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 (12.09.2025) | 131.77 EUR |
| Redemption price (12.09.2025) | 124.90 EUR |
| Fund volume | 54.72 Mio. EUR |
| Share class volume | 35.85 Mio. EUR |
| Currency Fund / Share Class | EUR / EUR |
| Minimum investment | - |
| Asset Manager | Joh. Berenberg, Gossler & Co. KG |
| Management company | Universal-Investment-Gesellschaft mbH |
| Custodian | BNP Paribas S.A. Niederlassung Deutschland |
| 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% |
|---|---|
| Flat-rate fee p.a. | 1.80% |
| Total Expense Ratio (TER) p.a. | 1.84% |
| Performance fee | Up to 20% above the 50%MDAX / 50%SDAX Index |
Chances and risks
| Chances | Risks |
|---|---|
| High potential returns from equities in the long term. | Fluctuations in value and price losses from stocks and the potential use of derivatives are possible – both overall and in individual stock market years. |
| Growth stocks, small caps, and specific sectors, countries, or market segments may outperform the market in certain phases. | Growth stocks, small caps, and specific sectors, countries, or market segments may underperform during certain periods. |
| Improvement of the risk/return profile through individual stock analysis and active management. | There is no guarantee of success for individual stock analysis and active management. |
| Stabilization of assets in negative capital market phases through professional risk management and intelligent diversification. | Investments and transactions in foreign currencies are subject to exchange rate risks. |
Further details on the opportunities and risks of this fund can be found in the sales prospectus.
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 | -12.06 | 6.02 | 9.91 | -3.44 | -35.09 |
| 2023 | 10.31 | 2.16 | -2.52 | -0.46 | -5.19 | 1.91 | 1.42 | -1.86 | -7.42 | -7.06 | 7.07 | 8.30 | 4.93 |
| 2024 | -4.43 | -1.51 | 4.45 | -0.96 | 2.32 | -5.42 | -0.91 | -2.47 | 0.96 | -6.40 | -1.08 | -0.36 | -15.16 |
| 2025 | 4.13 | 0.27 | -3.65 | 2.75 | 3.79 | 3.72 | -2.29 | -4.83 | - | - | - | - | 1.83 |
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 | -0.32% |
|---|---|
| 3 years | -11.86% |
| 5 years | -21.80% |
| since inception | 25.55% |
| Max. Drawdown 5 years | -50.96% |
Source: Berenberg, Management company | State: 12 Sept 2025
Risk figures
| Volatility - 1 year | 19.93% |
|---|---|
| Volatility - 3 years | 18.20% |
| Sharpe Ratio - 3 years | -0.35 |
| Maximum Drawdown - since inception | -50.96% |
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
The markets in August were characterized by typical summer seasonality with low trading volumes and an ambiguous market direction. Small caps were particularly hard hit and fell more sharply. The Aktien Mittelstand lagged behind its benchmark due to its IT and healthcare sector allocation, which performed below average. Hypoport suffered from weaker transaction volumes compared with the Bundesbank data; The forecast for the financial year was confirmed. Weak order intake for the second quarter weighed on SUSS shares. CTS Eventim declined after disappointing quarterly figures. Basler continued its recovery rally, driven by a 2025 guidance upgrade based on larger projects in the US and AI initiatives in Asia. Deutz AG benefited from an economic recovery with improved profitability. In addition, the market appreciates the additional potential from the growing defense business. United Internet was able to continue its strong price performance from previous months without any specific news flow. We increased our positions in Rational and Stabilus, and reduced Norma, Verbio, and Grenke.
Portfolio Management
Andreas Strobl
Andreas Strobl has been a 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 moved to Allianz SE (Aequitas GmbH) as a senior Investment Manager. Since 2015, Andreas Strobl has worked as a Senior Portfolio manager at Allianz Global Investors in Frankfurt, 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 graduated at the top of his class as a CIIA (Certified International Investment Analyst) and CEFA (Certified European Financial Analyst).
Sebastian Leigh
Sebastian Leigh has been Portfolio Manager at Berenberg since October 2017. Previously, he spent three 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.
CO₂-Intensity
The fund does not actively manage its carbon footprint, however, emissions data such as CO2 intensity are relevant parameters which can be used to assess the efficient management of a company and the extent of transition risks.
ESG Score
The data provider MSCI ESG uses an ESG score of 0 to 10 to assess the management of material ESG risks of portfolio holdings compared to competitors.
ESG Controversies Screen
Investments in the fund are monitored for ESG controversies and, with the help of MSCI ESG data, flagged according their severity. Thereby, potential ESG risks of investments are identified. In the case of an orange flag (severe controversy), we enter into an active exchange with the company. In the case of a red flag (very severe controversy), the company is excluded.
