Investment Strategy
The investment objective of Berenberg Absolute Return European Equities is to achieve long-term capital growth that outperforms the benchmark €STR TR over a medium to long-term time horizon. The main driver is the underlying above-average and sustainable earnings growth of the selected companies on a long basis, in addition the portfolio management shorts structurally vulnerable and deteriorating companies. The selected companies are headquartered in Europe, but often operate globally. The decisive criteria for the business models of the long positions are high entry barriers, end markets with structural growth and excellent management teams. The short positions are selected on the basis of structural decline, competitive environment and valuation.
- Growth-oriented long/short strategy
- Concentrated portfolio of approx. 40-50 long positions and 30-40 short positions
- All cap approach, i.e. exploiting investment opportunities across all market segments
- Active approach, i.e. index weights have no influence on individual stock selection
Learn more about our investment philosophy in equity fund management
Further details on the opportunities and risks of this fund can be found in the sales prospectus.
Indexed performance
Performance in 12-month periods
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
With no further bad news, the stock markets were able to recover, helped by a better-than-expected Q1 reporting season so far. The Berenberg Absolute Return European Equities fund failed to beat its benchmark. Long: Uncertainty on the market limited EQT's prospects for corporate sales and weighed on the share price. The return of trading activity brought a recovery in Swissquote's share price. Better-than-expected order intake at Sartorius Stedim Biotech had a positive impact. Short: Higher growth drove the shares of the bioanalytical services provider and weighed on our short position. The Swedish industrial company's order intake was positive, which had a negative impact on our short position. The postponement of some contract signings led to disappointment at the Swiss software company and caused the share price to fall. This had a positive effect on our short position. We bought RELX and Ferrari and sold our short position in the listed airport operator.
Portfolio Management

Ralf Walter
Ralf Walter has been a Portfolio Manager at Berenberg since July 2021. He started his career in Equity Portfolio Management in 1998 at ADIG Investment GmbH in the German Small and Mid Caps Team and at Commerz Asset Managers in German and European Small Caps. Before joining Berenberg, he worked for 12 years in Alternative Equity Strategies at Allianz Global Investors. In the past, he successfully managed long-only portfolios as well as market-neutral long-short strategies (Allianz Discovery Germany Strategy). Ralf Walter studied at the University of Hohenheim and holds a degree in Economics. He is CFA Charterholder.

Matthias Born
Matthias Born has been CIO Equities since 2017 and Head of Investments of Wealth and Asset Management since 2019. He started his career in 2001 at Allianz Global Investors (AGI), where he managed portfolios for European Small Caps, European growth stocks and German equities from 2002 to 2017. In his 16 years at AGI, he has built two very successful equity franchises and was responsible for client assets in the double-digit billions. Matthias Born has an excellent track record over two decades and received several awards for his outstanding and consistent performance. He studied at the University of Wuerzburg and holds a degree in Business Administration.

Oliver Fritz
Oliver Fritz has been a Portfolio Manager at Berenberg since July 2017. Before joining Berenberg, Oliver Fritz worked in the Securities Division of Goldman Sachs, covering German-speaking equity and multi-asset clients. He started his career as a Sell-Side Sales at Mainfirst Bank. He holds a Bachelor's degree in Economics from Maastricht University and a Master's degree in Finance and Management from St. Andrews University.

Johann Abrahams
Johann Abrahams joined Berenberg as a Portfolio Manager in January 2020. Previously, he completed the Berenberg International Graduate Program with assignments in Sell-Side Equity Research, Equity sales, ECM, Syndicate, Quantitative and Discretionary Asset Management. Johann Abrahams holds a Bachelor of Science in Economics from the University of Mannheim, a Master in Finance and Economics from the London School of Economics and is a CFA Charterholder.

Christian Korth
Christian Korth has been a Portfolio Manager at Berenberg since June 2024. Before joining Berenberg, Christian Korth worked for the Droege Group as a portfolio manager for liquid assets (equities, bonds) as well as private equity and venture capital. Prior to that, he was a senior equity research analyst at HSBC and Stifel. He holds a Diploma degree in Finance from Frankfurt’s Goethe University.