Investment Strategy
The fund management invests in global healthcare stocks that generate above-average and sustainable earnings growth over a long period of time. The fund focuses on companies that contribute to significantly improving human health, extending life expectancy and/or reducing healthcare costs. The long-term attractiveness of the healthcare sector is supported by demographics and social change due to the ageing population and rising wealth, especially in emerging countries.
- Investment in global stocks of any company size
- Portfolio of around 35 - 50 stocks
- Active and benchmark-agnostic approach
- Long-term investment horizon
Learn more about our investment philosophy in equity fund management
Fund data
| ISIN | LU2647968655 |
|---|---|
| WKN | A3EQ1Q |
| Inception date | 01.12.2023 |
| Issue price (23.04.2025) | 101.58 EUR |
| Redemption price (23.04.2025) | 96.74 EUR |
| Fund volume | 12.32 Mio. EUR |
| Share class volume | 1.93 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, LU |
| SFDR Classification (Sustainable Finance Disclosure Regulation) | Article 8 |
Costs
| Issue surcharge | Up to 5.00% |
|---|---|
| Flat-rate fee p.a. | 1.80% |
| Total Expense Ratio (TER) p.a. | 2.20% |
| Performance fee | none |
Chances and risks
| Chances | Risks |
|---|---|
| High return potential of stocks over the long-term | Share value may fall below the purchase price at which the customer acquired the share |
| Development of growth stocks occasionally above average | High susceptibility of shares to fluctuation, price losses possible |
| 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 stocks possible at times |
| No guarantee of success for individual value analysis and active management | |
| Foreign currency investments and transactions denominated 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | - | - | - | - | - | - | - | - | - | - | - | 3.63 | 3.63 |
| 2024 | 2.89 | 3.09 | 3.07 | -1.62 | 1.58 | 1.50 | -0.03 | 3.34 | -3.68 | -4.15 | 2.73 | -3.78 | 4.53 |
| 2025 | 7.35 | -0.28 | -9.56 | - | - | - | - | - | - | - | - | - | -10.69 |
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 | -12.48% |
|---|---|
| since inception | -3.26% |
Source: Berenberg, Management company | State: 23 Apr 2025
Risk figures
| Volatility - 1 year | 14.49% |
|---|---|
| Maximum Drawdown - since inception | -20.46% |
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
Following a technical rally, the stock market recovery was slowed by economic concerns and tariff uncertainty in the US. The Berenberg Health Focus Fund was unable to beat its benchmark last month. The continued lack of acceleration in US prescription data weighed on Novo Nordisk. Eli Lilly’s share price also suffered from the rotation out of growth stocks. Investors took profits in the absence of newsflow. Shares of medical technology company Intuitive Surgical came under pressure. This was mainly due to fears of tariffs on US imports and the rotation out of growth stocks. By contrast, shares of health insurers UnitedHealth and Elevance outperformed the sector in March, as they are not significantly exposed to tariffs. In addition, they are rather favourably valued and had previously been avoided by investors. Fresenius SE was able to achieve slight price gains in a difficult market environment. Last month, we added Asker Healthcare and RaySearch Laboratories to the portfolio, but sold our remaining positions in PolyPeptide, Gerresheimer, Laboratorios and SKAN.
Portfolio Management
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.