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
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Top Holdings
Monthly market comment
Following the decline in early April, global equities recovered, driven by retail investor purchases, Trump’s pivot in tariff policy, and a reversal in fiscal policy. The Berenberg European Micro Cap outperformed its benchmark. Chapters Group benefited from the acquisition of its main competitor by its subsidiary Fintiba, which is expected to generate synergies and economies of scale. RaySearch rose significantly after strong quarterly figures; revenue, EBIT, and order intake exceeded analysts' expectations. Avon Technologies impressed with double-digit revenue growth, a strong increase in EBIT and a robust order intake. W5 Solutions recorded share price losses after weaker-than-expected revenue, despite robust profitability. Santhera declined as a loss above forecasts weighed on the share price, despite confirmed revenue targets and outlook. BPC Instruments reacted negatively to delayed deliveries in China and late US orders, which weighed on sales and margins. We added Pfisterer, Software Circle, and ICOP to the portfolio. We sold our entire position in Teqnion in favor of more attractive alternatives.
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.