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
The equity market started the year on a predominantly positive note, driven by optimism at the beginning of the year, although individual sectors fluctuated. In this environment, the Berenberg Eurozone Focus Fund underperformed its benchmark in the reporting month. Performance was significantly influenced by individual stock developments. Positive contributions came in particular from holdings in ASML Holding N.V., which rose after record orders and a raised outlook, as well as BE Semiconductor Industries N.V., thanks to order figures well above expectations. ASM International N.V. also contributed positively, supported by strong operational momentum. Conversely, performance was decelerated by LVMH Moët Hennessy Louis Vuitton S.A. due to margin pressure and slowing growth, SAP SE after a sharp sell-off following its quarterly results, and Allianz SE, which corrected in line with the insurance sector.
Portfolio Management
Equities Team
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.
