Mainberg Special Situations Fund HI SI

Status: 12/04/2025

Fund profile

ISIN DE000A40J9V9
WKN A40J9V
Inception date
Total fund assets 86.4 M EUR
Share class currency EUR
Current issue price EUR103.75 (12/05/2025)
Current return price EUR103.75 (12/05/2025)
Annual high (redemption price) EUR104.07 (08/29/2025)
Annual low (redemption price) EUR99.37 (04/08/2025)
Performance current year n/a (12/05/2025)
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

Key figures

Percentage of assets invested 94.16 %
Liquidity ratio 0.544408
VaR 2.67 %

Comment

In the calendar month of November, the Mainberg Special Situations Fund (SI-Tranche) recorded a performance of +0.25%. Annualized volatility stood at 2.29% in November.

Portfolio Segment: Merger Arbitrage
At month-end, the Merger Arbitrage segment accounted for 36% of the portfolio (previous month: 32%). This segment currently comprises 15 equities from six countries, each at different stages of their respective takeover processes. The three largest positions at present are Iveco Group N.V. (Netherlands/Italy), the nearly completed Covestro case (Germany), and JDE Peet's N.V. (Netherlands). The B&S Group S.A. (Luxembourg) position has been successfully completed.

Portfolio Segment: Domination Agreements
With a current allocation of 41%, the segment "domination agreements" continues to represent the segment of the fund. The risk/return profile remains very strong. Due to the ability to tender shares to the respective majority shareholder, share prices are well protected on the downside. At the same time, we benefit from the baseline interest rate of currently 6.27% p.a. (base rate + 5%) with very low volatility. There were no noteworthy updates regarding individual positions during the past month.

2025/11/30

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.

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