Companies across all market-caps from Eurozone with strong market positions as well as innovative business models that are able to convince with unique quality and long-term growth opportunities
The fund management focuses on companies with convincing structural growth and high long-term earnings. These companies are based in the euro area, but often operate globally. Based on fundamental stock selection, companies are selected that achieve sustainable growth over long periods of time with high profitability. Investments are made primarily in large caps as well as high-growth smaller and medium-sized stocks. The decisive criteria for these business models are high entry barriers, end markets with structural growth and excellent management teams.
Concentrated portfolio of about 50 stocks
All cap approach, i.e. exploiting investment opportunities across all market segments
Long-term investment horizon and therefore 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
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 Eurozone Focus Fund outperformed its benchmark. Grenergy shares benefited from strong operational updates and saw steady upward pressure in April despite general weakness in renewable energy stocks. Following excellent first-quarter results, SAP shares reacted very positively. Nemetschek reported a good start to the year with organic growth of 17.4%, exceeding expectations, and confirmed its outlook for 2025. Uncertainty about economic developments after Trump's “Liberation Day” weighed heavily on Siemens. Shares in Gerresheimer were down after weak quarterly figures and news that the number of interested parties in the takeover of the company had decreased. Shares in catering company Do&Co came under significant pressure following negative statements from various US airlines. We bought an initial position in RELX, Ryanair, and Ferrari. We sold our remaining position in Moncler.
Portfolio Management
Matthias Born
Matthias Born has been CIO Equities since 2017 and Head of Investments of Wealth and Asset Management since 2019. He started his career in 2001 at Allianz Global Investors (AGI), where he managed portfolios for European Small Caps, European growth stocks and German equities from 2002 to 2017. In his 16 years at AGI, he has built two very successful equity franchises and was responsible for client assets in the double-digit billions. Matthias Born has an excellent track record over two decades and received several awards for his outstanding and consistent performance. He studied at the University of Wuerzburg and holds a degree in Business Administration.
Matthias Born
Head of Investments and CIO Equities
Oliver Fritz
Oliver Fritz has been a Portfolio Manager at Berenberg since July 2017. Before joining Berenberg, Oliver Fritz worked in the Securities Division of Goldman Sachs, covering German-speaking equity and multi-asset clients. He started his career as a Sell-Side Sales at Mainfirst Bank. He holds a Bachelor's degree in Economics from Maastricht University and a Master's degree in Finance and Management from St. Andrews University.
Oliver Fritz
Portfolio Manager
Christian Korth
Christian Korth has been a Portfolio Manager at Berenberg since June 2024. Before joining Berenberg, Christian Korth worked for the Droege Group as a portfolio manager for liquid assets (equities, bonds) as well as private equity and venture capital. Prior to that, he was a senior equity research analyst at HSBC and Stifel. He holds a Diploma degree in Finance from Frankfurt’s Goethe University.
Christian Korth
Portfoliomanager
CO₂-Intensity
The CO₂ Intensity (Scope 1 & 2emissions) per company is multiplied by is portfolio weight (current value of the investment by current portfolio value) and summedup. This weighted average CO₂ Intensity provides an indication ofthe portfolio’s exposure to CO₂ emission intensive companies. The unit is in tons of CO₂ per USD 1 million revenues.
The fund does not actively manage its carbon footprint, however, emissions data such as CO2 intensity are relevant parameters which can be used to assess the efficient management of a company and the extent of transition risks.
ESG Score
Using a score between 0 (lowest) and 10 (highest), MSCI ESG assesses the ability of portfolio holdings to identify and manage environmental, social and governance-related risks compared to peers. The ESG scores are assigned at the holding level and are aggregated at the portfolio level as the weighted average ESG Score.
The data provider MSCI ESG uses an ESG score of 0 to 10 to assess the management of material ESG risks of portfolio holdings compared to competitors.
ESG Controversies Screen
MSCI ESG analyses controversial business practices from the five areas environment, human rights, labour rights & supply management, customers and governance. The controversies are rated according to their reputational risk as well as the operational handling by a flagging system. Green indicates no or weak controversies, yellow indicates moderate controversies, orange indicates severe controversies and red indicates very severe controversies.
Investments in the fund are monitored for ESG controversies and, with the help of MSCI ESG data, flagged according their severity. Thereby, potential ESG risks of investments are identified. In the case of an orange flag (severe controversy), we enter into an active exchange with the company. In the case of a red flag (very severe controversy), the company is excluded.