Investment Strategy
Hidden champions with above-average growth and leading products can be found especially in the German small cap segment. The focus of Berenberg Aktien Mittelstand is on established niche companies that have focused business models and strong market positions both in their home markets and globally. The strategy is based on a disciplined bottom-up stock selection, focusing on companies with excellent business models, strong entry barriers and top management – many of them owner-managed.
- Concentrated portfolio of 25-45 stocks
- Mid-cap approach; small- and micro-caps can be added
- Long-term investment horizon and low portfolio turnover
- Benchmark-agnostic selection
Learn more about our investment philosophy in equity fund management
Fund data
| ISIN | DE000A14XN59 |
|---|---|
| WKN | A14XN5 |
| Inception date | 04.12.2015 |
| Issue price | 127.55 EUR |
| Redemption price | 120.90 EUR |
| Fund volume | 163.22 Mio. EUR |
| Share class volume | 72.91 Mio. EUR |
| Currency | EUR |
| Minimum investment | - |
| Asset Manager | Joh. Berenberg, Gossler & Co. KG |
| Management company | Universal-Investment-Gesellschaft mbH |
| Custodian | State Street Bank International GmbH |
| Use of income | Accumulating |
| End of financial year | 31.12. |
| Registration and Distribution | DE, AT, CH, LI, ES |
| SFDR Classification (Sustainable Finance Disclosure Regulation) | Article 8 |
Costs
| Issue surcharge | Up to 5.50% |
|---|---|
| Management fee p.a. | 1.68% |
| Custodian fee p.a. | 0.03% |
| Total Expense Ratio (TER) p.a. | 1.75% |
Indexed performance
Performance in 12-month periods
Monthly performance
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2015 | - | - | - | - | - | - | - | - | - | - | - | 0.00 | 0.00 |
| 2016 | -9.02 | -1.99 | 6.25 | 0.31 | 5.07 | -4.41 | 6.83 | 1.56 | 4.33 | -3.36 | -5.40 | 5.18 | 3.89 |
| 2017 | 3.30 | 2.64 | 4.66 | 5.66 | 6.40 | -2.91 | 2.39 | 1.46 | 6.47 | 0.53 | 0.09 | 1.87 | 37.31 |
| 2018 | 3.17 | -0.94 | -3.72 | 3.10 | 3.81 | -2.98 | 4.35 | 2.89 | -6.69 | -10.22 | -1.46 | -9.73 | -18.27 |
| 2019 | 10.86 | 2.08 | 0.69 | 6.98 | -6.50 | 4.39 | 0.29 | -4.17 | 2.57 | 1.64 | 6.57 | 2.03 | 29.61 |
| 2020 | 0.11 | -8.07 | -12.93 | 13.43 | 11.22 | -0.45 | 1.38 | 4.99 | 1.11 | -6.06 | 15.85 | 4.93 | 23.67 |
| 2021 | 4.53 | -2.57 | 0.04 | 5.61 | 0.28 | 1.25 | 3.66 | 4.63 | -4.54 | 2.27 | -4.95 | 3.85 | 14.17 |
| 2022 | -10.03 | -6.34 | -2.21 | -5.20 | -1.79 | -12.22 | 7.95 | -9.78 | - | - | - | - | -43.04 |
Source: Berenberg, Management company
The charts and tables regarding performance shown here are based on own calculations according to the method developed by the German Investment Funds Association (BVI). They illustrate past performance. Future performance can deviate both positively and negatively from these calculations. Gross performance (BVI method) takes into account all charges at fund level (e.g. management fee), net performance plus the issue surcharge. Additional charges can arise for individual investors (e.g. custody account fees, commissions and other fees). Model calculation (net): An investor wants to purchase fund units for EUR 1,000 EUR. Considering a max issue surcharge of 5.50% he has to payEUR 55.00 for the purchase. Also, fees may be charged for the administration of the safe custody account, which will lower the performance. Past performance is not a reliable indicator of future performance.
Performance after issue surcharge
| 1 year | -43.98% |
|---|---|
| 3 years | -10.88% |
| 5 years | -11.47% |
| since inception | 21.53% |
| Max. Drawdown 5 years | -45.97% |
Source: Berenberg, Management company | State: 27 Sep 2022
Risk figures
| Volatility - 1 year | 24.97% |
|---|---|
| Volatility - 3 years | 22.75% |
| Sharpe Ratio - 3 years | -0.14 |
| Maximum Drawdown - since inception | -45.97% |
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
Nabaltec underlined its robust business model with half-year figures at record levels, resulting in a double-digit share price gain. PharmaSGP convinced with rising profitability and strong growth, which was reflected in the half-year figures. Verbio benefited from rising demand, high gas prices and the ongoing energy crisis. Despite solid quarterly figures, Adesso suffered from share sales. Due to a feared weakening of consumer demand in relation to inflation, Rational recorded fewer incoming orders and posted a double-digit share price loss despite record quarterly results. Shop Apotheke suffered a setback in the introduction of e-prescription.
Portfolio Management
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 integral
components of the investment process.
