Mainberg Special Situations Fund HI I

Status: 08/28/2025

Fund profile

ISIN DE000A2JQH97
WKN A2JQH9
Inception date
Total fund assets 77.5 M EUR
Share class currency EUR
Current issue price EUR143.07 (08/29/2025)
Current return price EUR143.07 (08/29/2025)
Annual high (redemption price) EUR143.07 (08/29/2025)
Annual low (redemption price) EUR136.09 (01/06/2025)
Performance current year 4.95 % (08/29/2025)
ø Performance
Since launch p.a.
5.52 % (08/29/2025)
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 0.44
Volatility 3.81 %
Max. drawdown -2.91 %
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 July, the Mainberg Special Situations Fund (I Share Class) recorded a positive performance of +0.95%. The annualized volatility for the month was 2.81%.
Over a twelve-month period, the fund delivered a total return of +7.45% with a volatility of 3.41%.

Portfolio Component: Merger Arbitrage
At month-end, the merger arbitrage segment accounted for 28% of the portfolio. This segment currently comprises eleven equities from six European countries, each at a different stage in their respective takeover processes. For the first time, we also added a U.S.-based situation to the portfolio.
Larger positions are currently held in Covestro (Germany), Just Eat Takeaway (Netherlands), and B&S Group (Luxembourg).
Foreign currency risks outside the euro area are fully hedged.

Portfolio Component: Domination Agreements
With a current weighting of 41%, the domination agreements segment remains the largest component of the fund. Over the course of the second quarter, the weighting was slightly reduced from around 50%, following a moderate increase in premiums relative to the respective downside protection levels.

This segment continues to serve as a stable source of returns with limited downside risk - even though premiums at price floors (e.g., via put rights to major shareholders) have recently risen slightly.

07/31/2025

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.

This is detail text.