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
|Issue price||141.00 EUR|
|Redemption price||134.29 EUR|
|Fund volume||90.28 Mio. EUR|
|Share class volume||22.22 Mio. EUR|
|Asset Manager||Joh. Berenberg, Gossler & Co. KG|
|Management company||Universal-Investment-Luxembourg S.A.|
|Custodian||State Street Bank Luxembourg S.C.A.|
|Use of income||Accumulating|
|End of financial year||31.12.|
|Registration and Distribution||DE, AT, FR, CH, IT, LU, LI, ES|
(Sustainable Finance Disclosure Regulation)
|Issue surcharge||Up to 5.00%|
|Management fee p.a.||1.50%|
|Custodian fee p.a.||0.10%|
|Total Expense Ratio (TER) p.a.||1.75%|
Chances and 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 mid – 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 second-line stocks possible at times|
|No guarantee of success for individual value analysis and active management|
|Concentration risk through focusing on investments in eurozone countries|
Further details on the opportunities and risks of this fund can be found in the sales prospectus.
Performance in 12-month periods
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
|Max. Drawdown 5 years||-37.47%|
Source: Berenberg, Management company | State: 30 Nov 2022
|Volatility - 1 year||26.22%|
|Volatility - 3 years||23.63%|
|Sharpe Ratio - 3 years||0.19|
|Maximum Drawdown - since inception||-37.47%|
Monthly market comment
After good quarterly results, ASML performed comparatively well. Surprisingly positive for market participants was that the order book remains very robust, and customers are not cancelling their orders despite difficulties in the semiconductor industry. Worldline was able to present strong organic growth figures, which can be explained, among other things, by the acquisition of new customers. French spirits producer Pernod Ricard was weighed down by end-consumer uncertainties in Europe and the US, as well as the continued lockdown in China. Allfunds suffered primarily because its existing clients are having to absorb outflows from equity funds. On a positive note, Allfunds continued to attract new clients.
Matthias Born is the head of Berenberg's equity fund management since 2017 and is also Head of Investments at Germany's oldest private bank since 2019. He is responsible for the investment platform in the Wealth & Asset Management division and in his Equities role he built up a team of specialists for European and Global Equities, with strong expertise in the Small Caps segment. The growth-oriented equity funds Berenberg European Focus Fund and Berenberg Eurozone Focus Fund are under his leadership and have clearly outperformed the benchmark since their launch. 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. He has grown two very successful equity franchises over the 16 years at AGI. Matthias Born has an excellent track record over almost two decades in these segments and has received several awards for his outstanding and consistent performance. He studied at the University of Wuerzburg and holds a degree in Business Administration.
Oliver Fritz has been Portfolio Manager at Berenberg since July 2017. He started his career as a Sell-Side Sales at Main First. Before joining Berenberg, he worked as a Sell-Side Sales at Goldman Sachs. He holds a Bachelor in Economics from Maastricht University and a Master in Finance and Management from St Andrews University.
Justus Schirmacher has been portfolio manager at Berenberg since January 2019. He began his career in 2014 with Goldman Sachs as an equity analyst in the European Autos Team. Before joining Berenberg, Justus Schirmacher worked in the GS SUSTAIN team. The focus here was identifying cross-sector companies with successful and sustainable business models that have strong competitive advantages and benefit from structural growth. Justus Schirmacher studied history at the University of Cambridge.
Consideration of ESG Elements
Identifying companies and business models that will be successful in the long term is the basis for good investment decisions. Environmental, Social and Governance (ESG) factors are key factors in decision making and are therefore integral
components of the investment process.
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.
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.