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 |
|---|---|
| WKN | A2DVQA |
| Inception date | 02.10.2017 |
| Issue price (09.01.2025) | 142.83 EUR |
| Redemption price (09.01.2025) | 136.03 EUR |
| Fund volume | 276.15 Mio. EUR |
| Share class volume | 29.12 Mio. EUR |
| Currency Fund / Share Class | EUR / EUR |
| Minimum investment | - |
| Asset Manager | Joh. Berenberg, Gossler & Co. KG |
| Management company | Universal-Investment-Luxembourg S.A. |
| Custodian | BNP Paribas S.A. Niederlassung Deutschland |
| 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% |
|---|---|
| Flat-rate fee p.a. | 1.80% |
| Total Expense Ratio (TER) p.a. | 1.63% |
| Performance fee | Up to 20% above the MSCI Europe Micro Cap Index |
Chances and risks
| Chances | Risks |
|---|---|
| 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 | -2.07 | 0.23 | 8.34 | -2.50 | 0.89 | -2.62 | -2.04 | -5.24 | 2.01 | 0.75 | -4.40 |
| 2025 | - | - | - | - | - | - | - | - | - | - | - | - | -0.19 |
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 | -3.86% |
|---|---|
| 3 years | -36.57% |
| 5 years | 11.18% |
| since inception | 36.03% |
| Max. Drawdown 5 years | -50.40% |
Source: Berenberg, Management company | State: 9 Jan 2025
Risk figures
| Volatility - 1 year | 11.80% |
|---|---|
| Volatility - 3 years | 15.76% |
| Sharpe Ratio - 3 years | -1.01 |
| Maximum Drawdown - since inception | -50.40% |
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
The S&P 500 lost 2.5% in December, mainly due to the disappointing interest rate policy of the Fed, while the Euro Stoxx 50 gained 2%. In this environment, the performance of the Berenberg European Micro Cap was positive both in absolute terms and relative to the benchmark. The Note AB share performed solidly on the occasion of the capital markets day with very good fourth-quarter figures, which was positively received in view of the weaker market comments from its competitors. NCAB was able to benefit from the aforementioned market outlook from Note AB and thus continue the positive momentum. Likewise, Treatt performed strongly after solid FY figures and positive momentum in the outlook. By contrast, the R&S Group Holding share price corrected after significant outperformance and no company-specific news flow. Tracsis disappointed after worse-than-expected figures for 2024, as well as ongoing political uncertainty in England. The Comet Holding share showed a slight weakness due to its link to the storage industry. In December, we opened a first position in the Swedish technology leader for analytical instruments, BPC Instruments.
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.
