Mainberg Special Situations Fund HI SI

Status: 02/26/2026

Fund profile

ISIN DE000A40J9V9
WKN A40J9V
Inception date
Total fund assets 98.6 M EUR
Share class currency EUR
Current issue price EUR105.52 (02/27/2026)
Current return price EUR105.52 (02/27/2026)
Annual high (redemption price) EUR105.71 (02/23/2026)
Annual low (redemption price) EUR104.34 (01/05/2026)
Performance current year 1.01 % (02/27/2026)
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

Key figures

Liquidity ratio 0.50494
VaR 2.97 %
Percentage of assets invested 97.17 %

Comment

In the calendar month of January, the Mainberg Special Situations Fund (SI Share Class) recorded a positive performance of +0.57%. Annualised volatility in January was 2.58%.

Portfolio Building Block: Merger Arbitrage
At month-end, the Merger Arbitrage allocation stood at 38% (previous month: 34%). This segment currently comprises 13 equities across five countries, each at different stages of takeover processes. Larger positions at present include Iveco Group (Netherlands), JDE Peet's (Netherlands) and Aedas Homes (Spain). Brighthouse Financial Inc. (USA) is a new addition to the portfolio. Currency risks versus the euro are
consistently hedged.

Portfolio Building Block: Domination Agreements
With a current weighting of 39% (previous month: 41%), Domination Agreements remain the Fund's largest building block. Over the course of the second half of 2025, the allocation was gradually reduced - from around 50% - as premiums increased relative to the respective hedge levels.

This segment continues to provide a steady source of returns with downside-limited risk, even though premiums tied to price floors (e.g., via tender rights granted to major shareholders) have increased recently.

2026/01/31

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.