Investment Strategy
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 growing or cyclically attractive end-markets, 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
- Benchmark-agnostic selection
Learn more about our investment philosophy in equity fund management
Fund data
| ISIN | LU1637618825 |
|---|---|
| WKN | A2DVQB |
| Inception date | 02.10.2017 |
| Issue price (02.07.2026) | 179.98 EUR |
| Redemption price (02.07.2026) | 179.98 EUR |
| Fund volume | 295.53 Mio. EUR |
| Share class volume | 255.62 Mio. EUR |
| Currency Fund / Share Class | EUR / EUR |
| Minimum investment | 500,000.00 EUR |
| Asset Manager | Joh. Berenberg, Gossler & Co. KG |
| Management company | Universal-Investment-Luxembourg S.A. |
| Custodian | BNP Paribas Luxembourg Branch |
| Use of income | Accumulating |
| End of financial year | 31.12. |
| Registration and Distribution | DE, AT, FR, CH, LU, ES, SE, GB, FI |
| SFDR Classification (Sustainable Finance Disclosure Regulation) | Article 6 |
Costs
| Issue surcharge | none |
|---|---|
| Flat-rate fee p.a. | 0.83% |
| Total Expense Ratio (TER) p.a. | 0.93% |
| Performance fee | Up to 20% above the MSCI Europe Micro Cap 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2017 | - | - | - | - | - | - | - | - | - | -0.58 | -1.54 | 2.08 | -0.07 |
| 2018 | 5.90 | -2.73 | -0.66 | 5.25 | 3.97 | 0.17 | 2.99 | -0.62 | -0.38 | -11.48 | -1.56 | -7.16 | -7.49 |
| 2019 | 8.23 | 2.05 | 0.81 | 6.82 | -3.03 | 1.86 | -2.52 | -2.50 | 2.28 | 1.77 | 8.27 | 5.80 | 33.12 |
| 2020 | 2.77 | -10.69 | -18.92 | 17.40 | 7.24 | 1.29 | 5.68 | 7.49 | 0.70 | -3.44 | 14.16 | 10.48 | 32.20 |
| 2021 | 3.42 | 4.45 | 1.92 | 9.20 | 1.49 | 1.05 | 8.38 | 4.37 | -3.50 | 2.98 | -2.61 | 4.16 | 40.59 |
| 2022 | -12.87 | -7.99 | 2.68 | -5.63 | -2.08 | -10.97 | 8.62 | -7.14 | -11.98 | 4.70 | 5.61 | -1.91 | -34.80 |
| 2023 | 2.40 | 2.34 | -2.39 | 0.81 | -1.74 | -0.69 | -0.76 | -7.25 | -5.76 | -6.75 | 12.72 | 8.76 | -0.22 |
| 2024 | 0.58 | -2.08 | -2.01 | 0.31 | 8.40 | -2.43 | 0.97 | -2.53 | -1.95 | -5.13 | 2.08 | 0.84 | -3.53 |
| 2025 | 0.60 | -0.91 | -4.21 | 5.37 | 9.35 | 3.67 | 4.31 | 0.40 | -2.97 | 1.31 | -2.52 | 1.13 | 15.77 |
| 2026 | 4.64 | 1.56 | -7.73 | 9.73 | 5.56 | -3.97 | - | - | - | - | - | - | 8.29 |
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. As no issue surcharge is incurred for this share class the gross performance corresponds to the net performance. Additional charges can arise for individual investors (e.g. custody account fees, commissions and other fees). 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 | 9.93% |
|---|---|
| 3 years | 19.93% |
| 5 years | -11.59% |
| since inception | 79.98% |
| Max. Drawdown 5 years | -49.58% |
Source: Berenberg, Management company | State: 2 Jul 2026
Risk figures
| Volatility - 1 year | 13.83% |
|---|---|
| Volatility - 3 years | 14.19% |
| Sharpe Ratio - 3 years | 0.23 |
| Maximum Drawdown - since inception | -49.58% |
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
The stock markets continued their rally in May, driven by falling oil prices, hopes of peace in the Persian Gulf, and the AI boom in the US. In this environment, the Berenberg European Micro Cap was able to outperform its benchmark. SUSS MicroTec SE was a key contributor to performance as record order intakes pushed the stock higher. Basler AG also recorded share price gains following high order intake and the raising of its annual forecast. Comet Holding AG benefited from its market leadership in vacuum capacitors. On the negative side, Odfjell Technology Ltd. disappointed investors with a weak operating cash flow. At Berner Industrier AB, margin pressure led to share price losses, and Enity Holding AB's stock was burdened by lower interest margins and the exit of a major shareholder.
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.
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.
