Mainberg Special Situations Fund HI I

Status: 11/27/2025

Fund profile

ISIN DE000A2JQH97
WKN A2JQH9
Inception date
Total fund assets 85.9 M EUR
Share class currency EUR
Current issue price EUR142.83 (11/28/2025)
Current return price EUR142.83 (11/28/2025)
Annual high (redemption price) EUR143.07 (08/29/2025)
Annual low (redemption price) EUR136.09 (01/06/2025)
Performance current year 4.78 % (11/28/2025)
ø Performance
Since launch p.a.
5.26 % (11/28/2025)
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

Percentage of assets invested 91.25 %
Liquidity ratio 0.565382
VaR 2.57 %
Duration of loss in days 133
Sharpe ratio 0.34
Volatility 3.71 %
Max. drawdown -2.91 %
Drawdown -0.41 %
Number of negative months 10
Number of positive months 26
Share of positive months 72.22 %
Worst month -1.65 %
Best month 1.88 %

Comment

Robert Hillmann

Robert Hillmann

In the calendar month of October, the Mainberg Special Situations Fund (I-Tranche) achieved a performance of +0.32%. The annualized volatility for the month was 2.81%.
Over the past twelve months, the fund delivered a total return of +6.35% with a volatility of 3.09%.

Portfolio Segment: Merger Arbitrage
At the turn of the month, the Merger Arbitrage segment accounted for 32% of the portfolio (previous month: 31%). This segment currently includes 14 equities from six countries, each in different stages of takeover processes. The three largest positions are currently Covestro (Germany), Iveco Group N.V. (Netherlands/Italy), and JDE Peet's N.V. (Netherlands). The Just Eat Takeaway (Netherlands) case has been successfully completed. We have reduced our position in Kellanova Co. (USA) after the spread narrowed significantly in our favor.

Portfolio Segment: Domination Agreements
With a current weighting of 42%, the Domination Agreements segment continues to represent the largest component of the fund. The premium level relative to the respective hedge ratio has remained stable. We therefore continue to benefit from the base yield of currently 6.27% p.a. (base rate + 5%) with very low volatility. There were no significant news items regarding individual positions during the period.

2025/10/31

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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