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 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
- Benchmark-agnostic selection
Learn more about our investment philosophy in equity fund management
Fund data
ISIN | LU1637618742 |
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WKN | A2DVQA |
Inception date | 02.10.2017 |
Issue price (27.03.2024) | 144.09 EUR |
Redemption price (27.03.2024) | 137.23 EUR |
Fund volume | 413.96 Mio. EUR |
Share class volume | 38.97 Mio. EUR |
Currency | EUR |
Minimum investment | - |
Asset Manager | Joh. Berenberg, Gossler & Co. KG |
Management company | Universal-Investment-Luxembourg S.A. |
Custodian | State Street Bank International GmbH, Luxembourg Branch |
Use of income | Accumulating |
End of financial year | 31.12. |
Registration and Distribution | DE, AT, FR, CH, LU, ES |
SFDR Classification (Sustainable Finance Disclosure Regulation) | Article 6 |
Costs
Issue surcharge | Up to 5.00% |
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Management fee p.a. | 1.50% |
Custodian fee p.a. | 0.10% |
Total Expense Ratio (TER) p.a. | 1.66% |
Performance fee | Up to 20% above the MSCI Europe Micro Cap Index |
Chances and risks
Chances | Risks |
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High return potential of stocks over the long term | High susceptibility of shares to fluctuation, price losses possible |
Development of growth stocks occasionally above average | Share value may fall below the purchase price at which the customer acquired the share |
Development of micro cap stocks above average in certain phases | Below-average development of growth stocks possible at times |
Possible additional earnings through individual value analysis and active management | Below-average development of micro cap stocks possible at times |
No guarantee of success for individual value analysis and active management | |
Foreign currency investments and transactions denominated 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 | - | - | - | - | - | - | - | - | - | -0.66 | -1.63 | 2.04 | -0.29 |
2018 | 5.79 | -2.81 | -0.77 | 5.14 | 3.89 | 0.13 | 2.91 | -0.66 | -0.43 | -11.54 | -1.64 | -7.22 | -8.30 |
2019 | 8.19 | 1.99 | 0.77 | 6.78 | -3.10 | 1.83 | -2.60 | -2.55 | 2.21 | 1.73 | 8.16 | 5.75 | 32.28 |
2020 | 2.73 | -10.75 | -18.96 | 17.36 | 7.20 | 1.25 | 5.64 | 7.46 | 0.65 | -3.47 | 14.16 | 10.42 | 31.58 |
2021 | 3.38 | 4.38 | 1.85 | 9.20 | 1.38 | 1.06 | 8.42 | 4.35 | -3.62 | 2.94 | -2.67 | 4.09 | 39.84 |
2022 | -12.93 | -8.06 | 2.62 | -5.69 | -2.15 | -11.05 | 8.56 | -7.20 | -12.07 | 4.66 | 5.55 | -1.98 | -35.32 |
2023 | 2.33 | 2.28 | -2.45 | 0.76 | -1.80 | -0.76 | -0.82 | -7.33 | -5.84 | -6.84 | 12.69 | 8.73 | -0.96 |
2024 | 0.52 | -2.15 | - | - | - | - | - | - | - | - | - | - | -3.74 |
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. Additional charges can arise for individual investors (e.g. custody account fees, commissions and other fees). Model calculation (net): An investor wants to purchase fund units for EUR 1,000 EUR. Considering a max issue surcharge of 5.00% he has to payEUR 50.00 for the purchase. 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 | -4.77% |
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3 years | -21.10% |
5 years | 35.38% |
since inception | 37.23% |
Max. Drawdown 5 years | -50.40% |
Source: Berenberg, Management company | State: 27 Mar 2024
Risk figures
Volatility - 1 year | 12.21% |
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Volatility - 3 years | 16.59% |
Sharpe Ratio - 3 years | -0.53 |
Maximum Drawdown - since inception | -50.40% |
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
In February, the equity markets continued their upward trend since October, although the indices of smaller stocks continued to lag their large-cap counterparts. The Berenberg European Micro Cap outperformed its benchmark due to positive individual stock selection within the information technology, industrial and communications sectors. In the wake of generally strong demand for AI applications in the semiconductor sector and record profits at NVIDIA, Süss Microtec performed extremely well. Chemometec was able to present quarterly figures that exceeded expectations, even though the market environment remains under pressure. Shares in Judges Scientific performed strongly without any company-specific news. On the negative side, weaker than expected quarterly results weighed on the performance of Arcticzymes Technologies, Addvise Group and Genovis. Last month, we sold our position in Sopheon as the company received a takeover offer from Wellspring Worldwide in October at a premium of 103% to the previous closing price.
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.
Katharina Raatz
Katharina Raatz has been a Portfolio Manager at Berenberg since July 2017. She began her investment career as a Portfolio Manager in the European Small Cap team at DWS in 2013, where she was responsible for various European Small and Mid Cap retail funds and institutional mandates as well as for the single stock selection of French/Italian Small caps for the Global Equity platform. Furthermore, she managed international professional clients and was Deputy Portfolio Manager of DWS' largest Mid cap fund. Katharina holds a Master and Bachelor of Science in Finance from the University of Mannheim, with stays abroad at the University of Bath and ESADE Buenos Aires 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.