Innovation and digitalisation: Germany does not need to hide. The fund management of Berenberg Aktien Deutschland focuses on the most convincing “Blue chips” as well as above-average growth "hidden champions" from the mid- and small-cap segment. The strategy is based on a disciplined bottom-up stock selection, focusing on companies with excellent business models, strong entry barriers and top management.
- Diversified portfolio of 40-60 stocks
- Investment level can be flexibly steered (usually 90-130%)
- Including mid-and small-caps (usually 40%)
- Benchmark-agnostic selection
Performance in 12-month periods
Monthly market comment
Merck KGaA performed positively following strong numbers from peers Sartorius and Danaher, which delivered robust growth in bioprocessing. Sartorius grew on the back of an acceleration in underlying growth and a confirmation of guidance. Linde performed similarly after the company again raised its full-year outlook. Weaker customer numbers and a reduction in the full-year outlook, on the other hand, led to sell-offs at HelloFresh. Uncertainty also weighed on the company regarding the possibility of a much smaller than expected addressable market for meal kits. The Norma share performed poorly after the outlook for 2022 had to be reduced due to rising input costs.
Andreas Strobl has been Portfolio Manager at Berenberg since November 2016. He began his professional career in 2002 as a Sell-Side Analyst at BayernLB in Munich. In 2006 he switched to Allianz Se (Aequitas GmbH) as Senior Investment Manager. There, he managed European equity investments within the framework of a fundamental investment approach, particularly in the areas of finance, real estate and media. Andreas Strobl joined Allianz Global Investors in Frankfurt in 2015 as a Senior Portfolio Manager, where he was responsible for the management and development of various European small/mid cap equity portfolios. He studied business administration at the LMU in Munich. In 2005, he completed the CIIA (Certified International Investment Analyst) and CEFA (Certified European Financial Analyst) training as the best in his class.
Sebastian Leigh has been Portfolio Manager at Berenberg since October 2017. Previously, he spent 3 years as an Associate in the Assurance division of EY, with a primary focus on automotive and healthcare companies. He studied Accounting and Finance at the University of Kent. He has also passed the CFA Level I exam.
Consideration of ESG Elements
Identifying companies and business models that will be successful in the long term is the basis for good investment decisions. Environmental, Social and Governance (ESG) factors are key factors in decision making and are therefore integralcomponents of the investment process.