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
Asset classes
Top Holdings
Monthly market comment
Global stock markets were divided: US indices were close to their all-time highs, while European markets fell slightly. A weaker reporting season and political uncertainties in France had a negative impact. The Berenberg European Micro Cap Fund achieved a positive absolute performance in August, but a slightly negative relative performance. This is attributable to negative allocation effects in traditional banks and the industrial sector. Positive selection effects in information technology and industry were unable to offset this. Suess Microtec came under further pressure in August after the company had already published preliminary figures and a profit warning at the end of July. Raysearch recorded price losses after its Q2 figures fell short of consensus estimates. Despite strong half-year figures, Kuros came under pressure in 2025 without any new company-specific impetus. Intellego rose after the company reported strong quarterly figures. Medistim posted price gains, driven by the publication of solid half-year results. Basler performed well thanks to strong half-year figures and an upward forecast. We added Sensirion to the portfolio.
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.