The strategy is based on a disciplined bottom-up stock selection of attractive smaller companies (market capitalisation up to 1bn EUR) outside of Europe. The decisive criteria are among others end markets with structural growth, high entry barriers and excellent management teams.
Diversified portfolio of 90-120 stocks
Use of information inefficiencies due to low coverage
Long-term investment horizon and 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
With no further bad news, the stock markets were able to recover, helped by a better-than-expected Q1 reporting season so far. The Berenberg International Micro Cap did not beat its benchmark. After a very strong third quarter, growth at Kotobuki slowed more than the market had expected in the fourth quarter. XRF showed slight weakness in April. After a period of significant outperformance, profit-taking set in driven by figures that were slightly below expectations. Plover Bay recorded moderate weakness in April. Following strong performance in previous months, there was a technical consolidation without any new company-specific news. Sprott benefited from the strong gold price environment. The positive development of the gold price not only supported the valuations of the assets under management, but also led to higher inflows. Next Vision, the Israeli specialist for optoelectronic systems, benefited from strong demand in the defense sector in April. Energy One continued the positive momentum resulting from strong business figures.
Portfolio Management
Peter Kraus
Peter Kraus has been Head of Small Cap Equities at Berenberg since October 2017. He began his career in 2000 as an equity analyst for a corporate finance consultancy in Munich before moving to Deka-Investment in Frankfurt in 2003. There he worked as an analyst for European Small Caps. In 2006 he joined Allianz Global Investors as Fund Manager for European Micro and Small/Mid Caps, where he contributed significantly to the success of the Small Cap team in the following years. Peter Kraus was responsible for the management of various European Small and Mid Cap funds as well as for the acquisition and management of international institutional mandates. He studied Business Administration at the University of Mannheim and is a CFA Charterholder.
Peter Kraus
Head of Small Cap Equities
Fabian Weinstock
Fabian Ferdinand Weinstock has been a Portfolio Manager at Berenberg since August 2021. He started his career in the Berenberg International Graduate Program with assignments in Equity Research, Equity Sales and Asset Management and worked as an Equity Research Analyst at Berenberg Investment Bank in London for almost two years. Fabian Weinstock holds a CISI Level 3 Certificate in Securities, a Bachelor of Science in Business and Finance from the University of Münster, and a Master of Science in Investment and Finance from the University of London.
Fabian Weinstock
Portfolio Manager
Johann Abrahams
Johann Abrahams joined Berenberg as a Portfolio Manager in January 2020. Previously, he completed the Berenberg International Graduate Program with assignments in Sell-Side Equity Research, Equity sales, ECM, Syndicate, Quantitative and Discretionary Asset Management. Johann Abrahams holds a Bachelor of Science in Economics from the University of Mannheim, a Master in Finance and Economics from the London School of Economics and is a CFA Charterholder.
Johann Abrahams
Portfolio Manager
Igor Kim
Igor Kim has been a portfolio manager at Berenberg since November 2022. He started his career in 2008 as an equity analyst at Close Brothers Seydler Research AG in Frankfurt. From 2014 to 2019, he was a senior equity analyst at Oddo BHF and moved to Bankhaus Lampe in 2019. His research focus was based on Small Caps in the technology, healthcare and industrial sectors. In these areas, he was awarded the Thomson Reuters Analyst Award several times. Most recently, he worked in the DACH Mid-Caps team at Berenberg Research. Igor Kim holds a Master's degree in Economics and Finance from the University of Magdeburg and is a CFA Charterholder.