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||149.92 EUR|
|Redemption price||142.78 EUR|
|Fund volume||103.02 Mio. EUR|
|Share class volume||25.20 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%|
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
Source: Berenberg, Management company | State: 11 Aug 2022
|Volatility - 1 year||24.72%|
|Volatility - 3 years||22.94%|
|Sharpe Ratio - 3 years||0.45|
|Maximum Drawdown - since inception||-36.14%|
Monthly market comment
Merck KGaA performed positively after strong figures have been announced from peers Sartorius and Danaher, which achieved strong growth in bioprocessing. The French payment services provider Worldline performed similarly. Particularly the organic growth was impressive because of gains in new customers and market share. ASML also recovered due to the positive market environment and sees high demand for 2023 and 2024. The shares of Stroeer suffered from a weakening economy. This could weigh on advertisers' budgets. Weaker customer numbers and a reduction in the full-year outlook led to sell-offs at HelloFresh. Uncertainty about the possibility of a much smaller addressable market for meal kits also depressed the share.
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.