Berenberg European Micro Cap
Annual Report as at 31 December 2020
An investment fund (Fonds commun de placement) pursuant to Part I of the Luxembourg Law of 17 December 2010 on undertakings for collective investment
R.C.S. Lux K1821 Berenberg European Micro Cap
Contents
Organisational structure 3
Report of the Management Board 4
Derivative exposure 4
Key risk data 5
Remuneration policy of the Management Company 5
Remuneration policy of the portfolio manager 6
Portfolio manager report 7
Notes to the statement of assets 8 - 12
Balance sheet 13
Statement of assets 14 - 18
Statement of income and expenditure 19
Performance of fund assets 20
Comparative overview since launch 21 - 23
Report of the Réviseur d'Entreprises agréé 24-25
Supplementary information for investors in Switzerland 26 - 27
Page 2
Berenberg European Micro Cap
Organisational structure
Management Company Executive Board of the Management Company Representative in Switzerland
Universal-Investment-Luxembourg S.A. Chairman of the Board 1741 Fund Solutions AG R.C.S. Lux B 75,014 Burggraben 16, CH-9000 St. Gallen 15, rue de Flaxweiler, L-6776 Grevenmacher Sean O'Driscoll Managing Director of Paying Agent in Switzerland Supervisory Board of the Management Company Universal-Investment-Luxembourg S.A., Grevenmacher Tellco AG Chairman of the Supervisory Board Board members Bahnhofstrasse 4, CH-6431 Schwyz
Michael Reinhard Stefan Rockel (until 31 December 2020) Portfolio manager Chair of the Management Board of the Managing Director of Universal-Investment-Gesellschaft mbH, Frankfurt am Main Universal-Investment-Luxembourg S.A., Grevenmacher Joh. Berenberg, Gossler & Co. KG Neuer Jungfernstieg 20, D-20354 Hamburg Members of the Supervisory Board Matthias Müller Managing Director of Facilities Agent Services Frank Eggloff Universal-Investment-Luxembourg S.A., Grevenmacher Managing Director of United Kingdom Universal-Investment-Gesellschaft mbH, Frankfurt am Main Depositary, Registrar and Transfer Agent and Paying Agent ZEIDLER LEGAL SERVICES (UK) Limited Markus Neubauer State Street Bank International GmbH, Luxembourg Branch 4th Floor, 2 Leman Street, London E1 8FA Managing Director of 49, avenue John F. Kennedy, L-1855 Luxembourg Universal-Investment-Gesellschaft mbH, Frankfurt am Main Cabinet de révision agréé Information Agent in the Federal Republic of Germany KPMG Luxembourg, Société coopérative Joh. Berenberg, Gossler & Co. KG 39, avenue John F. Kennedy, L-1855 Luxembourg Neuer Jungfernstieg 20, D-20354 Hamburg
Page 3 Berenberg European Micro Cap
Report of the Management Board
Dear Sir/Madam, We hereby present the annual report of the Berenberg European Micro Cap with the unit classes R, M (previously I) and B. The report covers the period from 01 January 2020 to 31 December 2020. The Berenberg European Micro Cap Fund (the “Fund”) is a legally dependent pooled investment fund ("fonds commun de placement" (FCP)) established under the law of the Grand Duchy of Luxembourg for an indefinite period and subject to Part I of the Luxembourg Law of 17 December 2010 on undertakings for collective investment (“Law of 2010”) and Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities. The financial year begins on 1 January and ends on 31 December of each year. The name of unit class I was changed to unit class M as at 1 June 2020. The Management Board of the Management Company has analysed the current developments in relation to the pandemic caused by the coronavirus and is satisfied that the plans of the contracted service providers to ensure the continuity of business operations take current operating risks into account and ensure that the activities of the Fund are not negatively impacted. As a result of the coronavirus, there is a high degree of uncertainty regarding the Fund's performance in 2021. Your attention is drawn to the section 'Post balance-sheet date events' in the notes to the statement of assets. On 11 March 2020, the World Health Organisation declared the COVID-19 outbreak a pandemic. Ongoing concerns about the impact of the virus on the global economy and the resulting uncertainty with regard to the valuation of the investments in this report could therefore lead to significant deviations from the actual value if the investments were sold today. Significant corrections in the market and the increased volatility in recent months could have a significant impact on the Fund with regard to the future valuation of investments. The relevant committees will closely monitor further developments at national and international level, particularly with regard to the economic impact on the Fund.
As at 31 December 2020, the fund assets and price performance of the Fund during the reporting period were as follows:
Unit class ISIN Fund assets in EUR Price performance in %
Berenberg European Micro Cap - R LU1637618742 47,722,803.33 31.58 Berenberg European Micro Cap - M (previously I) LU1637618825 572,332,429.89 32.20 Berenberg European Micro Cap - B LU1637619047 28,930,268.17 32.95
Derivative exposure
As at 31 December 2020, there was the following derivative exposure.
Fund Derivative exposure in %
Berenberg European Micro Cap 0.00
Page 4 Berenberg European Micro Cap
Key risk data
General The Value at Risk for the Fund was calculated using a historic simulation based on the individual securities. A one-year observation period, a confidence interval of 99% and a holding period of one day were chosen for the calculation. The calculations comply with the regulatory requirements of the CSSF pursuant to the Law of 17 December 2010 and Circular no. 11/512.
Method of determining overall risk The relative Value at Risk approach was used for monitoring overall risk during the period from 01 January 2020 to 31 December 2020. In the relative VaR approach, the VaR (99% confidence level, one-day holding period, one-year period under consideration) of the Fund may not exceed an amount equal to twice the VaR of a derivative-free reference asset. The reference assets are basically an approximate representation of the Fund's investment policy.
Derivative-free reference assets as at 31 December 2020: 50% MSCI Europe + 50% MSCI Europe Micro Cap
The following VaR key figures were determined in the reporting period: Lowest VaR: 77.13% Highest VaR: 118.39% Average VaR: 106.03%
The leverage is calculated according to Guideline CESR/10-788 based on the sum of notionals method, excluding any netting and hedging effects. In this context, a portfolio with 100% leverage is considered unleveraged. The average leverage of the Fund during the reporting period was 100.32%.
Remuneration policy of the Management Company (unaudited)
Information on employee remuneration (as at 30 September 2020) is listed below:
Total employee remuneration paid during the company's last completed financial year 11.60 EUR million - of which fixed remuneration 9.80 EUR million - of which variable remuneration 1.80 EUR million Number of company employees 105.9 Full-time equivalent Amount of carried interest paid n/a Total risk taker remuneration paid during the company's last completed financial year 1.90 EUR million - of which managers 1.90 EUR million - of which other risk takers 0.00 EUR million
The remuneration system of the Management Company can be found on the website of Universal-Investment-Gesellschaft mbH at http://www.universal-investment.com/de/permanent-seiten/profil/luxemburg/regulatorische- informationen/verguetungssystem-luxemburg and in the Sales Prospectus. The remuneration committee verifies compliance with the remuneration policy once a year. This includes the alignment with the business strategy, the goals, values and interests of Universal-Investment-Luxembourg S.A. and the funds it manages, and measures to avoid conflicts of interest. There were no findings that would have required an adjustment. No changes were made to the remuneration system compared to the previous year.
Page 5 Berenberg European Micro Cap
Remuneration policy of the portfolio manager (unaudited)
Information on employee remuneration (as at 31 December 2019) is listed below:
Total employee remuneration paid during the company's last completed financial year 212.6 EUR million - of which fixed remuneration 155.1 EUR million - of which variable remuneration 57.5 EUR million
Number of company employees 1,474 Full-time equivalent
Page 6 Berenberg European Micro Cap
Portfolio manager report
While the capital market year 2019 was characterised by low volatility and only short-term fluctuations, the first quarter of 2020 saw a crash on the financial markets. The global spread of the coronavirus triggered widespread lockdowns in the first quarter, massive restrictions on global travel and freight and subsequently slumping corporate profits. Risk assets in particular – but also temporarily gold and supposedly safe US government bonds – were sold as a result of investors' increasing need for liquidity. Implicit volatilities in equities rose to over 80 (VIX or VSTOXX) before a combination of massive global central bank responses (interest rate cuts and bond purchases) and government bailout packages (including EUR 750 billion from the German government, USD 2,000 billion from the US government) were able to put capital markets back on the road to recovery from the second quarter onwards.
Similar to the crisis months of February 2020 and March 2020, defensive quality and growth stocks initially remained in demand in the second quarter, before economic activity picked up again with a gradual easing of the coronavirus restrictions and, with positive economic data from mid-May onwards, a catch-up movement of more cyclical assets became noticeable and safe havens such as gold, the yen or the US dollar came under some pressure. The recovery on the capital markets continued in the third quarter. Economic data that exceeded expectations, a pleasantly surprising corporate reporting season for the second quarter and the EU's agreement on the EUR 750 billion reconstruction fund were corresponding drivers for the stock markets. With equity volatility on the ebb, corporate and emerging market bond spreads narrowed further. On the other hand, the second wave of novel coronavirus infections with the corresponding announcement of new restrictions, tensions between the USA and China and the wait for a further fiscal programme in the USA had a negative impact in the meantime.
In the fourth quarter, the US presidential election and Joe Biden's victory, as well as the Brexit agreement between the EU and the UK, resolved two political risk factors for the markets. In addition, an unexpectedly high efficacy rate of 95% was announced for the coronvirus vaccines developed by Pfizer/BioNTech and Moderna, and these were approved in the US, UK and eurozone. Consequently, markets priced in an increasingly likely economic recovery in 2021, driving some equity markets to new all-time highs. All in all, the stock markets recorded significant year-on-year gains despite the crisis situation. Global equity markets stood out, setting new all-time highs, particularly in the fourth quarter. This included the U.S. S&P 500, which was driven primarily by technology stocks as crisis winners in the context of accelerating digitisation. However, emerging markets also made significant gains, driven primarily by Asian countries and China, which were among the first to get a handle on the pandemic. Due to their cyclical nature, the European indices initially suffered more from the pandemic than their global peers and were unable to fully recover the losses incurred in the first quarter.
The strategy of the Berenberg European Micro Caps is based on a diversified bottom-up portfolio approach that selects companies that demonstrate above-average and sustainable growth as well as high quality, independently of the benchmark. The decisive criteria for this are an established market position in an attractive niche market, high entry barriers and an experienced management team with long-term incentives. This is typically accompanied by high visibility thanks to a high proportion of recurring revenues and a strong balance sheet. Our strict focus on these quality criteria enabled the Berenberg European Micro Cap to outperform its benchmark even in a market environment like the one in 2020, characterised by lockdowns due to COVID-19, so that the fund closed the year with a performance of +32.20% (AK M), +31.58% (AK R) and +32.95% (AK B).
Page 7 Berenberg European Micro Cap
Notes to the statement of assets as at 31 December 2020
General remarks
The Berenberg European Micro Cap Fund (the “Fund”) is a legally dependent pooled investment fund ("fonds commun de placement" (FCP)) established under the law of the Grand Duchy of Luxembourg for an indefinite period and subject to Part I of the Luxembourg Law of 17 December 2010 on undertakings for collective investment (“Law of 2010”) and Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities. The financial year begins on 1 January and ends on 31 December of each year. The Fund's investment objective is to achieve the highest possible increase in value. The Fund's registered office location is Grevenmacher in the Grand Duchy of Luxembourg.
Essential accounting principles
The annual report was drawn up in accordance with the statutory provisions and regulations governing the drawing up and presentation of the annual report in Luxembourg, based on the going concern assumption.
The value of a unit is denominated in the currency defined in the annex to the Sales Prospectus entitled “Fund overview” (hereinafter, the “fund currency”). The reporting currency is the EUR. The unit value is calculated by the Management Company on each valuation day under the supervision of the Depositary. The valuation days can be seen in the annex to the Sales Prospectus entitled “Fund overview”. The calculation is done by dividing the Fund's net assets by the number of units of the Fund circulating on the valuation day. To counteract the practices of late trading and market timing, the calculation is made after the end of the time limit for the acceptance of subscription and/or conversion applications, as defined in the annex to the Sales Prospectus entitled "Fund overview”. The net Fund assets (hereinafter also the “net asset value”) are calculated on the basis of the following principles:
a) Securities and money market instruments listed on a stock exchange shall be valued at the latest prices available at the time the net asset value is calculated. b) Securities and money market instruments not listed on an exchange but traded on another regulated market which operates regularly and is recognised and open to the public shall be valued at a price that cannot be less than the bid price or more than the offer price at the time of valuation and which the Management Company deems to be the best possible price at which the securities and/or money market instruments can be sold.
c) Securities and money market instruments which are neither listed on the stock market nor traded on another regulated market shall be valued at the market value at the time of calculating the net asset value fixed by the Management Company in good faith, abiding by generally recognised valuation rules that are verifiable by auditors. d) Units in UCITS and/or UCIs shall be valued at their latest net asset value established and available at the time the net asset value is calculated, less any redemption fee. e) The liquid funds shall be valued at their nominal value plus interest at the time the net asset value is calculated. Fixed-term deposits with an original maturity of more than 30 days may be valued at the relevant yield value. f) All assets not denominated in the currency of the Fund shall be converted to the currency of the Fund at the latest mean rate of exchange available at the time of the valuation. g) Derivatives (e.g. options) are in principle valued at their latest available market or brokerage prices at the time of valuation. If a valuation day coincides with the settlement day for a position, the valuation of the corresponding position shall be made at its settlement price. Options on indices without an average calculation shall be valued using the Black & Scholes model, and options with an average calculation (Asian style options) shall be valued with the Levy approximation. The valuation of swaps including credit default swaps shall take place in a regular and reproducible form. It should be noted that swap contracts are entered into under normal market conditions exclusively in the interests of the Fund.
h) The pro rata interest applicable to securities and/or money market instruments shall be included if not expressed in the market value. If different unit classes are established for the Fund in accordance with Article 1(4) of the Management Regulations, the following special features apply to the calculation of unit value: The unit value is calculated separately for each unit class according to the criteria stated in this Article. The inflow of funds based on the issue of units increases the percentage share of the respective unit class in the total value of the fund assets. The outflow of funds based on the redemption of units reduces the percentage share of the respective unit class in the total value of the fund assets. In the event of a distribution, the unit value of units in a corresponding unit class that carry entitlement to a dividend is reduced by the amount of the distribution. At the same time the percentage share made up of the unit class carrying entitlement to a distribution in the total fund assets is reduced, whilst the percentage share of the unit class which does not carry entitlement to a distribution in the total fund assets is increased.
Page 8 Berenberg European Micro Cap
Notes to the statement of assets as at 31 December 2020
An income equalisation procedure is calculated on the Fund's income. This means that the income which has accrued during the financial year which the purchaser of units has to pay as part of the issue price, and which the seller of unit certificates will receive as part of the redemption price, is continuously netted. The expenses incurred are taken into account correspondingly. When calculating the income equalisation, the method is used which corresponds to the applicable rules given in the German Investment Act or Investment Tax Act. If unusual circumstances arise which render a valuation in accordance with the above criteria impossible or inappropriate, the Management Company has the right to apply other valuation rules, in good faith, which are generally recognised and may be verified by auditors, in order to obtain a proper valuation of the fund assets. The Management Company is not obliged to redeem more than 10% of the units currently in circulation at this point on a valuation day. If the company receives redemption requests on a valuation day for more than the stated number of units the Management Company is entitled to postpone the redemption of units exceeding more than 10% of the units in issue at this point until the fourth valuation day afterwards. These redemption requests should be given preferential treatment over applications received later. Redemption requests submitted on the same valuation day are treated equally.
Exchange rates
As at 31 December 2020, the foreign currency positions were valued at the exchange rates set out below:
Currency Rate
EUR - CHF 1.0858 EUR - DKK 7.4387 EUR - GBP 0.9035 EUR - NOK 10.4989 EUR - SEK 10.0665 EUR - USD 1.2299
Management fee
In exchange for the performance of its duties, the Management Company receives a fee from the fund assets amounting at most to 0.25% p.a. and at least EUR 50,000.00 p.a. plus any legally applicable value-added tax. This fee is calculated on the basis of the relevant daily calculated net asset value and is payable at the end of each quarter.
Depositary fee
In exchange for the performance of its duties, the Depositary receives an average fee from the fund assets amounting at most to 0.10% p.a., and at least EUR 25,200.00 p.a. plus any legally applicable value-added tax. Depending on the depositary available for the relevant target investment, the fee may also be higher or lower. This fee is calculated on the basis of the relevant daily calculated net asset value and is payable at the end of each month.
Registrar and transfer agent fee
In exchange for the performance of its duties, the Registrar and Transfer Agent receives EUR 2,500.00 per unit class, plus any legally applicable value-added tax.
Page 9 Berenberg European Micro Cap
Notes to the statement of assets as at 31 December 2020
Portfolio management fee
The Portfolio Manager receives a fee from the fund assets amounting at most to 1.25% p.a., plus any legally applicable value-added tax. This fee is calculated on the basis of the relevant daily calculated net asset value and is payable at the end of each quarter.
Performance fee
The Portfolio Manager may also be paid a performance-related payments for each unit class. This fee amounts to 20% (participation) of the value by which the unit value performance exceeds the performance of the benchmark at the end of the settlement period (outperformance of the benchmark) multiplied by the average of all asset values in the settlement period. The Portfolio Manager is free to apply a lower fee for the Fund or the unit class.
To make this clear, the descriptions are displayed in a mathematical formula. Performance Fee = Min (Participation x Outperformance x ø NAV; Maximum x ø NAV) where Min (a;b) = Minimum of the figures a and b Outperformance = unit value performance - performance of the benchmark Participation = share in the outperformance described above Maximum = maximum share of the performance fee in the NAV ø NAV = average net asset values in the settlement period
If the unit value performance falls below the performance of the benchmark at the end of a settlement period (negative benchmark deviation), the Portfolio Manager does not receive a performance fee. The negative amount is calculated for each unit value in accordance with the calculation of the positive benchmark deviation and carried forward to the next settlement period. The Portfolio Manager only receives a performance fee for the subsequent settlement period if the amount calculated from the positive benchmark deviation exceeds the negative amount brought forward from the previous settlement period at the end of the settlement period. There is an entitlement to a fee in this case from the difference between the two amounts. A remaining negative amount per unit value will be carried forward again into the new settlement period. If there is another negative benchmark deviation at the end of the next settlement period, the existing negative amount brought forward will be increased by the amount calculated from this negative benchmark deviation. Negative amounts brought forward from the previous five settlement periods will be taken into account when calculating the entitlement to a fee.
A positive amount for each unit value which cannot be withdrawn will also be carried forward into the new settlement period. The accounting period begins on 1 January and ends on 31 December of each calendar year. The first settlement period begins with the launch of the investment fund and ends on the second 31 December following launch. The following index was stipulated as the benchmark: MSCI Europe Micro Cap Daily Net TR EUR. The performance fee is calculated during the settlement period by comparing the performance of the benchmark with the unit value performance which is calculated according to the BVI method. The costs charged to the investment fund must not be deducted from the performance of the benchmark before the comparison. A performance fee incurred by the Fund is set aside in accordance with the result of a daily comparison. If the unit value performance during the settlement period is below the benchmark, then any performance fee already set aside during the relevant settlement period will be refunded in accordance with the daily comparison. The current performance fee retained at the end of the accounting period can be withdrawn. If the benchmark ceases to exist, the Company will stipulate another appropriate index which will replace the aforementioned index. The performance fee can also be withdrawn if the unit value at the end of the settlement period falls below the unit value at the beginning of the settlement period (absolute negative unit value performance).
Page 10 Berenberg European Micro Cap
Notes to the statement of assets as at 31 December 2020
Transaction costs
For the reporting period ending 31 December 2020, transaction costs amounting to EUR 392,190.60 were incurred from the purchase and sale of securities, money market instruments, derivatives and other assets in the Fund. The transaction costs include in particular commissions for brokers and agents, clearing fees and external charges (e.g. stock market fees, local taxes and charges, registration and transfer charges).
Portfolio Turnover Rate/PTR
In the reporting period: 76.37% The absolute number calculated for the portfolio turnover rate (PTR) represents the ratio between securities purchases and sales, cash inflows and outflows and the average fund assets for the aforementioned reporting period.
Ongoing charges *)
In the reporting period:
Unit class Ongoing charges in % Ongoing charges in % (including performance fee) (excluding performance fee)
Berenberg European Micro Cap - R 4.20 1.65 Berenberg European Micro Cap - M (previously I) 3.61 0.90 Berenberg European Micro Cap - B 3.09 0.27
*) In the event of a short or extended financial year, the ongoing charges will be annualised.
Taxation
In the Grand Duchy of Luxembourg, the fund assets are subject to a tax ("taxe d'abonnement") of 0.01% p.a. for institutional unit classes and 0.05% p.a. for non-institutional unit classes pursuant to Article 174 of the Law of 2010. This taxe d'abonnement is payable quarterly on the fund assets reported at the end of each quarter. The income of the Fund is not subject to taxation in Luxembourg. However, the income of the Fund may be subject to withholding tax in countries in which assets of the Fund are invested. In such cases, neither the Depositary nor the Management Company are obligated to collect tax certificates.
Interested parties should obtain information about laws and regulations applicable to the purchase, possession and redemption of units, as well as seek advice, if appropriate.
Page 11 Berenberg European Micro Cap
Notes to the statement of assets as at 31 December 2020
Publications
Information on the issue and redemption prices of each unit class is always available at the registered office of the Management Company, Depositary and Paying Agents of the Fund abroad and is published in accordance with the legal provisions of any country in which units are authorised for sale to the public as well as on the website of the Management Company (www.universal-investment.com). The net asset value may be requested from the registered office of the Management Company and is also published on the website of the Management Company. Information, particularly notices to investors, is also published on the Management Company's website. In addition, notices will be published in Luxembourg in the RESA and in a Luxembourg daily newspaper, where required by law, and also, if required, in another daily newspaper that has sufficient circulation.
Changes to the securities portfolio
The changes to the securities holdings in the reporting period can be obtained free of charge at the registered office of the Management Company, via the Depositary and via any paying agent.
Information as per Regulation (EU) 2015/2365 on the transparency of securities financing transactions and of reuse and amending Regulation (EU) No. 648/2012 - figures according to Section A
During the reporting period, there were no securities financial transactions or total return swaps subject to the above-named regulations.
Post balance-sheet date events
Due to the coronavirus pandemic, exceptional events may occur after the balance sheet date, such as the suspension of unit trading or unit price calculations, and massive cash outflows with resulting liquidity shortages.
An analysis at fund level after the balance sheet date up to the time of publication led to the following result:
Has the fund price calculation or unit trading been suspended? Yes. As of 5 April 2021, the subscription of units of unit class M (ISIN LU1637618825) will be suspended until further notice. Redemption of units is still possible. Are there any liquidity problems? No Are there any plans to liquidate the Fund? No Are there or have there been any operational issues? No Have there been massive cash outflows? No Have there been payment problems? No
Page 12 Berenberg European Micro Cap
Balance sheet as at 31/12/2020
Current value % of Investment focuses in EUR fund assets *)
I. Assets 663,750,545.76 102.28
1. Shares 661,001,114.18 101.85
2. Bank deposits 2,738,596.48 0.42
3. Other assets 10,835.10 0.00
II. Liabilities -14,765,044.36 -2.28
III. Fund assets 648,985,501.40 100.00
*) Minor rounding differences may arise due to rounding of the share percentages during calculation.
Page 13 Berenberg European Micro Cap
Statement of assets as at 31/12/2020
Name ISIN Quantity or holding Currency Rate Market value % Units or 31 December 2020 in EUR of fund % of 1,000 assets *)
Portfolio positions EUR 661,001,114.18 101.85
Exchange-traded securities EUR 352,903,820.13 54.38
Shares EUR 352,903,820.13 54.38
Comet Holding AG Nam.-Akt. SF 1 CH0360826991 QTY 49,076 CHF 198.200 8,958,245.72 1.38 Medartis Holding AG Namens-Aktien SF -,20 CH0386200239 QTY 90,180 CHF 46.500 3,862,009.58 0.60 Chemometec AS Navne-Aktier DK 1 DK0060055861 QTY 136,952 DKK 578.000 10,641,409.92 1.64 SP Group AS Navne-Aktier DK 2 DK0061027356 QTY 218,174 DKK 271.000 7,948,318.12 1.22 TCM Group A/S Navne Aktier DK -,1 DK0060915478 QTY 110,000 DKK 139.000 2,055,466.68 0.32 adesso SE Inhaber-Aktien o.N. DE000A0Z23Q5 QTY 51,481 EUR 97.000 4,993,657.00 0.77 AMADEUS FIRE AG Inhaber-Aktien o.N. DE0005093108 QTY 54,319 EUR 120.400 6,540,007.60 1.01 ATOSS Software AG Inhaber-Aktien o.N. DE0005104400 QTY 46,585 EUR 158.000 7,360,430.00 1.13 Aubay Technology S.A. Actions Port. EO 0.5 FR0000063737 QTY 90,515 EUR 34.000 3,077,510.00 0.47 B&C Speakers S.p.A. Azioni nom. o.N. IT0001268561 QTY 387,005 EUR 10.350 4,005,501.75 0.62 Basler AG Inhaber-Aktien o.N. DE0005102008 QTY 107,692 EUR 72.000 7,753,824.00 1.19 Brockhaus Capital Mgmt AG Namens-Aktien o.N. DE000A2GSU42 QTY 122,479 EUR 30.750 3,766,229.25 0.58 Cembre S.p.A. Azioni nom. EO 0,52 IT0001128047 QTY 261,582 EUR 18.850 4,930,820.70 0.76 Dr. Hönle AG Inhaber-Aktien o.N. DE0005157101 QTY 96,059 EUR 54.800 5,264,033.20 0.81 Eckert & Ziegler Str.-u.Med.AG Inhaber-Aktien o.N. DE0005659700 QTY 80,495 EUR 44.840 3,609,395.80 0.56 EL.EN. S.p.A. Azioni nom. EO 0,13 IT0005188336 QTY 219,836 EUR 26.550 5,836,645.80 0.90 Elmos Semiconductor SE Inhaber-Aktien o.N. DE0005677108 QTY 190,489 EUR 27.450 5,228,923.05 0.81 Enento Group Oyj Registered Shares o.N. FI4000123195 QTY 122,244 EUR 33.600 4,107,398.40 0.63 MBB SE Inhaber-Aktien o.N. DE000A0ETBQ4 QTY 81,335 EUR 108.500 8,824,847.50 1.36 Nexus AG Inhaber-Aktien o.N. DE0005220909 QTY 96,926 EUR 51.000 4,943,226.00 0.76 Optomed OY Registered Shares Cl.A EO 0,05 FI4000410881 QTY 1,185,494 EUR 7.220 8,559,266.68 1.32 Pharmanutra S.p.A. Azioni nom. o.N. IT0005274094 QTY 213,042 EUR 37.600 8,010,379.20 1.23 QT Group PLC Registered Shares EO 0,10 FI4000198031 QTY 112,698 EUR 57.600 6,491,404.80 1.00 Revenio Group Corp. Registered Shares EO 15 FI0009010912 QTY 118,839 EUR 50.300 5,977,601.70 0.92 Serviceware SE Inhaber-Aktien o.N. DE000A2G8X31 QTY 201,630 EUR 14.000 2,822,820.00 0.43 Siili Solutions Oyj Registered Shares o.N. FI4000043435 QTY 248,236 EUR 13.250 3,289,127.00 0.51 SNP Schnei.Neureith.&Partn.SE Inhaber-Aktien o.N. DE0007203705 QTY 75,492 EUR 60.900 4,597,462.80 0.71 Sogefi S.p.A. Azioni nom. EO 0,52 IT0000076536 QTY 3,117,219 EUR 1.182 3,684,552.86 0.57 STEMMER IMAGING AG Inhaber-Aktien o.N. DE000A2G9MZ9 QTY 181,016 EUR 21.080 3,815,817.28 0.59 Sword Group SE Actions au Port. EO 1 FR0004180578 QTY 128,934 EUR 31.600 4,074,314.40 0.63 Talenom Oyj Registered Shares o.N. FI4000153580 QTY 586,794 EUR 15.050 8,831,249.70 1.36 technotrans SE Namens-Aktien o.N. DE000A0XYGA7 QTY 195,918 EUR 25.000 4,897,950.00 0.75 USU Software AG Inhaber-Aktien o.N. DE000A0BVU28 QTY 246,746 EUR 27.700 6,834,864.20 1.05 Viscom AG Inhaber-Aktien o.N. DE0007846867 QTY 281,608 EUR 9.700 2,731,597.60 0.42 X-FAB Silicon Foundries SE Actions Nominatives o.N. BE0974310428 QTY 1,694,908 EUR 4.845 8,211,829.26 1.27
The notes to the statement of assets form an integral part of the annual report. Page 14 Berenberg European Micro Cap
Statement of assets as at 31/12/2020
Name ISIN Quantity or holding Currency Rate Market value % Units or 31 December 2020 in EUR of fund % of 1,000 assets *)
4imprint Group PLC Registered Shares LS -,3846 GB0006640972 QTY 162,460 GBP 26.500 4,765,013.84 0.73 Porvair PLC Registered Shares LS -,02 GB0006963689 QTY 635,169 GBP 5.330 3,747,040.14 0.58 Treatt PLC Registered Shares LS -,02 GB00BKS7YK08 QTY 954,626 GBP 8.160 8,621,746.72 1.33 Trifast PLC Registered Shares LS -,05 GB0008883927 QTY 4,098,352 GBP 1.510 6,849,487.02 1.06 Asetek A/S Navne-Aktier DK 0,10 DK0060477263 QTY 951,082 NOK 108.800 9,856,053.64 1.52 Bouvet ASA Navne-Aksjer NK 1 NO0010360266 QTY 110,555 NOK 710.000 7,476,407.05 1.15 Crayon Group Holding ASA Navne-Aksjer NK 1 NO0010808892 QTY 662,603 NOK 125.800 7,939,446.74 1.22 MediStim ASA Navne-Aksjer NK -,25 NO0010159684 QTY 415,227 NOK 250.000 9,887,392.96 1.52 Bactiguard Holding AB (Publ) Namn-Aktier B o.N. SE0005878741 QTY 360,636 SEK 143.000 5,123,026.67 0.79 Biotage AB Namn-Aktier SK 1 SE0000454746 QTY 256,668 SEK 139.000 3,544,116.82 0.55 Bufab AB Namn-Aktier o.N. SE0005677135 QTY 460,707 SEK 194.400 8,896,979.17 1.37 Bulten AB Namn-Aktier o.N. SE0003849223 QTY 611,790 SEK 89.800 5,457,581.28 0.84 C-Rad AB Namn-Aktier B o.N. SE0002016352 QTY 820,296 SEK 48.200 3,927,707.47 0.61 CellaVision AB Namn-Aktier SK -,15 SE0000683484 QTY 165,687 SEK 307.000 5,052,988.53 0.78 Cellink AB Namn-Aktier AK Class B o.N. SE0013647385 QTY 478,756 SEK 234.500 11,152,662.99 1.72 Fasadgruppen Group AB Aktier o.N. SE0015195771 QTY 525,614 SEK 87.900 4,589,626.05 0.71 HMS Networks AB Namn-Aktier o.N. SE0009997018 QTY 289,498 SEK 260.000 7,477,224.46 1.15 IAR Systems Group AB Namn-Aktier B SK 10 SE0005851706 QTY 281,441 SEK 139.800 3,908,553.30 0.60 INVISIO AB Namn-Aktier SK 1 SE0001200015 QTY 404,345 SEK 250.000 10,041,846.72 1.55 Lime Technologies AB Namn-Aktier o.N. SE0011870195 QTY 241,164 SEK 407.500 9,762,512.29 1.50 Medcap AB Namn-Aktier SK -,40 SE0009160872 QTY 195,400 SEK 230.000 4,464,511.00 0.69 Mips AB Namn-Aktier o.N. SE0009216278 QTY 167,247 SEK 515.000 8,556,320.97 1.32 OEM International AB Namn-Aktier B o.N. SE0005876968 QTY 135,000 SEK 309.000 4,143,942.78 0.64 Xvivo Perfusion AB Namn-Aktier o.N. SE0004840718 QTY 36,018 SEK 314.000 1,123,493.97 0.17
Securities permitted on or included in organised markets EUR 308,097,294.05 47.47
Shares EUR 308,097,294.05 47.47
Admicom Oyj Registered Shares o.N. FI4000251830 QTY 50,330 EUR 135.000 6,794,550.00 1.05 Detection Technology Oyj Registered Shares o.N. FI4000115464 QTY 242,481 EUR 23.900 5,795,295.90 0.89 EQS Group AG Namens-Aktien o.N. DE0005494165 QTY 323,695 EUR 27.200 8,804,504.00 1.36 Esker S.A. Actions Port. EO 2 FR0000035818 QTY 41,016 EUR 178.000 7,300,848.00 1.12 LeadDesk Oyj Registered Shares EO1 FI4000364120 QTY 266,798 EUR 35.000 9,337,930.00 1.44 M1 Kliniken AG Inhaber-Aktien o.N. DE000A0STSQ8 QTY 438,559 EUR 9.240 4,052,285.16 0.62 Mensch u. Maschine Software SE Inhaber-Aktien o.N. DE0006580806 QTY 116,072 EUR 60.000 6,964,320.00 1.07 Nynomic AG Inhaber-Aktien o.N. DE000A0MSN11 QTY 236,161 EUR 36.500 8,619,876.50 1.33 AB Dynamics PLC Registered Shares LS -,01 GB00B9GQVG73 QTY 405,845 GBP 20.300 9,118,598.23 1.41 Accesso Technology Group PLC Registered Shares LS -,01 GB0001771426 QTY 1,186,677 GBP 4.750 6,238,755.67 0.96 Advanced Medical Solut.Grp PLC Registered Shares LS -,05 GB0004536594 QTY 1,740,658 GBP 2.420 4,662,304.77 0.72 AFH Financial Group PLC Registered Shares LS -,10 GB00B4W5WQ08 QTY 790,735 GBP 3.435 3,006,280.82 0.46
The notes to the statement of assets form an integral part of the annual report. Page 15 Berenberg European Micro Cap
Statement of assets as at 31/12/2020
Name ISIN Quantity or holding Currency Rate Market value % Units or 31 December 2020 in EUR of fund % of 1,000 assets *)
Alpha Fin.Markets Consult.plc Registered Shares GB00BF16C058 QTY 2,160,438 GBP 2.280 5,451,907.74 0.84 Alpha FX Group PLC Registered Shares LS -,002 GB00BF1TM596 QTY 429,787 GBP 13.000 6,183,985.61 0.95 Anpario PLC Registered Shares LS -,23 GB00B3NWT178 QTY 620,221 GBP 4.800 3,295,031.32 0.51 Diaceutics PLC Registered Shares LS -,002 GB00BJQTGV64 QTY 4,847,040 GBP 1.335 7,161,924.07 1.10 dotDigital Group PLC Registered Shares LS -,005 GB00B3W40C23 QTY 4,062,825 GBP 1.600 7,194,820.14 1.11 EKF Diagnostics Holdings PLC Registered Shares LS -,01 GB0031509804 QTY 6,975,456 GBP 0.670 5,172,723.32 0.80 Focusrite PLC Registered Shares LS -,001 GB00BSBMW716 QTY 561,107 GBP 10.500 6,520,889.32 1.00 Gooch & Housego PLC Registered Shares LS -,20 GB0002259116 QTY 246,921 GBP 11.675 3,190,705.78 0.49 Ideagen PLC Registered Shares LS -,01 GB00B0CM0C50 QTY 3,293,031 GBP 2.725 9,931,941.86 1.53 Inspiration Healthcare Grp PLC Registered Shares LS -,10 GB00BXDZL105 QTY 4,894,756 GBP 0.800 4,334,039.62 0.67 Judges Scientific PLC Registered Shares LS -,05 GB0032398678 QTY 92,417 GBP 63.900 6,536,188.49 1.01 Mattioli Woods PLC Registered Shares LS -,01 GB00B0MT3Y97 QTY 31,500 GBP 7.550 263,226.34 0.04 MaxCyte Inc. Registered Shares DL -,01 US57777K1060 QTY 718,576 GBP 5.400 4,294,754.18 0.66 Midwich Group PLC Registered Shares LS -,01 GB00BYSXWW41 QTY 1,047,263 GBP 4.980 5,772,407.02 0.89 Quixant PLC Registered Shares LS -,001 GB00B99PCP71 QTY 749,558 GBP 1.385 1,149,018.07 0.18 SDI Group PLC Registered Shares LS -,01 GB00B3FBWW43 QTY 7,333,555 GBP 1.185 9,618,442.36 1.48 Sopheon PLC Registered Shares LS -,20 GB00BSZM1369 QTY 636,742 GBP 7.900 5,567,528.28 0.86 Sumo Group PLC Registered Shares LS-,01 GB00BD3HV384 QTY 2,054,376 GBP 3.350 7,617,221.47 1.17 Team17 Group PLC Registered Shares LS -,01 GB00BYVX2X20 QTY 440,177 GBP 7.920 3,858,552.12 0.59 TRACSiS PLC Registered Shares LS -,004 GB00B28HSF71 QTY 864,127 GBP 6.400 6,121,098.84 0.94 Tristel PLC Registered Shares LS -,01 GB00B07RVT99 QTY 747,359 GBP 5.350 4,425,424.07 0.68 Water Intelligence PLC Registered Shares LS -,01 GB00BZ973D04 QTY 1,095,500 GBP 5.000 6,062,534.59 0.93 Xpediator PLC Registered Shares LS -,05 GB00BF6P5V92 QTY 10,204,396 GBP 0.330 3,727,117.52 0.57 House of Control Group AS Navne-Aksjer NK 10 NO0010781818 QTY 2,544,413 NOK 21.500 5,210,534.39 0.80 Mercell Holding AS Navne-Aksjer NK -,20 NO0010307143 QTY 8,392,179 NOK 10.400 8,313,124.38 1.28 Mintra Holding AS Navne-Aksjer NK -,03 NO0010895022 QTY 9,200,515 NOK 7.600 6,660,118.11 1.03 24Sevenoffice Scandinavia AB Namn-Aktier o.N. SE0010546911 QTY 1,173,734 SEK 52.000 6,063,097.20 0.93 Bahnhof AB Namn-Aktier AK B o.N. SE0010442418 QTY 1,584,245 SEK 37.050 5,830,852.56 0.90 BIMobject AB Namn-Aktier o.N. SE0011644376 QTY 4,938,277 SEK 14.120 6,926,784.01 1.07 Bredband2 I Skandinavien AB Namn-Aktier SK 0,025 SE0000648669 QTY 19,878,452 SEK 2.090 4,127,150.91 0.64 Enad Global 7 AB Namn-Aktier o.N. SE0010520106 QTY 197,430 SEK 122.000 2,392,734.32 0.37 Genovis AB Namn-Aktier SK -,40 SE0002485979 QTY 1,492,292 SEK 31.500 4,669,666.52 0.72 Mentice AB Navne-Aktier SK -,20 SE0012673291 QTY 874,577 SEK 83.500 7,254,475.69 1.12 Sdiptech AB Aktier B Reg.Pref. o.N. SE0003756758 QTY 394,930 SEK 230.000 9,023,384.49 1.39 Sedana Medical AB Aktier o.N. SE0009947534 QTY 379,396 SEK 343.000 12,927,316.15 1.99 Surgical Science Sweden AB Aktier AK o.N. SE0014428512 QTY 808,723 SEK 93.500 7,511,607.86 1.16 Swedencare AB Namn-Aktier o.N. SE0008294078 QTY 375,400 SEK 325.000 12,119,902.65 1.87 SyntheticMR AB Aktier AK o.N. SE0005454865 QTY 144,802 SEK 342.000 4,919,513.63 0.76
Total securities EUR 661,001,114.18 101.85
The notes to the statement of assets form an integral part of the annual report. Page 16 Berenberg European Micro Cap
Statement of assets as at 31/12/2020
Name ISIN Quantity or holding Currency Rate Market value % Units or 31 December 2020 in EUR of fund % of 1,000 assets *)
Bank deposits, non-securitised money market instruments and money market funds EUR 2,738,596.48 0.42
Bank deposits EUR 2,738,596.48 0.42 Deposits with State Street Bank International GmbH, Luxembourg Branch Deposits in the fund currency 1,550,990.57 EUR 1,550,990.57 0.24 Deposits in other EU/EEA currencies 19,347.01 DKK 2,600.86 0.00 98,997.24 NOK 9,429.30 0.00 4,128,402.50 SEK 410,113.00 0.06 Deposits in currencies outside EU/EEA 11,994.45 CHF 11,046.65 0.00 679,678.44 GBP 752,272.76 0.12 2,636.10 USD 2,143.34 0.00
Other assets EUR 10,835.10 0.00
Dividend entitlements 10,835.10 EUR 10,835.10 0.00
Liabilities EUR -14,765,044.36 -2.28
Management fee -175,376.53 EUR -175,376.53 -0.03 Depositary fee -103,697.11 EUR -103,697.11 -0.02 Portfolio management fee -933,367.93 EUR -933,367.93 -0.14 Performance fee -13,457,492.62 EUR -13,457,492.62 -2.07 Auditing and publication costs -6,500.00 EUR -6,500.00 0.00 Taxe d’abonnement -80,860.17 EUR -80,860.17 -0.01 Other liabilities -7,750.00 EUR -7,750.00 0.00
Fund assets EUR 648,985,501.40 100.00
Berenberg European Micro Cap - R
Unit value EUR 159.13 Issuing price EUR 167.09 Redemption price EUR 159.13 Units in circulation QTY 299,899.053
The notes to the statement of assets form an integral part of the annual report. Page 17 Berenberg European Micro Cap
Statement of assets as at 31/12/2020
Name ISIN Quantity or holding Currency Rate Market value % Units or 31 December 2020 in EUR of fund % of 1,000 assets *)
Berenberg European Micro Cap - M
Unit value EUR 162.70 Issuing price EUR 162.70 Redemption price EUR 162.70 Units in circulation QTY 3,517,667.168
Berenberg European Micro Cap - B
Unit value EUR 165.04 Issuing price EUR 165.04 Redemption price EUR 165.04 Units in circulation QTY 175,295.000
*) Minor rounding differences may arise due to rounding of the share percentages during calculation.
The notes to the statement of assets form an integral part of the annual report. Page 18 Berenberg European Micro Cap
Income and expenditure statement (including income equalisation) for the period from 01/01/2020 to 31/12/2020 Total I. Income - Dividends EUR 5,100,697.12 - Interest from liquid investments *) EUR -27,960.15
Total revenues EUR 5,072,736.97 II. Expenditure - Interest on short-term loans EUR -13,033.19 - Management fee EUR -611,594.85 - Portfolio management fee EUR -3,258,212.47 - Depositary fee EUR -146,927.87 - Custody fees EUR -114,659.65 - Performance fees EUR -13,175,624.41 - Auditing and publication costs EUR -21,096.87 - Taxe d'abonnement EUR -216,396.74 - Registrar and Transfer Agent EUR -109,682.94 - Foreign withholding tax EUR -456,638.17 - Expenditure equalisation EUR -287,833.12 - Other expenditure EUR -52,404.99
Total expenditure EUR -18,464,105.27 III. Ordinary net profit EUR -13,391,368.30 IV. Sale transactions 1. Realised profits from EUR 79,351,252.21 - Securities transactions EUR 79,273,431.38 - Currencies EUR 77,820.83 2. Realised losses from EUR -35,391,052.70 - Securities transactions EUR -35,379,975.24 - Currencies EUR -11,077.46
Realised profit/loss EUR 43,960,199.51 V. Net change in unrealised gains/losses - Net change in unrealised gains EUR 111,871,977.92 - Net change in unrealised losses EUR 9,605,609.83
Net change in unrealised profit EUR 121,477,587.75 VI. Result for the reporting period EUR 152,046,418.96
*) "Interest from liquid investments" includes negative credit interest of EUR 28,566.53.
The notes to the statement of assets form an integral part of the annual report. Page 19 Berenberg European Micro Cap
Performance of fund assets 2020 I. Value of fund assets at the beginning of the reporting period EUR 491,426,746.30 1. Distribution for the previous year EUR 0.00 2. Interim distributions EUR 0.00 3. Inflow/outflow of funds (net) EUR 5,496,769.80 (a) Inflows from sale of unit certificates EUR 59,628,640.76 (b) Outflows from redemption of unit certificates EUR -54,131,870.97 4. Income equalisation/expenditure equalisation EUR 15,566.34 5. Result for the reporting period EUR 152,046,418.96
II. Value of fund assets at the end of the reporting period EUR 648,985,501.40
The notes to the statement of assets form an integral part of the annual report. Page 20 Berenberg European Micro Cap
Berenberg European Micro Cap - R Comparative overview since launch
Financial year Units outstanding at the Fund assets at the Unit value at the end of the financial year end of the financial year end of the financial year
2017/2018 *) Quantity 426,351.022 EUR 38,981,901.46 EUR 91.43
2019 Quantity 385,483.427 EUR 46,620,151.41 EUR 120.94
2020 Quantity 299,899.053 EUR 47,722,803.33 EUR 159.13
*) Launch date: 02/10/2017
Performance of units outstanding during the reporting period Quantity
Units outstanding at the start of the reporting period 385,483.427 Units issued 49,998.364 Units redeemed -135,582.738
Units outstanding at the end of the reporting period 299,899.053
Page 21 Berenberg European Micro Cap
Berenberg European Micro Cap - M Comparative overview since launch
Financial year Units outstanding at the Fund assets at the Unit value at the end of the financial year end of the financial year end of the financial year
2017/2018 *) Quantity 3,365,508.692 EUR 311,127,161.30 EUR 92.45
2019 Quantity 3,449,622.376 EUR 424,560,351.40 EUR 123.07
2020 Quantity 3,517,667.168 EUR 572,332,429.89 EUR 162.70
*) Launch date: 02/10/2017
Performance of units outstanding during the reporting period Quantity
Units outstanding at the start of the reporting period 3,449,622.376 Units issued 425,805.213 Units redeemed -357,760.421
Units outstanding at the end of the reporting period 3,517,667.168
Page 22 Berenberg European Micro Cap
Berenberg European Micro Cap - B Comparative overview since launch
Financial year Units outstanding at the Fund assets at the Unit value at the end of the financial year end of the financial year end of the financial year
2017/2018 *) Quantity 286,764.000 EUR 26,699,590.40 EUR 93.11
2019 Quantity 163,097.000 EUR 20,246,243.48 EUR 124.14
2020 Quantity 175,295.000 EUR 28,930,268.17 EUR 165.04
*) Launch date: 02/10/2017
Performance of units outstanding during the reporting period Quantity
Units outstanding at the start of the reporting period 163,097.000 Units issued 50,454.000 Units redeemed -38,256.000
Units outstanding at the end of the reporting period 175,295.000
Page 23 Page 24 Page 25 Berenberg European Micro Cap
Supplementary information for investors in Switzerland as at 31 December 2020 (unaudited)
Legal status and country of origin of the investment fund
The collective investment scheme Berenberg European Micro Cap with unit classes R and M (previously I) is a directive-compliant special fund under Luxembourg law.
Representative and paying agent
Representative: 1741 Fund Solutions AG Paying agent: Tellco AG Burggraben 16 Bahnhofstraße 4 CH - 9000 St. Gallen CH - 6431 Schwyz Tel. +41 58 458 48 00 Tel. +41 58 442 12 91 Fax +41 58 458 48 10 [email protected] [email protected]
How to obtain relevant documents
The detailed Sales Prospectus, including the General and Special Investment Terms and Conditions, the Key Investor Information document (KIID), the annual and semi-annual reports, as well as the list of purchases/sales, can be obtained free of charge from the representative in Switzerland.
Place of performance and jurisdiction
The place of performance and jurisdiction for units distributed in and from Switzerland is the representative's registered office.
Publications
Publications relating to the Investment Fund are published in Switzerland on the electronic platform of fundinfo AG (www.fundinfo.com). It contains, in particular, important notices for unitholders, such as changes to the Sales Prospectus or Management Regulations and the liquidation of the Investment Fund. The Sales Prospectus, including the Management Regulations, Key Investor Information Document (KIID) and annual and semi-annual reports, can be obtained free of charge from the representative in Switzerland. The Issue, Redemption and Conversion Prices and/or Net Asset Value with the note "exclusive of commission" are published daily on the electronic platform fundinfo AG www.fundinfo.com.
Portfolio Turnover Rate (PTR)
The portfolio turnover rate (PTR) for the period from 1 January 2020 to 31 December 2020 stood at 76.37%.
Page 26 Berenberg European Micro Cap
Supplementary information for investors in Switzerland as at 31 December 2020 (unaudited)
Total expense ratio (TER) *)
The total expense ratio (TER) for the period from 01 January 2020 to 31 December 2020 amounted to:
Unit class TER inclusive of the performance fee % TER without performance fee in %
Berenberg European Micro Cap - R 4.20 1.65 Berenberg European Micro Cap - M (previously I) 3.61 0.90
*) If the financial year is shortened or lengthened, the TER is annualised.
Performance **)
The performance of the investment fund for the period from 1 January 2020 to 31 December 2020 was:
Unit class Performance in %
Berenberg European Micro Cap - R 31.58 Berenberg European Micro Cap - M (previously I) 32.20
The performance of the investment fund for the period since the launch to 31 December 2020 stood at:
Berenberg European Micro Cap - R 59.13 Berenberg European Micro Cap - M (previously I) 62.70
**) Performance according to the SFAMA guideline (excluding issuing surcharges). Past performance is no guarantee of similar results in the future. These are not possible to predict.
Page 27