Investment Strategy
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
- Benchmark-agnostic approach
Learn more about our investment philosophy in equity fund management
Fund data
| ISIN | LU1637618585 |
|---|---|
| WKN | A2DVQH |
| Inception date | 02.10.2017 |
| Issue price (17.04.2026) | 150.16 EUR |
| Redemption price (17.04.2026) | 150.16 EUR |
| Fund volume | 11.89 Mio. EUR |
| Share class volume | 2.35 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, IT, LU, LI, ES, GB, CL |
| SFDR Classification (Sustainable Finance Disclosure Regulation) | Article 8 |
Costs
| Issue surcharge | none |
|---|---|
| Flat-rate fee p.a. | 0.85% |
| Total Expense Ratio (TER) p.a. | 1.97% |
| Performance fee | none |
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 | - | - | - | - | - | - | - | - | - | 3.02 | -2.08 | -0.16 | 0.72 |
| 2018 | 2.89 | -3.23 | -1.37 | 3.83 | 3.38 | -0.87 | 1.09 | 2.72 | -2.20 | -10.06 | -2.60 | -7.11 | -13.64 |
| 2019 | 9.44 | 2.52 | 2.86 | 5.47 | -3.61 | 6.95 | 1.72 | -3.55 | 1.08 | 3.75 | 5.99 | 2.50 | 40.26 |
| 2020 | -0.13 | -6.15 | -11.36 | 10.33 | 8.35 | 4.40 | 0.03 | 4.17 | 1.45 | -5.53 | 12.12 | 7.14 | 24.39 |
| 2021 | 0.54 | 1.16 | 1.76 | 4.07 | 2.47 | 3.23 | 2.79 | 5.47 | -5.44 | 4.36 | 0.26 | 1.51 | 24.08 |
| 2022 | -12.93 | -5.86 | -0.60 | -6.23 | -2.56 | -9.02 | 12.85 | -7.57 | -6.29 | 2.78 | 6.35 | -5.20 | -31.41 |
| 2023 | 9.34 | 0.77 | 1.35 | -2.51 | -0.80 | 1.35 | 2.12 | -6.44 | -6.94 | -7.08 | 10.11 | 4.42 | 3.98 |
| 2024 | 1.15 | 2.99 | -0.42 | -6.07 | 0.41 | 0.90 | -2.26 | 0.93 | -0.67 | -4.10 | 0.83 | 1.75 | -4.83 |
| 2025 | 7.71 | 0.34 | -5.70 | 1.27 | 6.12 | 0.39 | -1.34 | -1.57 | 1.81 | 1.91 | -1.60 | 1.87 | 11.05 |
| 2026 | 2.55 | 1.46 | -7.21 | - | - | - | - | - | - | - | - | - | 5.78 |
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 | 20.63% |
|---|---|
| 3 years | 4.75% |
| 5 years | -9.20% |
| since inception | 50.16% |
| Max. Drawdown 5 years | -40.39% |
Source: Berenberg, Management company | State: 17 Apr 2026
Risk figures
| Volatility - 1 year | 16.10% |
|---|---|
| Volatility - 3 years | 16.58% |
| Sharpe Ratio - 3 years | -0.09 |
| Maximum Drawdown - since inception | -40.39% |
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
In March, global equity markets remained stable overall, despite ongoing geopolitical tensions in the Middle East. While major benchmark indices traded near their highs, a growing rotation at the single-stock level and broader performance divergence between individual sectors became apparent beneath the surface. In this environment, the Berenberg Eurozone Focus Fund was able to beat its benchmark. RWE led the gainers following positive financial results. The Italian gas producer SOL benefited from strong organic growth, and FinecoBank impressed with a clear growth strategy. On the other hand, Technip Energies had a negative impact, recovering only slowly after weak Q4 figures. Profit-taking weighed on Gaztransport & Technigaz, while Saipem remained under pressure despite strong offshore results.
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.
CO₂-Intensity
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
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
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.
