ISIN: ES0179463007
25/04/2025
Kersio Capital Sicav SA S3652:SM
31,79 €

Investment strategy and universe of values

Mainly focused on European stocks, but with some weight in North America, Kersio seeks to invest in solid stocks whose price is low in relation to their quality.

Kersio Capital seeks to offer returns generated by a diversified portfolio of OECD equities, focusing primarily on Europe but without a specific European mandate.

Cumulative Return

  YTD          
1,6% -2,2% 1,6% 5,7% 24,4% 227,6%
Eurostoxx50 7,5% -3,8% 7,5% 5,8% 45,1% 175,9%
    Eurostoxx50
YTD 1,6% 7,5%
  -2,2% -3,8%
  1,6% 7,5%
  5,7% 5,8%
  24,4% 45,1%
  227,6% 175,9%

Date: 31/03/2025 - Source: www.bloomberg.com/quote/S3652:SM

Annualized Return

  YTD      
1,6% 5,7% 7,6% 10,2%
Eurostoxx50 7,5% 5,8% 13,2% 8,7%
    Eurostoxx50
YTD 1,6% 7,5%
  5,7% 5,8%
  7,6% 13,2%
  10,2% 8,7%

Date: 31/03/2025 - Source: www.bloomberg.com/quote/S3652:SM

Comparative

Common base 10 as of February 2013

Date: 31/03/2025 - Source: www.bloomberg.com/quote/S3652:SM

Invest in the SICAV

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Ratios

  0,67 3,9%
0,67
3,9%

Date: 31/03/2025 - Source: www.bloomberg.com/quote/S3652:SM

Returns

Monthly   Yearly
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec   Kersio Estoxx50
2013 0,0% 1,9% 0,4% 1,8% 1,2% -0,8% 1,4% 0,8% 0,2% 0,9% 2,1% 1,8%   12,3% 23,8%
2014 2,2% 3,7% 1,3% 0,5% 3,5% 0,9% -0,3% 3,3% 0,5% -2,7% 1,2% 1,5%   16,4% 4,0%
2015 4,8% 6,6% 3,6% 1,5% 4,6% -1,6% 3,2% -4,6% -2,5% 7,6% 3,6% -2,6%   26,1% 6,4%
2016 -4,5% 0,2% 3,7% -0,2% 4,9% -4,8% 5,2% -1,1% 0,4% 2,6% 2,3% 3,4%   12,1% 3,7%
2017 -1,6% 3,1% -0,7% 3,1% 4,4% 0,4% 0,3% 0,2% 1,8% 1,2% -2,5% 2,8%   12,8% 9,2%
2018 2,9% 2,5% 1,4% 3,9% -0,3% 0,3% 5,0% -0,2% 1,0% -5,5% -3,2% -7,5%   -0,6% -12,0%
2019 10,3% 0,9% -3,2% 2,1% -5,4% 2,6% 0,1% -3,5% 4,1% 1,5% 5,0% 4,3%   19,3% 28,2%
2020 -2,6% -9,7% -23,8% 8,9% 4,6% -0,2% -1,2% 2,5% 0,0% -4,6% 9,2% 1,8%   -18,0% -3,2%
2021 -0,5% 2,6% 9,3% 0,9% 2,4% 2,2% 3,7% 2,1% -2,3% 6,8% -2,1% 5,9%   35,0% 23,3%
2022 -4,4% -1,4% 2,0% -0,3% -2,3% -3,6% 7,9% -4,5% -7,0% 7,6% 2,9% -3,6%   -7,7% -9,5%
2023 3,3% 1,9% -1,3% 1,1% -1,0% 2,6% 2,2% -1,5% 0,5% -2,9% 5,2% 4,3%   15,1% 22,2%
2024 1,9% 1,3% 3,3% 0,0% 1,7% 0,3% 2,0% 1,4% 0,2% -1,6% 3,1% -3,0%   10,9% 11,0%
2025 4,1% -0,2% -2,2%                     1,6% 7,5%

 

Date: 31/03/2025 - Fuente: www.bloomberg.com/quote/S3652:SM

FAQ

Learn more about the fund

A SICAV (Société d’Investissement à Capital Variable) is a collective investment vehicle that allows investors to participate in a diversified portfolio of financial assets. Similar to investment funds, its objective is to pool capital from investors to invest in financial assets, seeking returns shared among all shareholders. At Kersio, we have a professional team dedicated to investment decision-making, with over 50 years of experience in financial markets.

As a feeder vehicle, Kersio Capital SICAV invests almost all of its assets in a master vehicle, Kersio Lux. Therefore, the costs of both vehicles must be considered. To keep them at reasonable levels, Kersio Capital SICAV subscribes to a low-fee share class of Kersio Lux, with an annual management fee of only 0.61%. The total Total Expense Ratio (TER) is 1.37%, broken down as follows:

  • Kersio Lux (Series M) cost: 1.00% (for large investors like the master-feeder structure)
  • Annual Management Fee (Bankinter, as management company): 0.16%
  • Annual Depositary Fee (Bankinter, as depositary entity): 0.05%
  • Other Expenses (Bankinter): 0.16%

Kersio Capital SICAV does not charge performance fees. These costs are already reflected in the Net Asset Value (NAV) evolution. However, investors may incur additional costs when buying or selling SICAV shares, depending on the financial institution through which they operate (similar to purchasing publicly traded stocks in the Spanish continuous market).

For more information about Kersio Capital SICAV, its costs, investment philosophy, or any other details, please contact us via our website form.

Investing in a SICAV offers multiple benefits, including high diversification, which helps mitigate risk. Additionally, SICAVs provide immediate liquidity, allowing investors to enter and exit at any time on a daily basis. Alongside these advantages, which they share with investment funds, SICAVs offer the convenience of trading them like stocks, making them accessible from nearly any bank without the need to open an account with a management company.

Anyone can invest in a SICAV like Kersio Capital by purchasing its shares through BME MTF Equity, where most SICAVs in Spain are listed. This allows investors to buy and sell SICAV shares similarly to company stocks, through their financial institution, without a minimum investment requirement (only 1 share is required). The applicable NAV for purchase and sale orders placed until 16:00 on day D will be the NAV of day D.

To operate in Spain, a SICAV must meet the following requirements:

  • At least 100 shareholders
  • Incorporation as a public limited company (sociedad anónima)
  • Minimum capital of €2.4 million
  • Compliance with regulations set by the Spanish Securities Market Commission (CNMV)

Both are collective investment vehicles, but SICAVs offer certain operational advantages:

  • Public limited company structure
  • Ability to trade from nearly any bank
  • Immediate liquidity (shared with investment funds)

These features make SICAVs particularly attractive for investors seeking flexibility and ease of operation. However, some SICAVs do not offer capital gains tax deferral like investment funds, which can delay but not eliminate taxation on capital gains.

Equities, through company shares, provide an investment alternative that, while carrying risks, offers high potential for medium- to long-term growth. Equity investment allows participation in the value creation of companies across different sectors and geographies. Over many decades, and particularly since Kersio’s inception in 2013, equity markets have delivered attractive long-term returns.

For more details on Kersio Capital SICAV, including costs, investment philosophy, or any other aspect of interest, please contact us via our website form.

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Fact sheet

Scope of investment: Global Equity
Asset management company: BANKINTER GESTION DE ACTIVOS, S.A., S.G.I.I.C.
Depositary: Bankinter
Auditor: Price Waterhouse Coopers
Regulatory agency: CNMV
Annual management fee: 0,77% (0,16% Kersio Capital + 0,61% Kersio Lux)
Annual performance fee: There is none
Annual depositary fee: 0,05%
ISIN code: ES0179463007
Inception date: February 2013
Currency of reference: Euro
Liquidity: Daily
Assets: €71,3 m (up to March 2025)
Bloomberg code: S3652:SM
Ticker: S3652.MC

Monthly report

Further information

Prospectus Kersio Capital pdf | 0.2 MB

DFI Kersio Capital pdf | 0.1 MB

Quarter Report pdf | 0.3 MB

Semiannual Report pdf | 0.3 MB

Audit Report pdf | 2.1 MB

Invest in the SICAV

Contact us, and a member of our team will assist you throughout the entire process.