The strategy is based on a disciplined bottom-up stock selection of attractive smaller companies (market capitalisation up to 1bn EUR) based in Europe. The decisive criteria are among others end markets with structural growth, high entry barriers and excellent management teams.
Diversified portfolio of 90-120 stocks
Use of information inefficiencies due to low coverage
Long-term investment horizon and low portfolio turnover
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
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Top Holdings
Monthly market comment
In June, Europe saw a noticeable broadening of the market for small and micro-cap stocks, along with a return of the size factor—developments from which our strategies clearly benefited. The Berenberg European Micro Cap outperformed its benchmark. Shares of Basler continued their growth trend, driven by a marked recovery in the German automation market. Comet also had a good performance due to the recovery in semiconductor markets, improved demand, and positive momentum from the European technology sector. Stif continued its positive trend despite the absence of company-specific news. Elixirr’s share price declined following selling pressure from IHT funds, triggered by the announced move from the AIM to the Main Market segment. Scandinavian Astor Group lost around 10% after a capital increase to finance M&A activities, roughly in line with the offering discount. Mildef corrected after a strong start to the year, without any new developments. We purchased shares of Enity Holding as part of the IPO. We fully exited our position in Anpario following a series of reductions.
Portfolio Management
Peter Kraus
Peter Kraus has been Head of Small Cap Equities at Berenberg since October 2017. He began his career in 2000 as an equity analyst for a corporate finance consultancy in Munich before moving to Deka-Investment in Frankfurt in 2003. There he worked as an analyst for European Small Caps. In 2006 he joined Allianz Global Investors as Fund Manager for European Micro and Small/Mid Caps, where he contributed significantly to the success of the Small Cap team in the following years. Peter Kraus was responsible for the management of various European Small and Mid Cap funds as well as for the acquisition and management of international institutional mandates. He studied Business Administration at the University of Mannheim and is a CFA Charterholder.
Peter Kraus
Head of Small Cap Equities
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.
