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
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Top Holdings
Monthly market comment
With no further bad news, the stock markets were able to recover, helped by a better-than-expected Q1 reporting season so far. The Berenberg European Micro Cap outperformed its benchmark. Intellego Technologies benefited in April from preliminary quarterly figures that far exceeded market expectations. STIF continued its positive momentum following strong results for the 2024 financial year. Kuros Biosciences AG rose significantly after publishing strong Q1 figures. Revenue rose by 82% year-on-year, exceeding the consensus by 18%. Treatt announced that it would not be able to meet its previous annual forecast and lowered its outlook for the 2025 financial year. In line with the general weakness of many European semiconductor companies, NCAB continued to show relative weakness. Stille AB missed its revenue and profit forecasts for the first quarter. Supply bottlenecks and the discontinuation of non-strategic products were cited as temporary reasons. We opened a position in Clinica Baviera and sold our position in Sword Group.
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.