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 | LU1637618403 |
|---|---|
| WKN | A2DVQG |
| Inception date | 02.10.2017 |
| Issue price (16.09.2025) | 137.70 EUR |
| Redemption price (16.09.2025) | 131.14 EUR |
| Fund volume | 29.95 Mio. EUR |
| Share class volume | 10.93 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, IT, LU, LI, ES |
| SFDR Classification (Sustainable Finance Disclosure Regulation) | Article 8 |
Costs
| Issue surcharge | Up to 5.00% |
|---|---|
| Flat-rate fee p.a. | 1.56% |
| Total Expense Ratio (TER) p.a. | 1.87% |
| 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 | - | - | - | - | - | - | - | - | - | 3.00 | -1.38 | -0.13 | 1.45 |
| 2018 | 2.84 | -3.30 | -1.39 | 3.82 | 3.32 | -0.94 | 1.09 | 2.66 | -2.26 | -10.14 | -2.40 | -7.20 | -13.97 |
| 2019 | 9.44 | 2.46 | 2.85 | 5.43 | -3.67 | 6.98 | 1.84 | -3.62 | 1.13 | 3.69 | 6.01 | 2.45 | 40.07 |
| 2020 | -0.13 | -6.20 | -11.27 | 10.28 | 8.32 | 4.51 | 0.00 | 4.11 | 1.39 | -5.59 | 12.08 | 7.09 | 24.11 |
| 2021 | 0.49 | 1.11 | 1.70 | 4.03 | 2.40 | 3.17 | 2.74 | 5.41 | -5.50 | 4.32 | 0.16 | 1.36 | 23.09 |
| 2022 | -13.01 | -5.91 | -0.65 | -6.31 | -2.63 | -9.05 | 12.87 | -7.65 | -6.36 | 2.72 | 6.28 | -5.26 | -31.88 |
| 2023 | 9.30 | 0.70 | 1.30 | -2.57 | -0.86 | 1.30 | 2.07 | -6.50 | -7.01 | -7.14 | 10.06 | 4.37 | 3.26 |
| 2024 | 1.09 | 2.94 | -0.47 | -6.15 | 0.35 | 0.88 | -2.32 | 0.87 | -0.71 | -4.14 | 0.78 | 1.67 | -5.46 |
| 2025 | 7.70 | 0.32 | -5.73 | 1.29 | 6.15 | 0.42 | -1.35 | -1.60 | - | - | - | - | 5.58 |
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 | 6.70% |
|---|---|
| 3 years | 2.27% |
| 5 years | -1.80% |
| since inception | 31.14% |
| Max. Drawdown 5 years | -41.75% |
Source: Berenberg, Management company | State: 16 Sept 2025
Risk figures
| Volatility - 1 year | 17.74% |
|---|---|
| Volatility - 3 years | 17.25% |
| Sharpe Ratio - 3 years | -0.15 |
| Maximum Drawdown - since inception | -41.75% |
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
Global equity markets largely extended their upward trend in August. Political uncertainties in the UK and France depressed European market sentiment. The Berenberg Eurozone Focus Fund lagged its benchmark. The software sector was hit in August by concerns that artificial intelligence could threaten existing companies in this sector. This led to SAP and Nemescheck shares underperforming. Price pressure from the US had a negative impact on Eckert & Ziegler shares, compounded by weaker sales and earnings. A significant increase in sales and profits in the second quarter led to a strong performance by DO&CO in the second half of August. Solid quarterly figures and confirmation of the outlook boosted Siemens shares. We added the Belgian biotechnology company Argenx to the portfolio. We divested Symrise, CTS Eventim, and Adyen.
Portfolio Management
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.
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.
Martin Hermann
Martin Hermann has been a Portfolio Manager at Berenberg since October 2017. He is responsible for the Berenberg Global Focus Fund and the global wealth management strategy “Equity Growth”, and serves as co-portfolio manager of the Berenberg European Focus Fund. Prior to joining Berenberg, he was a Portfolio Manager within Allianz Global Investors’ award-winning Europe Equity Growth Team and deputy portfolio manager of the International Equity Growth Fund. He began his career in 2010 as an investment trainee in the Graduate Programme at Allianz Global Investors. Martin Hermann holds a Master’s degree in Investment Analysis and Corporate Finance from the University of Vienna and is a CFA charterholder.
Kay Eichhorn-Schott
Kay Eichhorn-Schott has been a Portfolio Manager at Berenberg since October 2017. Kay started his career in the Berenberg International Graduate Program in October 2015 and joined the Wealth and Asset Management division in London after completing the program. He holds a Master of Science in Finance and studied at EBS Business School, University of Bath and Texas A&M University. Kay Eichhorn-Schott 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.
