Mainberg Special Situations Fund HI SI

Status: 10/14/2025

Fund profile

ISIN DE000A40J9V9
WKN A40J9V
Inception date
Total fund assets 79.1 M EUR
Share class currency EUR
Current issue price EUR103.52 (10/15/2025)
Current return price EUR103.52 (10/15/2025)
Annual high (redemption price) EUR104.07 (08/29/2025)
Annual low (redemption price) EUR99.37 (04/08/2025)
Performance current year n/a (10/15/2025)
Issue charge 0.00 %
Redemption charge 0.00 %
End of fiscal year Dec 31
Dividend Accumulating
Total expense ratio 1.05 % p.a.
Management fee   therefrom 0.95 % p.a.
Custodian fee   therefrom 0.07 % p.a.
Capital accumulation benefits capable no
Savings plan no
Single payment yes (min EUR5,000,000.00)
Conformity yes
Registered for distribution DE , AT

Comment

In September, the Mainberg Special Situations Fund (SI-Tranche) recorded a performance of -0.70%. The annualized volatility for the month was 3.04%. This marks the first negative monthly return since the launch of the tranche, following exclusively positive months until now.

Portfolio Component: Merger Arbitrage
At the end of the month, the Merger Arbitrage allocation accounted for 31% of the portfolio (previous month: 36%). This segment currently consists of 12 equities from six countries, each at different stages of takeover processes. Larger positions are currently held in Covestro (Germany), Just Eat Takeaway (Netherlands), B&S Group (Luxembourg), and Kellanova Co. (USA).
The position in Covestro contributed negatively to performance after it became known that the European Commission intends to take a closer look at potential competition distortions arising from bidder subsidies.

Portfolio Component: Domination Agreements
With a current allocation of 43%, the Corporate Agreements segment continues to form the largest building block of the fund. At the end of August 2025, Schaltbau AG's share price experienced a sharp increase, which had a positive impact on August's performance but a negative impact in September. The reason is that the price movement lacked any fundamental basis, and the share corrected again at the beginning of September.

2025/09/30

Opportunities

  • The Mainberg Special Situations Fund has an asymmetric risk profile
  • The performance of the fund is decoupled from the overall market
  • There is a disciplined risk diversification

Risks

  • Price losses due to market-related fluctuations
  • Default risks: Transactions with various contractual partners who can no longer meet their obligations
  • Information on further risks can be found in the Basisinformationsblatt and the VKP .
  • In particular, the fund shows increased fluctuations in the unit price due to its composition and the possible use of derivatives.

This is detail text.