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 (28.02.2025) | 121.75 EUR |
| Redemption price (28.02.2025) | 115.95 EUR |
| Fund volume | 14.87 Mio. EUR |
| Share class volume | 2.52 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. | 1.90% |
| 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 | - | - | - | - | - | - | - | - | - | - | 7.04 |
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 | 5.49% |
|---|---|
| since inception | 15.95% |
Source: Berenberg, Management company | State: 28 Feb 2025
Risk figures
| Volatility - 1 year | 12.23% |
|---|---|
| Maximum Drawdown - since inception | -9.38% |
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
Equity markets had a strong start into the new year, but US politics remains an uncertainty factor. In January, the Berenberg Health Focus Fund outperformed its benchmark. Boston Scientific benefited from the fact that competitor J&J had to temporarily halt a competing product. Ambu appreciated significantly after the company reported good numbers. Intuitive Surgical reported strong quarterly numbers, which lifted its share price. Novo Nordisk's shares remained volatile in January and were unable to keep pace with the market. PolyPeptide was among the weaker performers due to concerns that the margin in 2025 could be lower than the market had expected. A relatively weak 2025 outlook weighed on Danaher's stock. We added Kuros, UCB and Dexcom Biosciences to the portfolio. We sold the small position in Edwards as we have a better alternative in the sub-segment with Abbott Laboratories. We also sold the remainder of our position in ICON. The outlook for 2025 was so broad that investors will monitor business performance for the time being.
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.