Dividend Opportunities
Companies with sound balance sheets that return a substantial share of their earnings, through dividends or share buybacks. A regular income that can be drawn or reinvested.
Capital is not guaranteed. The underlying investments of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
The reinvested dividend makes the difference
Over long periods, companies paying high dividends have on average outpaced those paying none. Reinvested, that income produces a snowball effect that the share price alone cannot create.
Income first, then capital
Regular income is either drawn as a steady cash flow or reinvested to increase the number of shares held, and therefore the income that follows.
A signal of strength
Paying a dividend or buying back shares presupposes healthy accounts and confidence in future earnings. It is also a check against ill-judged acquisitions.
A steadier shareholder base
These stocks attract long-term investors. A stable shareholder base generally goes with more contained volatility.
A yield that has to last
A high dividend is only worth something if it is sustainable. Selection therefore combines the quality of the business with its real capacity to distribute.
Company selection
We only invest in what we understand: undervalued companies committed to rewarding their shareholders generously. Their dividend must stem from a lasting competitive advantage, a return on equity above 10% on average and earnings growth of more than 5% a year on average over five years.
Four ways of distributing
The portfolio combines complementary profiles: a high yield, above 4.5%; a dividend growing by more than 4% a year; a balance between earnings growth and a moderate yield; and finally companies running a share buyback policy established for at least two years.
How durable the distribution is
A dividend is only retained if it holds: net debt below twice EBITDA, a dividend representing less than 60% of free cash flow and stable or falling over three years, and an earnings payout ratio below 80% on average over the same period.
The portfolio is built holding by holding in active management, from this analytical grid. A position is trimmed when an event compromises earnings growth, profitability or margins, when a dividend or buyback criterion disappears, or when another company offers greater potential. The method described above is the one communicated by the management team; actual weightings change with the markets.
A snapshot at 30 September 2026
Sector breakdown
Geographic breakdown
Data at 30 September 2026, source: the sub-fund's monthly report. Currency exposure stands at 42.7% in euro, 30.9% in dollar, 6.7% in sterling, 5.2% in Swiss franc and 14.5% in other currencies. Breakdowns are subject to change.
Since inception
Class A · EUR Accumulation · LU2592253020
Net asset value in euros · Data as at 13/10/2026Daily net asset value of Class A, since the sub-fund was launched on 5 July 2023 at €100.00, the level marked by the dashed line. The performance figures below are as at 30 September 2026. Figures are net of ongoing charges and performance fees and exclude any entry charges. Past performance is not a reliable indicator of future results.
| Class A | 1 month | Year to date | 1 year | 3 years | Since inception |
|---|---|---|---|---|---|
| Cumulative | −3.59% | 10.92% | 15.04% | 22.62% | 20.19% |
| Annualised | – | – | – | 7.03% | 5.84% |
| Full calendar years | 2025 | 2024 |
|---|---|---|
| Class A | 3.38% | 2.05% |
Class A performance, net of ongoing charges and performance fees, excluding entry charges. As the sub-fund was launched on 5 July 2023, only two full calendar years are available. The value of investments may go down as well as up; capital is not guaranteed.
Top ten holdings
Weight as a percentage of net assets at 30 September 2026, within a portfolio of 52 holdings.
| Holding | Sector | Country | Currency | Weight |
|---|---|---|---|---|
| Unilever | Consumer staples | United Kingdom | EUR | 3.28% |
| TotalEnergies | Energy | France | EUR | 3.01% |
| Nestlé | Consumer staples | Switzerland | CHF | 2.62% |
| Sanofi | Healthcare | France | EUR | 2.52% |
| Chevron | Energy | United States | USD | 2.48% |
| Rio Tinto | Materials | United Kingdom | GBP | 2.33% |
| Rubis | Utilities | France | EUR | 2.26% |
| Wolters Kluwer | Industrials | Netherlands | EUR | 2.22% |
| Compagnie de Saint-Gobain | Industrials | France | EUR | 2.16% |
| DHL Group | Industrials | Germany | EUR | 2.13% |
Holdings as at 30 September 2026, given to illustrate the composition of the portfolio on a given date. They do not constitute a recommendation to buy or sell and are subject to change.
Three classes, one of them distributing
| Class | ISIN | Currency | Policy | Launch | Management fee | NAV 13/10/2026 |
|---|---|---|---|---|---|---|
| A | LU2592253020 | EUR | Accumulation | 05/07/2023 | 1.25% | €122.90 |
| B | LU2592253293 | EUR | Distribution | 13/07/2023 | 1.25% | €119.52 |
| D | LU2592253376 | USD hedged | Accumulation | 10/07/2023 | 1.25% | $132.22 |
Net asset values as at 13 October 2026. The performance figures shown above are as at 30 September 2026, as are the portfolio data, taken from the sub-fund's monthly report.
Minimum initial subscription of €100. Maximum entry charge of 3%; no exit charge is levied by the fund.
Performance fee. A High Water Mark model with a hurdle rate: a fee of 10% above a hurdle of 7% per annum, over a reference period running from 1 January to 31 December. It has applied since 1 January 2026, following a decision of the general meeting; the KID therefore shows 0.00% for the previous financial year, when it did not yet exist.
Daily liquidity. Subscriptions and redemptions every business day before 4 p.m., at the following day's net asset value.
Ongoing costs (KID, Class A): 1.88% a year in management, administrative and operating fees, plus 0.28% in estimated transaction costs.
François Haquenne
The sub-fund is managed by Privalux Management S.A., within an operating framework built around Edmond de Rothschild Asset Management (Luxembourg) as ManCo and Edmond de Rothschild (Europe) as depositary. François Haquenne is also a director of the company.
The teamRegulatory documents
Any investment decision must be based on the fund's legal documentation: the prospectus and the Key Information Document (KID).
Factsheets
Monthly reports by share class.
Prospectus
Full prospectus of Gekko Fund SICAV, including the Dividend Opportunities sub-fund.
Understanding the risks before investing
The summary risk indicator (SRI) places the fund in category 3 out of 7, a risk class between low and medium, over a recommended holding period of 5 years.
Warnings
Capital is not guaranteed: an investor may lose all or part of their investment. A dividend is never assured: a company may reduce or suspend it. The sub-fund offers no protection against market movements.
The sub-fund is invested in international shares of distributing companies, across a broader and more diversified portfolio than our other equity strategies. The main risk factors are:
- Equity risk: exposure to international equity markets
- Currency risk: close to 60% of the portfolio outside the euro area, Class A being unhedged
- Liquidity risk: possible difficulty in selling certain holdings
- Volatility risk: swings in the net asset value
- Emerging markets: political uncertainty and lower liquidity
- Derivatives: used for hedging purposes
- Sustainability risk: an environmental, social or governance event affecting the value of an investment
The portfolio holds 50 positions, the top ten of which account for about a quarter of net assets. Risk control rests on the ManCo's permanent risk management function and on a system of internal limits.