Mainberg Special Situations Fund HI I

Status: 09/11/2025

Fund profile

ISIN DE000A2JQH97
WKN A2JQH9
Inception date
Total fund assets 77.5 M EUR
Share class currency EUR
Current issue price EUR141.84 (09/12/2025)
Current return price EUR141.84 (09/12/2025)
Annual high (redemption price) EUR143.07 (08/29/2025)
Annual low (redemption price) EUR136.09 (01/06/2025)
Performance current year 4.05 % (09/12/2025)
ø Performance
Since launch p.a.
5.31 % (09/12/2025)
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 133
Sharpe ratio 0.39
Volatility 3.81 %
Max. drawdown -2.91 %
Number of negative months 10
Number of positive months 26
Share of positive months 72.22 %
Worst month -2.02 %
Best month 1.88 %

Comment

Robert Hillmann

Robert Hillmann

In the calendar month of August, the Mainberg Special Situations Fund (I-Tranche) recorded a positive performance of +0.86%. Annualized volatility in July stood at 3.02%.
On a twelve-month basis, the fund achieved a total return of +8.91% with a volatility of 3.37%.

Portfolio Segment: Merger Arbitrage
At the turn of the month, the Merger Arbitrage segment accounted for 36% of the portfolio (previous month: 28%). Currently, this segment includes 16 stocks from eight 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).
Foreign currency risks outside the euro area are fully hedged.

Portfolio Segment: Domination Agreements
With a current weighting of 41%, the Domination Agreements segment remains the fund¿s largest building block. During the second quarter, the allocation was slightly reduced from around 50%, as premiums rose moderately relative to the respective hedging levels.
This segment continues to provide a steady source of returns with downside risk protection - even though premiums linked to price floors (e.g., through tender rights to majority shareholders) have recently increased slightly.

2025/08/29

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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