Investment Strategy
Hidden champions with above-average growth and leading products can be found especially in the German small cap segment. The focus of Berenberg Aktien Mittelstand is on established niche companies that have focused business models and strong market positions both in their home markets and globally. The strategy is based on a disciplined bottom-up stock selection, focusing on companies with excellent business models, strong entry barriers and top management – many of them owner-managed.
- Concentrated portfolio of 25-45 stocks
- Mid-cap approach; small- and micro-caps can be added
- Long-term investment horizon and low portfolio turnover
- Benchmark-agnostic selection
Learn more about our investment philosophy in equity fund management
Fund data
| ISIN | DE000A14XN59 |
|---|---|
| WKN | A14XN5 |
| Inception date | 04.12.2015 |
| Issue price (05.03.2025) | 140.26 EUR |
| Redemption price (05.03.2025) | 132.95 EUR |
| Fund volume | 67.32 Mio. EUR |
| Share class volume | 44.40 Mio. EUR |
| Currency Fund / Share Class | EUR / EUR |
| Minimum investment | - |
| Asset Manager | Joh. Berenberg, Gossler & Co. KG |
| Management company | Universal-Investment-Gesellschaft mbH |
| Custodian | BNP Paribas S.A. Niederlassung Deutschland |
| Use of income | Accumulating |
| End of financial year | 31.12. |
| Registration and Distribution | DE, AT, CH, LI, ES |
| SFDR Classification (Sustainable Finance Disclosure Regulation) | Article 8 |
Costs
| Issue surcharge | Up to 5.50% |
|---|---|
| Flat-rate fee p.a. | 1.80% |
| Total Expense Ratio (TER) p.a. | 1.84% |
| Performance fee | Up to 20% above the 50%MDAX / 50%SDAX Index |
Chances and risks
| Chances | Risks |
|---|---|
| High return potential of stocks over the long term | High susceptibility of shares to fluctuation, price losses possible |
| Development of growth stocks occasionally above average | Share value may fall below the purchase price at which the customer acquired the share |
| Development of small cap stocks above average in certain phases | Below-average development of growth stocks possible at times |
| Possible additional earnings through individual value analysis and active management | Below-average development of small cap stocks possible at times |
| No guarantee of success for individual value analysis and active management | |
| Concentration risk through focusing on investments in one single country | |
| Risks resulting from the use of futures |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2015 | - | - | - | - | - | - | - | - | - | - | - | 0.00 | 0.00 |
| 2016 | -9.02 | -1.99 | 6.25 | 0.31 | 5.07 | -4.41 | 6.83 | 1.56 | 4.33 | -3.36 | -5.40 | 5.18 | 3.89 |
| 2017 | 3.30 | 2.64 | 4.66 | 5.66 | 6.40 | -2.91 | 2.39 | 1.46 | 6.47 | 0.53 | 0.09 | 1.87 | 37.31 |
| 2018 | 3.17 | -0.94 | -3.72 | 3.10 | 3.81 | -2.98 | 4.35 | 2.89 | -6.69 | -10.22 | -1.46 | -9.73 | -18.27 |
| 2019 | 10.86 | 2.08 | 0.69 | 6.98 | -6.50 | 4.39 | 0.29 | -4.17 | 2.57 | 1.64 | 6.57 | 2.03 | 29.61 |
| 2020 | 0.11 | -8.07 | -12.93 | 13.43 | 11.22 | -0.45 | 1.38 | 4.99 | 1.11 | -6.06 | 15.85 | 4.93 | 23.67 |
| 2021 | 4.53 | -2.57 | 0.04 | 5.61 | 0.28 | 1.25 | 3.66 | 4.63 | -4.54 | 2.27 | -4.95 | 3.85 | 14.17 |
| 2022 | -10.03 | -6.34 | -2.21 | -5.20 | -1.79 | -12.22 | 7.95 | -9.78 | -12.06 | 6.02 | 9.91 | -3.44 | -35.09 |
| 2023 | 10.31 | 2.16 | -2.52 | -0.46 | -5.19 | 1.91 | 1.42 | -1.86 | -7.42 | -7.06 | 7.07 | 8.30 | 4.93 |
| 2024 | -4.43 | -1.51 | 4.45 | -0.96 | 2.32 | -5.42 | -0.91 | -2.47 | 0.96 | -6.40 | -1.08 | -0.36 | -15.16 |
| 2025 | 4.13 | 0.27 | - | - | - | - | - | - | - | - | - | - | 8.40 |
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 5.50% he has to payEUR 55.00 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 | -2.59% |
|---|---|
| 3 years | -19.31% |
| 5 years | -5.29% |
| since inception | 33.64% |
| Max. Drawdown 5 years | -46.59% |
Source: Berenberg, Management company | State: 5 Mar 2025
Risk figures
| Volatility - 1 year | 16.33% |
|---|---|
| Volatility - 3 years | 19.36% |
| Sharpe Ratio - 3 years | -0.47 |
| Maximum Drawdown - since inception | -46.59% |
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
January started with rising stock markets in Europe and Germany. The positive performance in the MDAX and SDAX was led by defence stocks. As a result, the Berenberg Aktien Mittelstand did not beat the benchmark. Puma's preliminary Q4 figures disappointed on the profitability side. Unforeseeable technical quality problems in Nevada and an adjustment to the EBITDA guidance had a negative impact on Verbio. In the absence of company-specific newsflow, Energiekontor was sold off with the rise in long-term interest rates. Nemetschek saw its share price jump after the quarterly figures. Hypoport reacted positively to significantly positive performance figures. Carl Zeiss was among the clear winners. After the reductions in consensus estimates last quarter weighed on the stock, the market looked past the weak first quarter and repositioned itself. In January, we opened an initial position in Formycon, LEG Immobilien and Salzgitter. In contrast, we sold Compugroup. There, the minimum ratio for the takeover bid by CVS was reached.
Portfolio Management
Andreas Strobl
Andreas Strobl has been a Portfolio Manager at Berenberg since November 2016. He began his professional career in 2002 as a Sell-Side Analyst at BayernLB in Munich. In 2006, he moved to Allianz SE (Aequitas GmbH) as a senior Investment Manager. Since 2015, Andreas Strobl has worked as a Senior Portfolio manager at Allianz Global Investors in Frankfurt, where he was responsible for the management and development of various European Small/Mid-Cap equity portfolios. He studied business administration at the LMU in Munich. In 2005, he graduated at the top of his class as a CIIA (Certified International Investment Analyst) and CEFA (Certified European Financial Analyst).
Sebastian Leigh
Sebastian Leigh has been Portfolio Manager at Berenberg since October 2017. Previously, he spent three years as an Associate in the Assurance division of EY, with a primary focus on automotive and healthcare companies. He studied Accounting and Finance at the University of Kent.
Consideration of ESG Elements
Identifying companies and business models that will be successful in the long term is the basis for good investment decisions. Environmental, Social and Governance (ESG) factors are key factors in decision making and are therefore integral
components of the investment process.
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.
