Investment Strategy
The fund management invests in high-quality companies that should be able to generate above average and sustainable earnings growth over a long period of time. The key selection criteria are high barriers to entry, end-markets with structural growth and excellent management teams.
- Investment in global growth companies of all sizes
- Concentrated portfolio of approximately 30 stocks
- Active and benchmark-agnostic approach
- Long-term investment horizon
Learn more about our investment philosophy in equity fund management
Fund data
| ISIN | LU1900077238 |
|---|---|
| WKN | A2N73E |
| Inception date | 11.12.2018 |
| Issue price (24.11.2025) | 216.65 EUR |
| Redemption price (24.11.2025) | 216.65 EUR |
| Fund volume | 129.13 Mio. EUR |
| Share class volume | 95.02 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, CH, IT, LU, ES, GB |
| 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. | 0.98% |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | - | - | - | - | - | - | - | - | - | - | - | -4.45 | -4.45 |
| 2019 | 8.28 | 5.81 | 4.52 | 5.11 | -5.41 | 5.00 | 2.45 | -0.10 | 0.92 | 2.31 | 5.51 | 3.70 | 44.56 |
| 2020 | 0.68 | -3.88 | -14.06 | 12.60 | 6.05 | 5.14 | 4.54 | 7.69 | -0.33 | 1.01 | 5.96 | 2.58 | 28.65 |
| 2021 | 1.32 | 5.10 | 1.76 | 4.54 | -4.37 | 7.83 | -0.27 | 2.68 | -5.08 | 5.79 | -2.80 | 0.35 | 17.16 |
| 2022 | -10.52 | -7.33 | 0.69 | -7.06 | -3.84 | -6.33 | 10.67 | -5.38 | -7.67 | 2.67 | 1.11 | -7.71 | -35.26 |
| 2023 | 6.77 | -0.62 | 3.36 | -0.11 | 4.71 | 2.40 | 1.69 | -2.55 | -2.55 | -1.83 | 8.44 | 2.29 | 23.52 |
| 2024 | 2.56 | 4.15 | 0.54 | -3.03 | 2.88 | 3.39 | -1.33 | 0.81 | 0.41 | 0.53 | 5.82 | 2.71 | 20.86 |
| 2025 | 5.51 | -0.07 | -8.75 | -0.91 | 6.61 | 0.78 | 4.34 | -1.39 | 1.82 | 4.44 | - | - | 7.67 |
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 | 9.90% |
|---|---|
| 3 years | 51.52% |
| 5 years | 28.09% |
| since inception | 116.65% |
| Max. Drawdown 5 years | -39.36% |
Source: Berenberg, Management company | State: 24 Nov 2025
Risk figures
| Volatility - 1 year | 15.94% |
|---|---|
| Volatility - 3 years | 14.38% |
| Sharpe Ratio - 3 years | 0.80 |
| Maximum Drawdown - since inception | -39.36% |
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
October defied volatility and political uncertainty. Numerous indices reached new all-time highs. The Global Focus Fund outperformed its benchmark in this environment. Amazon benefited from an acceleration in growth at AWS as well as strong results in its retail business. Nvidia’s share price gained following positive announcements at the GTC conference. AstraZeneca’s shares also performed well, supported by a settlement with U.S. President Trump and convincing study results. In contrast, shares of AutoZone and Tencent came under pressure due to profit-taking, while Meta Platforms’ stock suffered from higher spending on AI infrastructure.
Portfolio Management
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.
Tim Gottschalk
Tim Gottschalk has been a Portfolio Manager at Berenberg since January 2022. He started his career in the Berenberg International Graduate Program with assignments in Asset Management, Wealth Management and Equity Research. Tim Gottschalk holds a Bachelor of Science in Business Administration and a Master of Science in Finance with Distinction from the University of Cologne with stays abroad in Dublin and Stockholm.
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.
