consistency of the business model Specialization Leadership in the sector Clear sources of profit generation Margin stability Cash Flow sustainability Level of internationalization Appropriate Financial Structure Medium and long-term view of the management team Credibility of the management

  • team. Quality management

Shareholder structure Sales, margins, and results expectations Analysis of the internal cycles of the business activity Business valuation: discount

  • perating cash flows.

Analysis of the fundamental discounts of the companies Monitoring the discount lifecycles Quarterly review

Client Experience if possible Customer perception

Experience as a customer (whenever possible)

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SLIDE 8

Portfolio Construction

| www.fondos.gvcgaesco.com 8

  • “Bottom Up” approach with a “Macro Overlay”
  • Maximizing the Fundamental Discount of the

portfolio

  • Concentrated portfolios from 30 to 60 companies
  • Low turnover
  • Active management: Wide Tracking errors
  • Permanent monitoring of the portfolio
  • Portfolio liquidity test*:
  • Days to sell 50% of the portfolio: 5.1
  • Days to sell 75% of the portfolio: 7.6
  • Days to sell 90% of the portfolio: 9.1

Company Primary Search Qualitative Analysis Fundamental Valuation Client Experience Portfolio Construction

* Liquidity tests are calculated assuming that we can negotiate 30% of the average volume in the last year for each particular company

Actual

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SLIDE 9

T E C H N O L O G Y H T

Some of our current holdings:

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SLIDE 10

Nidec Corp.

| www.fondos.gvcgaesco.com 10

  • Nidec

Corporation

  • perates

as a world's leading manufacturer of small precision motors mainly used in HDD and optical disk drives.

  • The

company has extended its focus to the home appliance and automotive markets.

  • NIDEC is active in M&A and its subsidiaries include the

world's leading manufacturers of LCD panel handling robots and camera shutters.

  • 6.47% GVC Gaesco T.H.T.

Sector Country Market Cap Employees Technology Japan 32.940B EUR 107,554 Million EUR Sales EBITDA EBITDA Margin Net Income 2007 4,199 M 627 M 14.9% 266.3 M 2018 11,489 M 1,741 M 15.2% 1,016 M 2019 E 11,851 M 1,858 M 15.7% 964.6 M 2020 E 12,801 M 2,316 M 18.1% 1,224 M

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SLIDE 11

Expert System

| www.fondos.gvcgaesco.com 11

  • Expert System offers semantic analysis products and services

which include semantic and natural language text searches, text analytics, development and management of taxonomies and

  • ntologies, categorization, data and metadata extraction and

natural language processing.

  • Explore all of our text mining applications based on solution

areas or vertical sector: Banking & Insurance, Defence & Intelligence, Public Administration, Life Science & Pharma, Oil & Gas, Media & Publishing.

  • 2.88% GVC Gaesco T.H.T.

Sector Country Market Cap Employees Technology Italian 119.8 M EUR 214 Million EUR Sales EBITDA EBITDA Margin Net Income 2018 28.7 4.6 16.2%

  • 3.7

2019 E 33.1 7.2 21.8%

  • 1.6

2020 E 37.4 9.3 24.7% 1.5

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SLIDE 12

SOPHOS Group PLC

| www.fondos.gvcgaesco.com 12

  • Sophos Group PLC provides information technology security

and data protection products.

  • The Company offers protection against viruses, known and

unknown malware, spyware, intrusions, unwanted applications, spam, policy abuse, and data leakage.

  • Sophos Group operates worldwide.
  • 2.61% GVC Gaesco T.HT.

Sector Country Market Cap Employees Technology United Kingdom 1.443B GBP 3,260 Million EUR Sales EBITDA EBITDA Margin Net Income 2018 548.3 M 24 M 4.4%

  • 45.1 M

2019 E 624.9 M 96.5 M 15.4% 46.8 M 2020 E 684.6 M 112.7 M 16.5% 63.6 M

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SLIDE 13

Teradyne Inc.

| www.fondos.gvcgaesco.com 13

  • Teradyne, Inc. designs, manufactures, sells, and supports

semiconductor test products and services on a worldwide basis.

  • The Company's test equipment products and services include,

semiconductor test systems, military, aerospace test instrumentation, circuit-board test, inspection systems, automotive diagnostic, and test systems.

  • 2.29% GVC Gaesco T.H.T.

Sector Country Market Cap Employees Technology USA 6.910B USD 4,900 Million EUR Sales EBITDA EBITDA Margin Net Income 2018 1,780 M 507.9 M 28.5% 341.1 M 2019 E 1,835 M 507.9 M 27.7% 333.2 M 2020 E 2,120 M 594.6 M 28% 416.5 M

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SLIDE 14

T H E A L T H C A R E T

Some of our current holdings:

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SLIDE 15

Medtronic PLC

| www.fondos.gvcgaesco.com 15

  • Medtronic,

PLC develops therapeutic and diagnostic medical products.

  • The

Company's principal products include those for bradycardia pacing, tachyarrhythmia management, atrial fibrillation management, heart failure management, heart valve replacement, malignant and non-malignant pain, and movement disorders.

  • Medtronic's products are sold worldwide.
  • 5.01% GVC Gaesco T.H.T.

Sector Country Market Cap Employees Health Care USA 122.139B USD 86,000 Million EUR Sales EBITDA EBITDA Margin Net Income 2018 25,364 M 7,728 M 30.5% 4,246 M 2019 E 26,958 M 9,050 M 33,6% 6,164 M 2020 E 28,057 M 9,356 M 33.3% 6,403 M

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SLIDE 16

Fresenius Medical Care AG & Co KGaA

| www.fondos.gvcgaesco.com 16

  • Fresenius Medical Care AG & Co. KGaA offers kidney dialysis

services and manufactures and distributes equipment and products used in the treatment of dialysis patients.

  • The

Company also

  • ffers

clinical laboratory testing and diagnostic testing services and provides home infusion, respiratory therapy, ultrasound, and echo-cardiography.

  • Fresenius operates worldwide.
  • 3.62% GVC Gaesco T.H.T.

Sector Country Market Cap Employees Health Care Germany 21.724B EUR 112,658 Million EUR Sales EBITDA EBITDA Margin Net Income 2018 16,546 M 2,880 M 17.4% 1,116 M 2019 E 17,356 M 3,245 M 18.7% 1,332 M 2020 E 18,367 M 3,503 M 19.1% 1,452 M

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SLIDE 17

Grifols SA

| www.fondos.gvcgaesco.com 17

  • Grifols S.A. develops, manufactures, and markets plasma

derivatives, IV Therapy, enteral nutrition, diagnostic systems, and medical materials.

  • Grifols

is a global healthcare company dedicated to improving the health and well-being of people around the world.

  • Established in Barcelona, Spain in 1940, an industry leader

in the production of plasma-derived medicines, with 20,000 employees across 30 countries.

  • 1.02% GVC Gaesco T.H.T.

Sector Country Market Cap Employees Health Care Spain 15.429B EUR 18,456 Million EUR Sales EBITDA EBITDA Margin Net Income 2018 4,486 M 1,233 M 27.5% 581.7 M 2019 E 4,862 M 1,369 M 28.2% 735.3 M 2020 E 5,206 M 1,500 M 28.8% 829.6 M

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T H T E L E C O M

Some of our current holdings:

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SLIDE 19

Euskaltel

| www.fondos.gvcgaesco.com 19

Sector Country Market Cap Employees Cable Operator Spain 1,489 Million EUR 699 Million EUR Sales EBITDA EBITDA Margin Net Income 2009 339 118 34.7% 26 2017 609 280 46.0% 59 2018 675 316 47.0% 78 2019 E 698 342 49.0% 74 2020 E 707 346 49.0% 80

  • Cable operator in some regions in northern Spain:

País Vasco, Galicia & Asturias

  • Leading position in these regions
  • Euskaltel S.A. operates as a global telecommunication
  • company. The Company offers wireless telephone,

internet, television access, and

  • ther

services. Euskaltel serves its customers throughout Spain.

  • 3.90% GVC-Gaesco T.H.T.
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SLIDE 20

Softbank Corp.

| www.fondos.gvcgaesco.com 20

  • SoftBank

Corp. provides telecommunication and networking services.

  • The Company offers mobile communication opening, short

messaging and video function opening, and other related services.

  • Softbank also sells mobile phones.
  • Recently the company execute a 6.5% stocks buyback
  • 2.46% GVC Gaesco T.H.T.

Sector Country Market Cap Employees Communications Japan 93.744B EUR 74,592 Million EUR Sales EBITDA EBITDA Margin Net Income 2007 16,969 M 3,427 M 20.2% 192.2 M 2018 70,714 M 23,132 M 32.7% 8,475 M 2019 E 76,491 M 24,727 M 32.3% 9,277 M 2020 E 77,985 M 22,240 M 28.5% 10,570 M

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SLIDE 21

Telia

| www.fondos.gvcgaesco.com 21

  • Telia Company AB offers telecommunication services.
  • The Company offers mobile communications services as well as
  • perates fixed networks throughout Eurasia.
  • 2.42% GVC Gaesco T.H.T.

Sector Country Market Cap Employees Communications Sweden 179.395B SEK 20,439 Million EUR Sales EBITDA EBITDA Margin Net Income 2018 83,559 M 27,868 M 33.4% 10,597 M 2019 E 87,303 M 28,296 M 32.4% 11,024 M 2020 E 88,444 M 28,829 M 32.6% 11,426 M

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SLIDE 22

Sectorial Evolution in GVC Gaesco THT fund

| www.fondos.gvcgaesco.com 22

15.00% 20.00% 25.00% 30.00% 35.00% 40.00% 45.00% 50.00%

Technology Healthcare Telecomm

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SLIDE 23

Portfolio Composition

| www.fondos.gvcgaesco.com 23

Sectors % Portfolio Holdings Pharma 31.8% 20 Technology 39.8% 26 Telecom 26.5% 14 % Equity Exposure 96.7% Número Holdings 60 UTA 8.77 Ranked ( 0 to 10) Value/Growth 5.93 Small/Large 6.15 Countries % Portfolio Holdings Europe ex-Spain 42.0% 26 Japan 22.6% 12 Asia ex-Japan 11.9% 6 Spain 9.1% 6 USA 7.5% 8 UK 3.8% 1 Brazil 1.1% 1

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SLIDE 24

24

Pareturn GVC Gaesco THT Global Equity Fund Class A (September 30th 2020)

| www.fondos.gvcgaesco.com

YTD Jan Feb Mar Apr May Jun Jul Aug Set Oct Nov Dec

35.94%

0.85%

  • 5.45%

1.78% 11.24% 3.00% 0.14% 6.69% 2.73% 3.17% 0.22% 3.06% 4.54%

21.33%

1.20% 2.03% 6.82% 1.20%

  • 3.09%
  • 4.34%

3.01%

  • 1.24%

2.63% 4.23% 2.91% 4.71%

  • 7.35%

2.10%

  • 0.70%
  • 1.39%
  • 1.60%

1.46%

  • 3.23%
  • 3.36%
  • 6.39%
  • 2.92%

5.59% 1.60% 1.81%

13.79%

5.92% 5.19% 2.35%

  • 1.31%
  • 7.79%

3.73% 2.17% 0.52% 2.52%

  • 1.97%

1.69% 0.71%

26.23%

3.24% 3.26% 1.32% 1.21% 1.53%

  • 2.61%

4.39%

  • 1.03%

5.40% 3.78% 2.32% 0.98%

9.81%

0.70% 3.63% 2.16%

  • 4.74%

5.03% 0.85%

  • 2.82%

4.00%

  • 1.28%
  • 0.02%

1.38% 0.95%

12.84%

7.82% 6.38% 3.21%

  • 0.83%

1.05%

  • 1.77%

0.58%

  • 9.98%
  • 0.85%

8.42% 4.38%

  • 4.69%

6.28%

  • 7.69%

1.03% 0.27% 1.08% 4.73% 0.78% 2.72%

  • 0.28%

1.22%

  • 1.85%

0.12% 4.57%

15.30%

2.29% 4.55% 0.84% 1.96% 5.50%

  • 3.23%

0.37%

  • 1.59%

2.55% 3.70%

  • 2.69%

0.49%

  • 9.70%

3.94%

  • 5.22%
  • 3.26%

4.20% 3.36%

  • 0.19%
  • 0.74%
  • 0.83%
  • 1.01%
  • 4.04%

1.47%

  • 7.11%

22.61%

6.58% 2.35% 1.59% 4.14%

  • 7.05%

6.48%

  • 0.31%
  • 2.39%

3.70% 2.96% 3.31% 0.01%

4.84%

0.64%

  • 4.85%
  • 10.60%

11.18% 4.72% 1.46%

  • 1.09%

2.97% 1.79%

10.41% 5.87% 2020

Benchmark Annualized 11yrs. Annualized Return 11Yrs.

Year 2012 2013 2014 2015 2016 2017 2018 2019 2009 2010 2011

7 12 17 22 27 32 37 42

GVC-Gaesco TFT Benchmark

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SLIDE 25

Useful data

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SLIDE 26

26

GVC Gaesco TFT, FI Pareturn GVC Gaesco THT Global Equity Fund

Category Global Equity Launching Date Nov/2019 Benchmark 1/3 STOXX Europe 600 Technology, 1/3 STOXX Europe 600 Healthcare and 1/3 STOXX Europe 600 Telecommunications NAV calculation Daily Management Company MDO Investment Manager GVC Gaesco Gestión, SGIIC Transfer Agent BNP Securities Services Luxembourg Depositary BNP Securities Services Luxembourg Auditor Deloitte Fund Administration BNP Securities Services Luxembourg R Class I Class (EUR-USD) U Class ISIN LU1954207004 LU1954207186 LU1954206964 Management Fee 1.35% 0.75% 0.35% Minimum investment Eur 300,000 10€ /10$ 10,000,000 Bloomberg Ticker Category Global Equity Launching Date 12/12/1997 Benchmark 1/3 STOXX Europe 600 Technology, 1/3 STOXX Europe 600 Healthcare and 1/3 STOXX Europe 600 NAV Calculation Daily Currency Eur Asset manager GVC Gaesco Gestión, SGIIC Depositary BNP Paribas Spain A Class ISIN ES0138984036 Management Fee 2.25% + 0.35% Master fund Minimum investment Eur 1€ Bloomberg Ticker FONVAL2 SM

Useful Data. Pareturn GVC Gaesco THT Global Equity Fund

| www.fondos.gvcgaesco.com

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SLIDE 27

Awards

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SLIDE 28

GVC Gaesco Gestión

| www.fondos.gvcgaesco.com 28

  • Mutual Funds: ES & LU
  • SICAVs: ES & LU
  • Portfolio Management: ES & LU
  • Pension Funds: ES
  • Venture Capital: ES

Asset Management ES Mutual Funds LU Mutual Funds ES SICAV LU SICAV Pension Funds Venture Capital Companies Awards in the last 10 years 31 3 44 1 8 2 19

Performance Awards

2017 2015 2013 2011 2009 2008 2007 2006

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SLIDE 29

GVC Gaesco Small Caps, FI Top 10 performer of all the Spanish funds in 2017

Fuente: Morningstar, VDOS

Bona-Renda, FI Top 10 performer of the Spanish balanced funds in 2017 GVC Gaesco TFT, FI Top performer of the Spanish sectorial funds in 2017 GVC Gaesco Gestión, SGIIC Awarded by European Funds Trophy in Paris as the best Spanish asset manager in the category Pareturn GVC Gaesco Absolute Return Fund Funds People stamp in 2018

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SLIDE 30

More than 20 awards in the last 10 years: A recognition of the Company’s strategy and investment philosophy

30 | www.fondos.gvcgaesco.com 2018 GVC Gaesco Gestión, SGIIC Ranked Best Spanish Asset Management in its category by the European Funds Trophy Fund: Pareturn GVC Gaesco Absolute Return Fund In 2018 received Funds People’s stamp of approval as a featured product 2017 Fund: GVC Gaesco Small Caps, FI, Category: Among the Top 10 of the most profitable Spanish Mutual Funds 2017 Fund: Bona-Renda, FI Category: Among the Top 10 of the most profitable Spanish Mixed Mutual Fund: GVC Gaesco TFT, FI Category: The most profitable Sectoral Spanish Mutual Fund 2017 2015 Funds: GVC Gaesco Small Caps, FI, GVC Gaesco Op. Empresas Inmobiliarias, FI GVC Gaesco Japón, FI, GVC Gaesco 300 Places Worldwide, FI Category: Top 20 Best Performing Spanish Investment Funds in 2015 2013 Fund: IM 93 Renta, FI Award: Morningstar – El Economista Category: Mixed Flexible Euro 2011 Manager: Jaume Puig – Mejor Gestor de RV última década Award: Interactive Data – Expansión XXV Aniversario Expansión GVC Gaesco Small Caps, FI Category: Equity 2009 Fund: Bona Renda, FI Award: Eurofonds Fundclass (Le Monde) Category: Mixed Equity 2008 Fund: Gaesco Fondo de Fondos, FI Award: Eurofonds Fundclass (Le Monde) Category: Equity 2007 GVC Gaesco Gestión, SGIIC Award: Eurofonds Fundclass (Le Monde) Category: All Funds Fund: Gaesco Fondo de Fondos, FI Award: Eurofonds Fundclass (Le Monde) Category: Equity Fund: Catalunya Fons, FI Award: Eurofonds Fundclass (Le Monde) Category: Mixed Equity Spain Fund: Catalunya Fons, FI Award: Eurofonds Fundclass (Le Monde) Category: Mixed Equity Europe

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SLIDE 31

2004 GVC Gaesco Gestión, SGIIC Award: Eurofonds Fund Class (Le Monde) Category: All Funds GVC Gaesco Gestión, SGIIC Award: Standard&Poor’s – Expansión Category: Best Spanish Equity Asset Management Funds: Gaesco Small Caps, FI, GaescoQuant, FI, Gaesco Emergentfond, FI, Gaesco Fondo de Fondos, FI, Eurofondo, FI, Bolsalider, FI, Fondguissona, FI, Gaesco TFT, FI, Gaesco Multinacional, FI, Cahispa Small Caps, FI, Cahispa Eurovariable, FI, Cahispa Emergentes, FI, Cahispa Multifondo, FI Fund: Fonsglobal Renta, FI Award: Standard&Poor’s – Expansión Category: Mixed Equity Fund: FonsManlleu Borsa, FI Award: Standard&Poor’s – Expansión Category: Mixed Equity 2002 Fund: Cahispa Renta, FI Award: Lipper – Cinco Días Category: Mixed Fixed Income 2001 Fund: Gaesco Fondo de Fondos, FI Award: Standard&Poor’s – Expansión Category: Equity Fund: Cahispa Renta, FI Award: Standard&Poor’s – Expansión Category: Mixed Fixed Income

More than 20 awards in the last 10 years: A recognition of the Company’s strategy and investment philosophy

31 | www.fondos.gvcgaesco.com 2006 GVC Gaesco Gestión, SGIIC Award: Lipper – Cinco Días Category: All Funds Fund: Gaesco TFT, FI Award: Standard&Poor’s – Expansión Category: Equity Fund: Gaesco Fondo de Fondos, FI Award: Morningstar – Intereconomía Category: Equity Fund: Cahispa Emergentes, FI Award: Morningstar – Intereconomía Category: Renta Variable Fund: Bona Renda, FI Award: Standard&Poor’s – Expansión Category: Mixed Equity

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SLIDE 32

Legal Disclaimer

The present information has an advertising nature of GVC Gaesco Beka, SV. SA and purely informative purpose to the recipients, complying with the rules of conduct applied to all investment services. Therefore, it has been tried that the information is sufficient and understandable for any likely recipient of it. GVC Gaesco Beka S.V. S.A. is member of the Comisión Nacional del Mercado de Valores with number 182, is member of Bolsas de Barcelona, Madrid and Valencia, settlement and custody member of MEFF and debt manager with total capacity GVC Gaesco Beka is a brokerage firm legally authorized to render investment services as referred in the article 63 of la Ley del Mercado de Valores and its

  • rdinance, particularly the Real Decreto 217/2008, on the 15th February, on the law for investment services companies, the Ministerial Order on 7th October

1999 of developing the general code of conduct on portfolio managing and the Comisión Nacional del Mercado de Valores (CNMV) 2/2001, 30th May circular The competent authorities that regulate GVC Gaesco activities are Comisión Nacional del Mercado de Valores, Paseo de la Castellana, 19, 28046 Madrid; Banco de España, Alcalá, 48, 28014 Madrid GVC Gaesco Beka is subjected to Fondo de Garantía de Inversiones (FOGAIN) in accordance with the current law, FOGAIN, Paseo de la Habana, 82, 28036 Madrid GVC Gaesco Beka renders the client the following contract services:

  • Postal mail to GVC Gaesco Beka S.V. S.A., Calle Fortuny, 17, 28001 Madrid / Dr. Ferran, 3 - 5, 08034 Barcelona
  • Telephone service 914 315 606 / 933 662 727 / 955 328 500 / 961 394 965
  • Switchboard telephone / fax 902 237 237 / 915 762 937 / 93 550 47 75
  • Corporate e-mail info@gvcgaesco.es

General information on GVC Gaesco Beka, as well as information related to agents are available on the website www.valores.gvcgaesco.com. Client’s can communicate with GVC Gaesco Beka in Spanish and Catalan.