Mainberg Special Situations Fund HI I

Status: 07/10/2025

Fund profile

ISIN DE000A2JQH97
WKN A2JQH9
Inception date
Total fund assets 71.1 M EUR
Share class currency EUR
Current issue price EUR141.04 (07/14/2025)
Current return price EUR141.04 (07/14/2025)
Annual high (redemption price) EUR141.12 (07/09/2025)
Annual low (redemption price) EUR136.09 (01/06/2025)
Performance current year 3.46 % (07/14/2025)
ø Performance
Since launch p.a.
5.40 % (07/14/2025)
Issue charge 0.00 %
Redemption charge 0.00 %
End of fiscal year Dec 31
Dividend Accumulating
Total expense ratio 1.45 % p.a.
Management fee   therefrom 1.34 % p.a.
Custodian fee   therefrom 0.07 % p.a.
Capital accumulation benefits capable no
Savings plan no
Single payment yes (min EUR100,000.00)
Conformity yes
Registered for distribution DE , AT

Key figures

Duration of loss in days 106
Sharpe ratio 0.39
Volatility 3.88 %
Max. drawdown -2.95 %
Number of negative months 11
Number of positive months 25
Share of positive months 69.44 %
Worst month -2.02 %
Best month 1.88 %

Comment

Robert Hillmann

Robert Hillmann

In June, the Mainberg Special Situations Fund (I Share Class) recorded a positive performance of +0.12%. The annualized volatility for the month was 3.64%.
Over the past twelve months, this results in a total return of +7.52% with an average volatility of 3.55%.

Portfolio Segment: Merger Arbitrage
As of month-end, the Merger Arbitrage segment accounted for 26% of the portfolio. This segment currently includes ten stocks from seven European countries, all at various stages of the takeover process.
Key positions include Covestro (Germany) and Just Eat Takeaway (Netherlands). The investment in Fortnox (Sweden) was successfully completed during the reporting period.
Foreign currency risks are fully hedged where investments are made outside the euro area.

Portfolio Segment: Domination Agreements
With a current allocation of 42%, the Domination Agreements segment remains the largest component of the portfolio.
During the second quarter, the allocation was moderately reduced from around 50%, as premiums in relation to their respective protection levels had slightly increased.
This segment continues to provide a stable contribution to returns with limited downside risk, even though premiums on the downside thresholds (such as put rights to majority shareholders) have risen slightly of late.

06/30/2025

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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