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 | LU1900076933 |
|---|---|
| WKN | A2N73B |
| Inception date | 11.12.2018 |
| Issue price (07.10.2025) | 222.17 EUR |
| Redemption price (07.10.2025) | 211.59 EUR |
| Fund volume | 127.63 Mio. EUR |
| Share class volume | 15.35 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, CH, LU, 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. | 1.72% |
| 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 | - | - | - | - | - | - | - | - | - | - | - | -4.49 | -4.49 |
| 2019 | 8.21 | 5.76 | 4.46 | 5.05 | -5.49 | 4.97 | 2.39 | -0.16 | 0.87 | 2.25 | 5.48 | 3.65 | 43.62 |
| 2020 | 0.63 | -3.94 | -14.15 | 12.54 | 6.00 | 5.07 | 4.48 | 7.63 | -0.38 | 0.95 | 5.90 | 2.53 | 27.75 |
| 2021 | 1.27 | 5.05 | 1.69 | 4.49 | -4.43 | 7.78 | -0.33 | 2.62 | -5.15 | 5.74 | -2.86 | 0.29 | 16.35 |
| 2022 | -10.61 | -7.39 | 0.63 | -7.13 | -3.91 | -6.41 | 10.62 | -5.45 | -7.74 | 2.61 | 1.05 | -7.78 | -35.80 |
| 2023 | 6.72 | -0.69 | 3.31 | -0.16 | 4.65 | 2.34 | 1.63 | -2.62 | -2.61 | -1.90 | 8.40 | 2.24 | 22.69 |
| 2024 | 2.50 | 4.09 | 0.48 | -3.10 | 2.82 | 3.33 | -1.39 | 0.75 | 0.36 | 0.46 | 5.80 | 2.65 | 20.06 |
| 2025 | 5.48 | -0.13 | -8.82 | -0.98 | 6.57 | 0.72 | 4.29 | -1.46 | 1.76 | - | - | - | 9.73 |
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 | 18.56% |
|---|---|
| 3 years | 51.31% |
| 5 years | 29.01% |
| since inception | 111.59% |
| Max. Drawdown 5 years | -39.92% |
Source: Berenberg, Management company | State: 7 Oct 2025
Risk figures
| Volatility - 1 year | 15.66% |
|---|---|
| Volatility - 3 years | 14.57% |
| Sharpe Ratio - 3 years | 0.73 |
| Maximum Drawdown - since inception | -39.92% |
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 had only a limited impact on market sentiment. The Berenberg Global Focus Fund lagged behind its benchmark. Despite very good results, profit-taking set in at Microsoft in August. The software sector was also hit by concerns that artificial intelligence could threaten existing companies in this sector, which weighed on Topicus. Autodesk suffered from speculation about a takeover by its competitor PTC. This was denied by management and the stock recovered after very good quarterly results. Autozone benefited from positive third-party data and good figures from its competitors. AstraZeneca also performed well. In recent weeks, the company had delivered good quarterly figures and positive study results for important products such as Badrostat. Tencent recovered, driven by strong results in all segments and continuous share buybacks. We added Nu Holdings, the leading fintech company in Latin America, to the portfolio.
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.
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.
