Mainberg Special Situations Fund HI I

Status: 01/14/2026

Fund profile

ISIN DE000A2JQH97
WKN A2JQH9
Inception date
Total fund assets 92.3 M EUR
Share class currency EUR
Current issue price EUR143.80 (01/15/2026)
Current return price EUR143.80 (01/15/2026)
Annual high (redemption price) EUR143.81 (01/14/2026)
Annual low (redemption price) EUR143.20 (01/05/2026)
Performance current year n/a (01/15/2026)
ø Performance
Since launch p.a.
5.30 % (01/15/2026)
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

Percentage of assets invested 96.62 %
Liquidity ratio 0.506888
VaR 2.75 %
Duration of loss in days 133
Sharpe ratio 0.4
Volatility 3.57 %
Max. drawdown -2.91 %
Drawdown -00 %
Number of negative months 9
Number of positive months 27
Share of positive months 75 %
Worst month -1.65 %
Best month 1.88 %

Comment

In the calendar month of December, the Mainberg Special Situations Fund (I-Tranche) recorded a positive performance of +0.39%. Annualized volatility in December was 2.07%.
For the 2025 calendar year, this results in a total return of +5.18% with volatility of 3.03%.

Portfolio building block: Merger Arbitrage
At month-end, the Merger Arbitrage allocation was 34% (previous month: 36%) of the portfolio. This segment currently comprises 12 equities across five countries, which are at different stages of takeover processes. Larger positions currently include Iveco Group (Netherlands), JDE Peet's (Netherlands) and Aedas Homes (Spain). The takeover situation Covestro (Germany), which accompanied us for almost the entire 2025 calendar year, was successfully completed in December.

Portfolio building block: Domination and profit-and-loss transfer agreements (DPLTAs)
With a current weighting of 41% (unchanged from the previous month), the DPLTA segment remains the fund's largest building block. Over the course of the second quarter, the weighting was slightly reduced from around 50%, after premia increased moderately relative to the respective hedging levels.

This segment remains a stable source of returns with limited downside risk-even though premia on price floors (e.g., through put rights vis-a-vis majority shareholders) have risen slightly recently.

2025/12/31

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.

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