Berenberg European Small Cap Fund M A

The objective of the investment policy of the sub-fund is to generate the highest possible capital growth while having due regard to the level of investment risk as well as the social and environmental investment criteria. At least 51% of fund assets shall be invested in small-cap shares of European issuers. European issuers are those whose registered offices, main stock exchange or business operations are in Europe, i.e. the country of risk is Europe. Investments are mainly made in the smaller and medium high-growth stocks (“small caps”) with a market capitalisation of up to EUR 5 billion. The Fund endeavours to outperform its benchmark, the MSCI Europe Small Cap Index.