Investment Strategy
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
- Benchmark-agnostic selection
Learn more about our investment philosophy in equity fund management
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 markets continued their upward trend since October in February, although the indices of smaller stocks continued to lag their large-cap counterparts. The Berenberg International Micro Cap outperformed its benchmark in February due to the positive individual stock selection within the basic materials and energy sectors as well as the underweight in the financial sector. The increase in incoming orders ensured that the cash flow and revenue results at Kadant exceeded expectations. Rorze showed a strong performance due to the improved demand situation and the inventory reduction for semiconductor equipment in China and North America. In addition, the sequential expansion of the margin in business with existing customers led to a positive development at Imdex. On the negative side, the sharp depreciation of the Argentinian peso had a negative impact on the net result of Pason. The withdrawal of a raw material supplier from the market led to a slightly disappointing growth in sales at Laserbond. Last month, we bought an initial position in Argo Graphics based on its excellent earnings visibility and market position.
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.
Katharina Raatz
Katharina Raatz has been a Portfolio Manager at Berenberg since July 2017. She began her investment career as a Portfolio Manager in the European Small Cap team at DWS in 2013, where she was responsible for various European Small and Mid Cap retail funds and institutional mandates as well as for the single stock selection of French/Italian Small caps for the Global Equity platform. Furthermore, she managed international professional clients and was Deputy Portfolio Manager of DWS' largest Mid cap fund. Katharina holds a Master and Bachelor of Science in Finance from the University of Mannheim, with stays abroad at the University of Bath and ESADE Buenos Aires and is a CFA Charterholder.
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.
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.
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.