Citation preview
Semi-annual report
An investment fund with multiple sub-funds as an umbrella
fund
(fonds commun de placement à compartiments multiples) pursuant to
Part I of the Luxembourg Law
of 17 December 2010 on undertakings for collective investment
R.C.S. Lux K1165
Contents
Derivative exposure 6
Notes to the statement of assets 8 - 12
Consolidated statement of assets 13
Bergos - Global Equities (formerly: Berenberg Systematic Approach -
Global Stockpicker Fund)
Balance sheet 14
Comparative overview of the previous three financial years 19 -
21
Bergos - European Equities (formerly: Berenberg Systematic Approach
- European Stockpicker Fund)
Balance sheet 22
Comparative overview of the previous three financial years 26 -
27
Page 2
Contents
Bergos - US Equities (formerly: Berenberg Systematic Approach - US
Stockpicker Fund)
Balance sheet 28
Derivatives 32
Comparative overview of the previous three financial years 33 -
35
Bergos - Stockpicker Protect Fund (formerly: Berenberg Systematic
Approach - Stockpicker Protect Fund)
Comparative overview of the previous three financial years 36 -
38
Page 3
Organisational structure
Management Company and Central Administrative Company Depositary,
Registrar and Transfer Agent Fund Manager
Universal-Investment-Luxembourg S.A. State Street Bank
International GmbH, Luxembourg Branch For the sub-fund: Stockpicker
Protect Fund R.C.S. Lux B 75,014 49, avenue John F. Kennedy, L-1855
Luxembourg (until 28 January 2021) 15, rue de Flaxweiler, L-6776
Grevenmacher
Paying Agent Joh. Berenberg, Gossler & Co. KG
Management Board of the Management Company Neuer Jungfernstieg 20,
D-20354 Hamburg
Grand Duchy of Luxembourg
Chairman of the Management Board For the sub-fund Global Equities
(formerly: Global State Street Bank International GmbH, Luxembourg
Branch Stockpicker Fund), European Equities (formerly:
European
Sean O'Driscoll 49, avenue John F. Kennedy, L-1855 Luxembourg
Stockpicker Fund) and US Equities (formerly: US Managing Director
of Stockpicker Fund) Universal-Investment-Luxembourg S.A.,
Grevenmacher Federal Republic of Germany
Universal-Investment-Luxembourg S.A.
Management Board members Joh. Berenberg, Gossler & Co. KG 15,
rue de Flaxweiler, L-6776 Grevenmacher
Neuer Jungfernstieg 20, D-20354 Hamburg
Stefan Rockel (until 31 December 2020) Facilities Agent
Services
Managing Director of Austria Universal-Investment-Luxembourg S.A.,
Grevenmacher United Kingdom
Erste Bank der oesterreichischen Sparkassen AG
Matthias Müller Am Belvedere 1, A-1100 Vienna ZEIDLER LEGAL
SERVICES (UK) Limited
Managing Director of 4th Floor, 2 Leman Street, London E1 8FA
Universal-Investment-Luxembourg S.A., Grevenmacher Switzerland
Representative
Supervisory Board of the Management Company Tellco AG
Bahnhofstrasse 4, CH-6431 Schwyz Switzerland
Chairman of the Supervisory Board Investment adviser 1741 Fund
Solutions AG
Michael Reinhard Burggraben 16, CH-9000 St. Gallen
Chair of the Management Board of Bergos AG
Universal-Investment-Gesellschaft mbH, Frankfurt am Main
Kreuzstraße 5, CH-8008 Zurich Distributor
Frank Eggloff Federal Republic of Germany Managing Director
of
Universal-Investment-Gesellschaft mbH, Frankfurt am Main Joh.
Berenberg, Gossler & Co. KG
Neuer Jungfernstieg 20, D-20354 Hamburg
Markus Neubauer
Universal-Investment-Gesellschaft mbH, Frankfurt am Main
KPMG Luxembourg, Société coopérative
Page 4
Selling sub-fund Absorbing sub-fund ISIN Exchange ratio
Bergos - US Equities A LU1068779807 0.872834385
Bergos - US Equities B LU0534928600 0.471162315
Bergos - US Equities D LU0534930846 0.493956533
Dear Sir/Madam,
We hereby present to you the semi-annual report of the Bergos fund
with its sub-funds Bergos - Global Equities (formerly: Berenberg
Systematic Approach - Global Stockpicker Fund), Bergos - European
Equities (formerly: Berenberg Systematic
Approach - European Stockpicker Fund) and Bergos - US Equities
(formerly: Berenberg Systematic Approach - US Stockpicker Fund).
The report covers the period from 1 October 2020 to 31 March
2021.
The Bergos fund is a legally dependent investment fund (“fonds
commun de placement ”), established for an indefinite period under
the law of the Grand Duchy of Luxembourg and subject to Part I of
the Luxembourg Law of 17 December 2010 on
undertakings for collective investment.
On 11 March 2020, the World Health Organisation declared the
COVID-19 outbreak a pandemic. Ongoing concerns about the impact of
the virus on the global economy and the resulting uncertainty with
regard to the valuation of the investments
in this report could therefore lead to significant deviations from
the actual value if the investments were sold today. Significant
corrections in the market and the increased volatility in recent
months could have a significant impact on the Fund with
regard to the future valuation of investments. The relevant
committees will closely monitor further developments at national
and international level, particularly with regard to the economic
impact on the Fund.
As of 11 December 2020, the name of the Fund, which is designed as
an umbrella fund, was changed from “Berenberg Systematic Approach”
to “Bergos”. This resulted in the new sub-fund names Bergos -
Stockpicker Protect Fund, Bergos - US
Equities, Bergos - European Equities and Bergos - Global
Equities.
Bergos - Stockpicker Protect Fund B LU0951159002
Bergos - Stockpicker Protect Fund A LU0951157725
Bergos - Stockpicker Protect Fund D LU0951159424
Report of the Management Board
The Management Board of the Management Company has analysed the
current developments in relation to the pandemic caused by the
coronavirus and is satisfied that the plans of the contracted
service providers to ensure the continuity of
business operations take current operating risks into account and
ensure that the activities of the Fund are not negatively impacted.
As a result of the coronavirus, there is a high degree of
uncertainty regarding the performance of all sub-funds in
2021. Your attention is drawn to the section 'Post balance-sheet
date events' in the notes to the statement of assets.
The Bergos - Stockpicker Protect Fund sub-fund transferred all
assets and liabilities to the Bergos - US Equities sub-fund as of
29 January 2021.
Page 5
ISIN Fund assets in currency Price performance in %
Bergos - Global Equities A (formerly: Berenberg Systematic Approach
- Global Stockpicker Fund unit class A) LU0267932464 7,883,985.83
EUR 23.75
Bergos - Global Equities B (formerly: Berenberg Systematic Approach
- Global Stockpicker Fund unit class B) LU0267932894 2,616,033.05
EUR 24.09
Bergos - Global Equities C (formerly: Berenberg Systematic Approach
- Global Stockpicker Fund unit class C) LU0301847694 589,038.65 EUR
24.23
Bergos - European Equities A (formerly: Berenberg Systematic
Approach - European Stockpicker Fund unit class A) LU0301848403
9,490,156.74 EUR 23.39
Bergos - European Equities C (formerly: Berenberg Systematic
Approach - European Stockpicker Fund unit class C) LU0301849393
19,914,998.86 EUR 23.99
Bergos - US Equities A (formerly: Berenberg Systematic Approach -
US Stockpicker Fund unit class A) LU1068779807 6,282,268.02 EUR
25.26
Bergos - US Equities B (formerly: Berenberg Systematic Approach -
US Stockpicker Fund unit class B) LU0534928600 45,823,327.52 USD
26.12
Bergos - US Equities D (formerly: Berenberg Systematic Approach -
US Stockpicker Fund unit class D) LU0534930846 26,803,539.08 USD
26.71
LU0951157725 2,794,664.82 EUR 16.88
LU0951159002 8,134,744.07 USD 17.56
LU0951159424 756,515.97 USD 17.67
Sub-funds Derivative exposure in %
Bergos - US Equities (formerly: Berenberg Systematic Approach - US
Stockpicker Fund) -0.03
Bergos (formerly: Berenberg Systematic Approach) and its sub-funds
apply the commitment approach (simple approach) to monitor all the
derivative positions. Accordingly, the total amount of derivative
positions may not exceed a maximum of
100% of the net asset value.
As at 31 March 2021, the fund assets and price performance of the
Fund during the reporting period were as follows:
The derivative exposure as at 31 March 2021 is set out in the
following table.
Bergos - Stockpicker Protect Fund A (formerly: Berenberg Systematic
Approach - Stockpicker Protect Fund unit class A) (until 28
January 2021)
January 2021)
January 2021)
Unit classes
Total amount of the employee remuneration paid EUR 11.60
million
- of which fixed remuneration EUR 9.80 million
- of which variable remuneration EUR 1.80 million
Number of company employees 105.9 full-time equivalent
Amount of paid carried interest n/a
Total amount of paid remuneration to risk takers EUR 1.90
million
- of which managers EUR 1.90 million
- of which other risk takers EUR 0.00 million
Total employee remuneration paid during the company's last
completed financial year: EUR 212.60 million
- of which fixed remuneration EUR 155.09 million
- of which variable remuneration EUR 57.51 million
Number of company employees 1,474.00 FTE (full-time
equivalent)
Remuneration policy of the Fund Manager (unaudited)
Information on employee remuneration (as at 31 December 2019) is
listed below:
The current annual report and disclosure report of Joh. Berenberg,
Gossler & Co. KG can be found on the Company’s website at
https://www.berenberg.de/publikationen/.
The remuneration system of the Management Company can be found on
the website of Universal-Investment-Gesellschaft mbH at
http://www.universal-investment.com/de/permanent-seiten/profil/luxemburg/regulatorische-
informationen/verguetungssystem-luxemburg and in the Sales
Prospectus.
No changes were made to the remuneration system compared to the
previous year.
The remuneration committee verifies compliance with the
remuneration policy once a year. This includes the alignment with
the business strategy, the goals, values and interests of
Universal-Investment-Luxembourg S.A. and the funds it
manages,
and measures to avoid conflicts of interest. There were no findings
that would have required an adjustment.
Information on employee remuneration (as at 30 September 2020) is
listed below:
Remuneration policy of the Management Company (unaudited)
Page 7
a)
b)
c)
d)
e)
f)
g)
h)
The unit value is calculated separately for each unit class
according to the criteria stated in this Article.
The inflow of funds based on the issue of units increases the
percentage share of the respective unit class in the total value of
the sub-fund assets. The outflow of funds based on the redemption
of units reduces the percentage share of the
respective unit class in the total value of the sub-fund
assets.
If different unit classes are established for the sub-fund in
accordance with Article 1(4) of the Management Regulations, the
following special features apply to the calculation of unit
value:
Derivatives (e.g. options) are in principle valued at their latest
available market or brokerage prices at the time of valuation. If a
valuation day coincides with the settlement day for a position, the
valuation of the corresponding position shall be
made at its settlement price. Options on indices without an average
calculation shall be valued using the Black & Scholes model,
and options with an average calculation (Asian style options) shall
be valued with the Levy approximation. The
valuation of swaps including credit default swaps shall take place
in a regular and reproducible form. It should be noted that swap
contracts are entered into under normal market conditions
exclusively in the interests of the Fund.
Any assets which are not denominated in the currency of the
sub-fund shall be converted into the sub-fund currency based on the
latest mean rate of exchange which is available at the time of the
valuation.
The pro rata interest applicable to securities and/or money market
instruments shall be included if not expressed in the market
value.
Notes to the statement of assets as at 31 March 2021
The Sales Prospectus outlines the currencies used to denominate the
unit values in the table entitled “The sub-funds — an overview”
(hereinafter the “fund currency”). The fund currency and reporting
currency is the euro (EUR). This is calculated
by the Management Company each valuation day under the supervision
of the Depositary. The valuation days are defined differently for
each sub-fund and can be seen in the table section (“The sub-funds
– an overview”). The calculation is done
by dividing the fund assets of the sub-fund by the number of units
of the sub-fund in circulation on the valuation day. To counteract
the practices of late trading and market timing, the calculation is
made after the end of this time limit for the
acceptance of subscription and/or conversion applications, as
defined in the table entitled “The sub-funds – an overview” in the
Sales Prospectus. The fund assets (hereinafter the “net asset
value”) are calculated based on the following principles:
The semi-annual financial statements prepared in accordance with
the legal provisions and regulations applicable in Luxembourg
regarding the preparation and presentation of the semi-annual
financial statements and on the assumption that the
company is a going concern.
Essential accounting principles
The Bergos fund is a legally dependent investment fund (“fonds
commun de placement”), established for an indefinite period under
the law of the Grand Duchy of Luxembourg and subject to Part I of
the Luxembourg Law of 17 December 2010 on
undertakings for collective investment.
General remarks
The purpose of the Fund is to achieve appropriate growth in the
fund currency while taking the investment risk into account.
The term of the Fund is unlimited. The financial year begins on 1
October and ends on 30 September of the following year.
The Fund's registered office location is Grevenmacher in the Grand
Duchy of Luxembourg.
The liquid funds shall be valued at their nominal value plus
interest at the time the net asset value is calculated. Fixed-term
deposits with an original maturity of more than 30 days may be
valued at the relevant yield value.
Units in UCITS and/or UCIs shall be valued at their latest net
asset value established and available at the time the net asset
value is calculated, less any redemption fee.
Securities and money market instruments which are neither listed on
the stock market nor traded on another regulated market shall be
valued at the market value at the time of calculating the net asset
value fixed by the Management
Company in good faith, abiding by generally recognised valuation
rules that are verifiable by auditors.
Securities and money market instruments not listed on an exchange
but traded on another regulated market which operates regularly and
is recognised and open to the public shall be valued at a price
that cannot be less than the bid price or
more than the offer price at the time of valuation and which the
Management Company deems to be the best possible price at which the
securities and/or money market instruments can be sold.
Securities and money market instruments listed on a stock exchange
shall be valued at the latest prices paid at the time of
calculating the net asset value.
Page 8
Bergos (formerly: Berenberg Systematic Approach)
Notes to the statement of assets as at 31 March 2021
Currency Rate
EUR - CHF 1.1059
EUR - GBP 0.8517
EUR - SEK 10.2430
EUR - USD 1.1752
USD - CHF 0.9410
USD - EUR 0.8509
As at 31 March 2021, the foreign currency positions were valued at
the exchange rates set out below:
In the event of a distribution, the unit value of units in the
corresponding unit class that carry entitlement to a dividend is
reduced by the amount of the distribution. At the same time, the
percentage share of the unit class carrying entitlement to a
distribution in the total value of the sub-fund assets is reduced,
whilst the percentage share of the unit class which does not carry
entitlement to a distribution in the total sub-fund assets is
increased.
Exchange rates
The Management Company is not obliged to redeem more than 10% of
the units currently in circulation at this point on a valuation
day. If the company receives redemption requests on a valuation day
for more than the stated number of units the
Management Company is entitled to postpone the redemption of units
exceeding more than 10% of the units in issue at this point until
the fourth valuation day afterwards. These redemption requests
should be given preferential treatment over
applications received later. Redemption requests submitted on the
same valuation day are treated equally.
If unusual circumstances arise which render a valuation in
accordance with the above criteria impossible or inappropriate, the
Management Company has the right to apply other valuation rules, in
good faith, which are generally recognised and
may be verified by auditors, in order to obtain a proper valuation
of the fund assets.
An income equalisation procedure is calculated on the Fund's
income. This means that the income which has accrued during the
financial year which the purchaser of units has to pay as part of
the issue price, and which the seller of unit
certificates will receive as part of the redemption price, is
continuously netted. The expenses incurred are taken into account
correspondingly. When calculating the income equalisation, the
method is used which corresponds to the applicable rules
given in the German Investment Act or Investment Tax Act.
Page 9
Bergos (formerly: Berenberg Systematic Approach)
Notes to the statement of assets as at 31 March 2021
Unit classes Remuneration
Bergos - US Equities D (formerly: Berenberg Systematic Approach -
US Stockpicker Fund unit class D)
Bergos - Stockpicker Protect Fund A (formerly: Berenberg Systematic
Approach - Stockpicker Protect
Fund unit class A)
Fund unit class B)
The fee is calculated using the daily net asset value and is
payable at the end of each quarter (relative to the financial year
of the relevant sub-fund). This fee also includes the fees for the
Investment Adviser and Fund Manager.
The following fees are incurred in the individual unit classes of
the sub-funds:
Bergos - Global Equities A (formerly: Berenberg Systematic Approach
- Global Stockpicker Fund unit
class A)
class B)
class C)
Fund unit class D)
unit class A)
unit class C)
Bergos - US Equities A (formerly: Berenberg Systematic Approach -
US Stockpicker Fund unit class A)
Bergos - US Equities B (formerly: Berenberg Systematic Approach -
US Stockpicker Fund unit class B)
Management fee and Central Administration Agent fee
Page 10
Bergos (formerly: Berenberg Systematic Approach)
Notes to the statement of assets as at 31 March 2021
Until 28 January 2021
Bergos - US Equities (formerly: Berenberg Systematic Approach - US
Stockpicker Fund) 9,397.49 USD
2,378.26 USD
Depositary fee
The transaction costs include in particular commissions for brokers
and agents, clearing fees and external charges (e.g. stock market
fees, local taxes and charges, registration and transfer
charges).
Transaction costs were incurred for the following sub-funds in
connection with the sale or purchase of securities, money market
instruments, derivatives or other assets during the reporting
period ending 31 March 2021, in the amount of:
Transaction costs
For the other sub-funds and for the “D” unit class of the sub-fund
Bergos - Stockpicker Protect Fund (formerly: Berenberg Systematic
Approach - Stockpicker Protect Fund), no performance fee is
currently planned.
The consultancy or asset management company is at liberty to
calculate a lower performance fee for one or more unit classes or
to choose not to calculate a performance fee.
For unit classes "A" and "B" of the sub-fund Bergos - Stockpicker
Protect Fund (formerly: Berenberg Systematic Approach - Stockpicker
Protect Fund), the performance fee per unit class is 10% of the
daily active returns of the Fund (in
accordance with the BVI method, i.e. adjusting of the unit value by
the mathematical reinvestment of distributions) compared to the
benchmark index (50% Libor USD 3 months; 50% S&P 100 USD (TR))
multiplied by the previous day's fund
assets. The amounts calculated shall be accumulated over the
accounting period. The amount calculated shall be reduced when the
performance is lower than that of the benchmark. A negative balance
is carried over to the following accounting
period (negative carry over). Fees are paid quarterly.
Performance fee
This fee is always calculated on the basis of the daily calculated
net asset value and is payable at the end of each month, plus any
applicable value-added tax. As per market custom, the Depositary
also receives a processing fee for all securities
transactions on behalf of the Fund if it does not receive banking
fees for this.
In exchange for the performance of its duties, the Depositary
receives a fee amounting to an average of 0.09% p.a. of the
sub-fund assets. Depending on the depositary available for the
relevant target investment, the fee may also be higher or
lower, but will be at least EUR 26,400.00 per sub-fund.
Bergos - Stockpicker Protect Fund (formerly: Berenberg Systematic
Approach - Stockpicker Protect Fund) (until 28 January
2021)
Bergos (formerly: Berenberg Systematic Approach)
Notes to the statement of assets as at 31 March 2021
No
No
No
No
No
No
The Bergos - Global Equities C unit class will be liquidated on 28
April 2021.
Are there any plans to liquidate individual sub-funds?
Are there or have there been any operational issues?
Have there been massive cash outflows?
Have there been payment problems?
An analysis at (sub-)fund level after the balance sheet date up to
the time of the audit opinion led to the following result:
Has the fund price calculation or unit trading been
suspended?
Are there any liquidity problems?
Information on the issue and redemption prices of each sub-fund
and/or each unit class is available at the registered office of the
Management Company, Depositary and Paying Agents of the Fund abroad
and is published in accordance with the
legal provisions of any country in which units are authorised for
sale to the public as well as on the website of the Management
Company (www.universal-investment.com).
Publications
Interested parties should obtain information about laws and
regulations applicable to the purchase, possession and redemption
of units, as well as seek advice, if appropriate.
Due to the coronavirus pandemic, exceptional events may occur after
the balance sheet date, such as the suspension of unit certificate
trading or unit price calculations, and massive cash outflows with
resulting liquidity shortages.
Post balance-sheet date events
Information as per Regulation (EU) 2015/2365 on the transparency of
securities financing transactions and of reuse and amending
Regulation (EU) No. 648/2012 - figures according to Section A
The changes to the securities holdings in the reporting period can
be obtained free of charge at the registered office of the
Management Company, via the Depositary and via any paying
agent.
Changes to the securities portfolio
Information, particularly notices to investors, is also published
on the Management Company's website. In addition, notices will be
published in Luxembourg in the RESA and in a Luxembourg daily
newspaper, where required by law, and also, if
required, in another daily newspaper that has sufficient
circulation.
The net asset value of each sub-fund or each unit class may be
requested from the registered office of the Management Company and
is also published on the website of the Management Company.
During the reporting period, there were no securities financial
transactions or total return swaps subject to the above-named
regulations.
The sub-fund assets are currently subject to tax (“taxe
d’abonnement”) of 0.05% p.a. in the Grand Duchy of Luxembourg. In
terms of sub-funds or unit classes which are reserved for
institutional investors, the taxe d’abonnement amounts to
0.01%
p.a. This taxe d’abonnement is payable every quarter on the net
fund assets reported at the end of that quarter. The income of the
Fund is not subject to taxation in Luxembourg. However, the income
of the Fund may be subject to withholding tax
in countries in which assets of the Fund are invested. In such
cases, neither the Depositary nor the Management Company are
obligated to collect tax certificates.
Taxation
Consolidated statement of assets as at 31/03/2021
Current value
in EUR
Liabilities from custody fees -28,118.74 -0.03
Liabilities from auditing and publication costs -14,523.86
-0.01
Liabilities from taxe d‘abonnement -13,864.64 -0.01
Other liabilities -81,491.08 -0.08
Total liabilities -592,151.11 -0.55
Fund assets 108,186,060.45 100.00
*) Minor rounding differences may arise due to rounding of the
share percentages during calculation.
The consolidated statement of assets is composed of the sums of all
the sub-funds.
The notes to the statement of assets form an essential component of
the semi-annual report. Page 13
Bergos - Global Equities (formerly: Berenberg Systematic Approach -
Global Stockpicker Fund)
Balance sheet as at 31/03/2021
Investment focuses
Current value
in EUR
4. Investment units 947,752.59 8.86
5. Bank deposits 441,153.44 4.12
6. Other assets 19,637.23 0.18
II. Liabilities -137,975.53 -1.29
III. Fund assets 10,699,056.68 100.00
*) Minor rounding differences may arise due to rounding of the
share percentages during calculation.
Page 14
Statement of assets as at 31/03/2021
Name ISIN Quantity or holding Currency Rate Market value %
Units or 31/03/2021 in EUR of fund
% of 1,000 assets *)
Shares EUR 9,108,527.28 85.13
ABB Ltd. Namens-Aktien SF 0,12 CH0012221716 QTY 5,290 CHF 28.560
136,614.88 1.28
Nestlé S.A. Namens-Aktien SF -,10 CH0038863350 QTY 1,330 CHF
105.340 126,686.14 1.18
Anheuser-Busch InBev S.A./N.V. Actions au Port. o.N. BE0974293251
QTY 2,260 EUR 53.750 121,475.00 1.14
AXA S.A. Actions Port. EO 2.29 FR0000120628 QTY 6,260 EUR 22.885
143,260.10 1.34
BASF SE Namens-Aktien o.N. DE000BASF111 QTY 1,800 EUR 70.840
127,512.00 1.19
Bayer AG Namens-Aktien o.N. DE000BAY0017 QTY 2,230 EUR 53.960
120,330.80 1.12
Prosus N.V. Registered Shares EO -,05 NL0013654783 QTY 1,265 EUR
94.800 119,922.00 1.12
Sanofi S.A. Actions Port. EO 2 FR0000120578 QTY 1,600 EUR 84.250
134,800.00 1.26
Siemens AG Namens-Aktien o.N. DE0007236101 QTY 1,005 EUR 140.000
140,700.00 1.32
Total S.E. Actions au Porteur EO 2.50 FR0000120271 QTY 3,290 EUR
39.775 130,859.75 1.22
Diageo PLC Reg. Shares LS -,28935185 GB0002374006 QTY 3,560 GBP
29.895 124,957.38 1.17
HSBC Holdings PLC Registered Shares DL -,50 GB0005405286 QTY 25,000
GBP 4.232 124,222.14 1.16
Prudential PLC Registered Shares LS -,05 GB0007099541 QTY 7,600 GBP
15.405 137,463.90 1.28
Rio Tinto PLC Registered Shares LS -,10 GB0007188757 QTY 1,700 GBP
55.500 110,778.44 1.04
AbbVie Inc. Registered Shares DL -,01 US00287Y1091 QTY 2,370 USD
108.220 218,244.89 2.04
Allstate Corp., The Registered Shares DL -,01 US0200021014 QTY
2,485 USD 114.900 242,959.92 2.27
Alphabet Inc. Reg. Shs Cap.Stk Cl. C DL-,001 US02079K1079 QTY 200
USD 2,068.630 352,047.31 3.29
Apple Inc. Registered Shares o.N. US0378331005 QTY 6,875 USD
122.150 714,585.82 6.68
AT & T Inc. Registered Shares DL 1 US00206R1023 QTY 8,995 USD
30.270 231,687.07 2.17
Bk of New York MellonCorp.,The Registered Shares DL -,01
US0640581007 QTY 5,450 USD 47.290 219,307.78 2.05
Bristol-Myers Squibb Co. Registered Shares DL -,10 US1101221083 QTY
4,200 USD 63.130 225,617.77 2.11
Charter Communications Inc. Reg. Sh. Class A DL-,001 US16119P1084
QTY 400 USD 617.020 210,013.61 1.96
Chevron Corp. Registered Shares DL-,75 US1667641005 QTY 2,470 USD
104.790 220,244.47 2.06
Citigroup Inc. Registered Shares DL -.01 US1729674242 QTY 3,765 USD
72.750 233,069.90 2.18
Comcast Corp. New Reg. Shares Class A DL -,01 US20030N1019 QTY
4,585 USD 54.110 211,108.19 1.97
DuPont de Nemours Inc. Registered Shares o.N. US26614N1028 QTY
3,206 USD 77.280 210,823.42 1.97
Exxon Mobil Corp. Registered Shares o.N. US30231G1022 QTY 4,590 USD
55.830 218,056.25 2.04
General Motors Co. Registered Shares DL -,01 US37045V1008 QTY 4,900
USD 57.460 239,579.65 2.24
Intl Business Machines Corp. Registered Shares DL -,20 US4592001014
QTY 2,115 USD 133.260 239,827.18 2.24
Johnson & Johnson Registered Shares DL 1 US4781601046 QTY 1,565
USD 164.350 218,862.96 2.05
JPMorgan Chase & Co. Registered Shares DL 1 US46625H1005 QTY
1,645 USD 152.230 213,085.73 1.99
The notes to the statement of assets form an essential component of
the semi-annual report. Page 15
Bergos - Global Equities (formerly: Berenberg Systematic Approach -
Global Stockpicker Fund)
Statement of assets as at 31/03/2021
Name ISIN Quantity or holding Currency Rate Market value %
Units or 31/03/2021 in EUR of fund
% of 1,000 assets *)
Lowe's Companies Inc. Registered Shares DL -,50 US5486611073 QTY
1,585 USD 190.180 256,497.02 2.40
McDonald's Corp. Registered Shares DL-,01 US5801351017 QTY 1,225
USD 224.140 233,638.10 2.18
MetLife Inc. Registered Shares DL -,01 US59156R1086 QTY 4,300 USD
60.790 222,427.67 2.08
Microsoft Corp. Registered Shares DL-,00000625 US5949181045 QTY
2,810 USD 235.770 563,745.49 5.27
Netflix Inc. Registered Shares DL -,001 US64110L1061 QTY 495 USD
521.660 219,725.75 2.05
Philip Morris Internat. Inc. Registered Shares o.N. US7181721090
QTY 3,140 USD 88.740 237,103.13 2.22
Target Corp. Registered Shares DL -,0833 US87612E1064 QTY 1,370 USD
198.070 230,901.89 2.16
United Parcel Service Inc. Reg. Shares Class B DL -,01 US9113121068
QTY 1,540 USD 169.990 222,757.49 2.08
VISA Inc. Reg. Shares Class A DL -,0001 US92826C8394 QTY 1,270 USD
211.730 228,809.65 2.14
Walgreens Boots Alliance Inc. Reg. Shares DL -,01 US9314271084 QTY
5,440 USD 54.900 254,132.06 2.38
Wells Fargo & Co. Registered Shares DL 1,666 US9497461015 QTY
6,620 USD 39.070 220,084.58 2.06
Other equity securities EUR 120,147.17 1.12
Roche Holding AG Inhaber-Genussscheine o.N. CH0012032048 QTY 435
CHF 305.450 120,147.17 1.12
Securities permitted on or included in organised markets EUR
199,814.50 1.87
Certificates EUR 199,814.50 1.87
Investment units EUR 947,752.59 8.86
iShare.Nikkei 225 UCITS ETF DE Inhaber-Anteile DE000A0H08D2 QTY
12,235 EUR 22.650 277,122.75 2.59
Lyxor Nikkei 225 UCITS ETF Inhaber-Anteile I o.N. LU0378453376 QTY
11,265 EUR 24.830 279,709.95 2.61
Xtr.MSCI Pacific ex Japan Inhaber-Anteile 1C o.N. LU0322252338 QTY
6,390 USD 71.895 390,919.89 3.65
Total securities EUR 10,376,241.54 96.98
The notes to the statement of assets form an essential component of
the semi-annual report. Page 16
Bergos - Global Equities (formerly: Berenberg Systematic Approach -
Global Stockpicker Fund)
Statement of assets as at 31/03/2021
Name ISIN Quantity or holding Currency Rate Market value %
Units or 31/03/2021 in EUR of fund
% of 1,000 assets *)
Bank deposits, non-securitised money market instruments and money
market funds EUR 441,153.44 4.12
Bank deposits EUR 441,153.44 4.12
Deposits with State Street Bank International GmbH, Luxembourg
Branch
Deposits in the fund currency
204,538.51 EUR 204,538.51 1.91
24,441.65 CHF 22,101.14 0.21
18,460.95 GBP 21,675.41 0.20
226,623.67 USD 192,838.38 1.80
Dividend entitlements 19,637.23 EUR 19,637.23 0.18
Liabilities EUR -137,975.53 -1.29
Auditing and publication costs -3,287.75 EUR -3,287.75 -0.03
Taxe d’abonnement -1,257.86 EUR -1,257.86 -0.01
Other liabilities -34,000.00 EUR -34,000.00 -0.32
Fund assets EUR 10,699,056.68 100.00
Bergos - Global Equities A (formerly: Berenberg Systematic Approach
- Global Stockpicker Fund unit class A)
Unit value EUR 213.36
Issuing price EUR 225.09
Redemption price EUR 213.36
Units in circulation QTY 36,952.360
The notes to the statement of assets form an essential component of
the semi-annual report. Page 17
Bergos - Global Equities (formerly: Berenberg Systematic Approach -
Global Stockpicker Fund)
Statement of assets as at 31/03/2021
Name ISIN Quantity or holding Currency Rate Market value %
Units or 31/03/2021 in EUR of fund
% of 1,000 assets *)
Unit value USD 194.01
Issuing price USD 204.68
Redemption price USD 194.01
Bergos - Global Equities C (formerly: Berenberg Systematic Approach
- Global Stockpicker Fund unit class C)
Unit value EUR 183.77
Issuing price EUR 193.88
Redemption price EUR 183.77
Units in circulation QTY 3,205.350
*) Minor rounding differences may arise due to rounding of the
share percentages during calculation.
The notes to the statement of assets form an essential component of
the semi-annual report. Page 18
Bergos - Global Equities (formerly: Berenberg Systematic Approach -
Global Stockpicker Fund)
Bergos - Global Equities A (formerly: Berenberg Systematic Approach
- Global Stockpicker Fund unit class A)
Comparative overview of the previous three financial years
Financial year Units outstanding at the Fund assets at the Unit
value at the
end of the financial year end of the financial year end of the
financial year
2017/2018 Quantity 90,103.464 EUR 16,148,356.17 EUR 179.22
2018/2019 Quantity 71,830.464 EUR 13,373,949.09 EUR 186.19
2019/2020 Quantity 45,368.084 EUR 7,821,848.25 EUR 172.41
31.03.2021 Quantity 36,952.360 EUR 7,883,985.83 EUR 213.36
Performance of units outstanding during the reporting period
Quantity
Units outstanding at the start of the reporting period
45,368.084
Units issued 677.000
Units redeemed -9,092.724
Units outstanding at the end of the reporting period
36,952.360
Page 19
Bergos - Global Equities B (formerly: Berenberg Systematic Approach
- Global Stockpicker Fund unit class B)
Comparative overview of the previous three financial years
Financial year Units outstanding at the Fund assets at the Unit
value at the
end of the financial year end of the financial year end of the
financial year
2017/2018 Quantity 34,245.000 USD 5,531,328.57 USD 161.52
2018/2019 Quantity 23,883.000 USD 3,757,308.80 USD 157.32
2019/2020 Quantity 15,563.000 USD 2,433,071.01 USD 156.34
31.03.2021 Quantity 13,484.000 USD 2,616,033.05 USD 194.01
Performance of units outstanding during the reporting period
Quantity
Units outstanding at the start of the reporting period
15,563.000
Units issued 600.000
Units redeemed -2,679.000
Units outstanding at the end of the reporting period
13,484.000
Page 20
Bergos - Global Equities C (formerly: Berenberg Systematic Approach
- Global Stockpicker Fund unit class C)
Comparative overview of the previous three financial years
Financial year Units outstanding at the Fund assets at the Unit
value at the
end of the financial year end of the financial year end of the
financial year
2017/2018 Quantity 6,511.350 EUR 993,647.71 EUR 152.60
2018/2019 Quantity 6,511.350 EUR 1,037,566.48 EUR 159.35
2019/2020 Quantity 6,370.350 EUR 942,349.76 EUR 147.93
31.03.2021 Quantity 3,205.350 EUR 589,038.65 EUR 183.77
Performance of units outstanding during the reporting period
Quantity
Units outstanding at the start of the reporting period
6,370.350
Units issued 0.000
Units redeemed -3,165.000
Units outstanding at the end of the reporting period
3,205.350
Page 21
Balance sheet as at 31/03/2021
Investment focuses
Current value
in EUR
3. Bank deposits 275,552.39 0.94
4. Other assets 162,360.95 0.55
II. Liabilities -153,390.70 -0.52
III. Fund assets 29,405,155.60 100.00
*) Minor rounding differences may arise due to rounding of the
share percentages during calculation.
Page 22
Statement of assets as at 31/03/2021
Name ISIN Quantity or holding Currency Rate Market value %
Units or 31/03/2021 in EUR of fund
% of 1,000 assets *)
Shares EUR 28,068,309.51 95.45
ABB Ltd. Namens-Aktien SF 0,12 CH0012221716 QTY 46,365 CHF 28.560
1,197,381.68 4.07
LafargeHolcim Ltd. Namens-Aktien SF 2 CH0012214059 QTY 24,094 CHF
55.540 1,210,037.76 4.12
Nestlé S.A. Namens-Aktien SF -,10 CH0038863350 QTY 11,990 CHF
105.340 1,142,080.30 3.88
Zurich Insurance Group AG Nam.-Aktien SF 0,10 CH0011075394 QTY
3,110 CHF 403.400 1,134,437.11 3.86
Anheuser-Busch InBev S.A./N.V. Actions au Port. o.N. BE0974293251
QTY 21,255 EUR 53.750 1,142,456.25 3.89
AXA S.A. Actions Port. EO 2.29 FR0000120628 QTY 55,730 EUR 22.885
1,275,381.05 4.34
BASF SE Namens-Aktien o.N. DE000BASF111 QTY 16,225 EUR 70.840
1,149,379.00 3.91
Bayer AG Namens-Aktien o.N. DE000BAY0017 QTY 20,365 EUR 53.960
1,098,895.40 3.74
Bayerische Motoren Werke AG Stammaktien EO 1 DE0005190003 QTY
15,915 EUR 88.470 1,408,000.05 4.79
ENI S.p.A. Azioni nom. o.N. IT0003132476 QTY 120,165 EUR 10.494
1,261,011.51 4.29
Intesa Sanpaolo S.p.A. Azioni nom. o.N. IT0000072618 QTY 525,555
EUR 2.311 1,214,294.83 4.13
Kering S.A. Actions Port. EO 4 FR0000121485 QTY 2,040 EUR 588.600
1,200,744.00 4.08
Münchener Rückvers.-Ges. AG vink.Namens-Aktien o.N. DE0008430026
QTY 4,785 EUR 262.600 1,256,541.00 4.27
Prosus N.V. Registered Shares EO -,05 NL0013654783 QTY 10,190 EUR
94.800 966,012.00 3.29
Sanofi S.A. Actions Port. EO 2 FR0000120578 QTY 14,280 EUR 84.250
1,203,090.00 4.09
Schneider Electric SE Actions Port. EO 4 FR0000121972 QTY 8,405 EUR
130.250 1,094,751.25 3.72
Siemens AG Namens-Aktien o.N. DE0007236101 QTY 8,115 EUR 140.000
1,136,100.00 3.86
Total S.E. Actions au Porteur EO 2.50 FR0000120271 QTY 29,750 EUR
39.775 1,183,306.25 4.02
British American Tobacco PLC Registered Shares LS -,25 GB0002875804
QTY 36,415 GBP 27.740 1,186,042.15 4.03
Diageo PLC Reg. Shares LS -,28935185 GB0002374006 QTY 31,245 GBP
29.895 1,096,711.61 3.73
HSBC Holdings PLC Registered Shares DL -,50 GB0005405286 QTY
221,475 GBP 4.232 1,100,483.97 3.74
Prudential PLC Registered Shares LS -,05 GB0007099541 QTY 68,170
GBP 15.405 1,233,014.97 4.19
Rio Tinto PLC Registered Shares LS -,10 GB0007188757 QTY 15,305 GBP
55.500 997,331.81 3.39
Telefonaktiebolaget L.M.Erics. Namn-Aktier B (fria) o.N.
SE0000108656 QTY 104,675 SEK 115.550 1,180,825.56 4.02
Other equity securities EUR 1,052,323.45 3.58
Roche Holding AG Inhaber-Genussscheine o.N. CH0012032048 QTY 3,810
CHF 305.450 1,052,323.45 3.58
Total securities EUR 29,120,632.96 99.03
The notes to the statement of assets form an essential component of
the semi-annual report. Page 23
Bergos - European Equities (formerly: Berenberg Systematic Approach
- European Stockpicker Fund)
Statement of assets as at 31/03/2021
Name ISIN Quantity or holding Currency Rate Market value %
Units or 31/03/2021 in EUR of fund
% of 1,000 assets *)
Bank deposits, non-securitised money market instruments and money
market funds EUR 275,552.39 0.94
Bank deposits EUR 275,552.39 0.94
Deposits with State Street Bank International GmbH, Luxembourg
Branch
Deposits in the fund currency
231,318.39 EUR 231,318.39 0.79
5,269.38 SEK 514.44 0.00
39,766.78 CHF 35,958.75 0.12
6,591.02 GBP 7,738.66 0.03
26.03 USD 22.15 0.00
Dividend entitlements 162,360.95 EUR 162,360.95 0.55
Liabilities EUR -153,390.70 -0.52
Auditing and publication costs -2,750.00 EUR -2,750.00 -0.01
Taxe d’abonnement -3,693.24 EUR -3,693.24 -0.01
Other liabilities -21,500.00 EUR -21,500.00 -0.07
Fund assets EUR 29,405,155.60 100.00
Bergos - European Equities A (formerly: Berenberg Systematic
Approach - European Stockpicker Fund unit class A)
Unit value EUR 124.82
Issuing price EUR 131.69
Redemption price EUR 124.82
Units in circulation QTY 76,031.489
The notes to the statement of assets form an essential component of
the semi-annual report. Page 24
Bergos - European Equities (formerly: Berenberg Systematic Approach
- European Stockpicker Fund)
Statement of assets as at 31/03/2021
Name ISIN Quantity or holding Currency Rate Market value %
Units or 31/03/2021 in EUR of fund
% of 1,000 assets *)
Unit value EUR 176.08
Issuing price EUR 185.76
Redemption price EUR 176.08
Units in circulation QTY 113,099.000
*) Minor rounding differences may arise due to rounding of the
share percentages during calculation.
The notes to the statement of assets form an essential component of
the semi-annual report. Page 25
Bergos - European Equities (formerly: Berenberg Systematic Approach
- European Stockpicker Fund)
Bergos - European Equities A (formerly: Berenberg Systematic
Approach - European Stockpicker Fund unit class A)
Comparative overview of the previous three financial years
Financial year Units outstanding at the Fund assets at the Unit
value at the
end of the financial year end of the financial year end of the
financial year
2017/2018 Quantity 164,452.622 EUR 17,353,756.41 EUR 105.52
2018/2019 Quantity 123,834.622 EUR 13,900,829.50 EUR 112.25
2019/2020 Quantity 91,086.489 EUR 9,214,183.42 EUR 101.16
31.03.2021 Quantity 76,031.489 EUR 9,490,156.74 EUR 124.82
Performance of units outstanding during the reporting period
Quantity
Units outstanding at the start of the reporting period
91,086.489
Units issued 1,600.000
Units redeemed -16,655.000
Units outstanding at the end of the reporting period
76,031.489
Page 26
Bergos - European Equities C (formerly: Berenberg Systematic
Approach - European Stockpicker Fund unit class C)
Comparative overview of the previous three financial years
Financial year Units outstanding at the Fund assets at the Unit
value at the
end of the financial year end of the financial year end of the
financial year
2017/2018 Quantity 138,667.000 EUR 20,128,151.14 EUR 145.15
2018/2019 Quantity 112,865.000 EUR 17,601,483.08 EUR 155.95
2019/2020 Quantity 113,099.000 EUR 16,061,213.88 EUR 142.01
31.03.2021 Quantity 113,099.000 EUR 19,914,998.86 EUR 176.08
Performance of units outstanding during the reporting period
Quantity
Units outstanding at the start of the reporting period
113,099.000
Units issued 34,000.000
Units redeemed -34,000.000
Units outstanding at the end of the reporting period
113,099.000
Page 27
Bergos - US Equities (formerly: Berenberg Systematic Approach - US
Stockpicker Fund)
Balance sheet as at 31/03/2021
Investment focuses
Current value
in USD
II. Liabilities -353,482.39 -0.44
III. Fund assets 80,009,787.97 100.00
*) Minor rounding differences may arise due to rounding of the
share percentages during calculation.
Page 28
Bergos - US Equities (formerly: Berenberg Systematic Approach - US
Stockpicker Fund)
Statement of assets as at 31/03/2021
Name ISIN Quantity or holding Currency Rate Market value %
Units or 31/03/2021 in USD of fund
% of 1,000 assets *)
Shares USD 79,257,710.11 99.06
AbbVie Inc. Registered Shares DL -,01 US00287Y1091 QTY 22,175 USD
108.220 2,399,778.50 3.00
Allstate Corp., The Registered Shares DL -,01 US0200021014 QTY
21,320 USD 114.900 2,449,668.00 3.06
Alphabet Inc. Reg. Shs Cap.Stk Cl. C DL-,001 US02079K1079 QTY 2,160
USD 2,068.630 4,468,240.80 5.58
Apple Inc. Registered Shares o.N. US0378331005 QTY 55,400 USD
122.150 6,767,110.00 8.46
AT & T Inc. Registered Shares DL 1 US00206R1023 QTY 77,655 USD
30.270 2,350,616.85 2.94
Bk of New York MellonCorp.,The Registered Shares DL -,01
US0640581007 QTY 56,490 USD 47.290 2,671,412.10 3.34
Bristol-Myers Squibb Co. Registered Shares DL -,10 US1101221083 QTY
36,665 USD 63.130 2,314,661.45 2.89
Charter Communications Inc. Reg. Sh. Class A DL-,001 US16119P1084
QTY 3,495 USD 617.020 2,156,484.90 2.70
Chevron Corp. Registered Shares DL-,75 US1667641005 QTY 25,670 USD
104.790 2,689,959.30 3.36
Citigroup Inc. Registered Shares DL -.01 US1729674242 QTY 38,830
USD 72.750 2,824,882.50 3.53
Comcast Corp. New Reg. Shares Class A DL -,01 US20030N1019 QTY
45,440 USD 54.110 2,458,758.40 3.07
DuPont de Nemours Inc. Registered Shares o.N. US26614N1028 QTY
30,047 USD 77.280 2,322,032.16 2.90
Exxon Mobil Corp. Registered Shares o.N. US30231G1022 QTY 42,905
USD 55.830 2,395,386.15 2.99
General Motors Co. Registered Shares DL -,01 US37045V1008 QTY
44,240 USD 57.460 2,542,030.40 3.18
Intl Business Machines Corp. Registered Shares DL -,20 US4592001014
QTY 18,165 USD 133.260 2,420,667.90 3.03
Johnson & Johnson Registered Shares DL 1 US4781601046 QTY
15,070 USD 164.350 2,476,754.50 3.10
JPMorgan Chase & Co. Registered Shares DL 1 US46625H1005 QTY
16,875 USD 152.230 2,568,881.25 3.21
Lowe's Companies Inc. Registered Shares DL -,50 US5486611073 QTY
13,895 USD 190.180 2,642,551.10 3.30
McDonald's Corp. Registered Shares DL-,01 US5801351017 QTY 10,315
USD 224.140 2,312,004.10 2.89
MetLife Inc. Registered Shares DL -,01 US59156R1086 QTY 44,520 USD
60.790 2,706,370.80 3.38
Microsoft Corp. Registered Shares DL-,00000625 US5949181045 QTY
27,095 USD 235.770 6,388,188.15 7.98
Netflix Inc. Registered Shares DL -,001 US64110L1061 QTY 4,230 USD
521.660 2,206,621.80 2.76
Philip Morris Internat. Inc. Registered Shares o.N. US7181721090
QTY 26,820 USD 88.740 2,380,006.80 2.97
Target Corp. Registered Shares DL -,0833 US87612E1064 QTY 13,115
USD 198.070 2,597,688.05 3.25
United Parcel Service Inc. Reg. Shares Class B DL -,01 US9113121068
QTY 14,550 USD 169.990 2,473,354.50 3.09
VISA Inc. Reg. Shares Class A DL -,0001 US92826C8394 QTY 10,735 USD
211.730 2,272,921.55 2.84
Walgreens Boots Alliance Inc. Reg. Shares DL -,01 US9314271084 QTY
46,765 USD 54.900 2,567,398.50 3.21
Wells Fargo & Co. Registered Shares DL 1,666 US9497461015 QTY
62,280 USD 39.070 2,433,279.60 3.04
Total securities USD 79,257,710.11 99.06
The notes to the statement of assets form an essential component of
the semi-annual report. Page 29
Bergos - US Equities (formerly: Berenberg Systematic Approach - US
Stockpicker Fund)
Statement of assets as at 31/03/2021
Name ISIN Quantity or holding Currency Rate Market value %
Units or 31/03/2021 in USD of fund
% of 1,000 assets *)
Bank deposits, non-securitised money market instruments and money
market funds USD 1,297,918.26 1.62
Bank deposits USD 1,297,918.26 1.62
Deposits with State Street Bank International GmbH, Luxembourg
Branch
Deposits in the fund currency
1,210,740.18 USD 1,210,740.18 1.51
73,500.42 EUR 86,377.69 0.11
753.19 CHF 800.39 0.00
Dividend entitlements 58,968.03 USD 58,968.03 0.07
Liabilities USD -353,482.39 -0.44
Auditing and publication costs -9,972.88 USD -9,972.88 -0.01
Taxe d’abonnement -10,475.19 USD -10,475.19 -0.01
Other liabilities -30,544.72 USD -30,544.72 -0.04
Fund assets USD 80,009,787.97 100.00
Bergos - US Equities A (formerly: Berenberg Systematic Approach -
US Stockpicker Fund unit class A)
Unit value EUR 150.09
Issuing price EUR 158.34
Redemption price EUR 150.09
Units in circulation QTY 41,857.254
The notes to the statement of assets form an essential component of
the semi-annual report. Page 30
Bergos - US Equities (formerly: Berenberg Systematic Approach - US
Stockpicker Fund)
Statement of assets as at 31/03/2021
Name ISIN Quantity or holding Currency Rate Market value %
Units or 31/03/2021 in USD of fund
% of 1,000 assets *)
Bergos - US Equities B (formerly: Berenberg Systematic Approach -
US Stockpicker Fund unit class B)
Unit value USD 310.62
Issuing price USD 327.70
Redemption price USD 310.62
Bergos - US Equities D (formerly: Berenberg Systematic Approach -
US Stockpicker Fund unit class D)
Unit value USD 298.41
Issuing price USD 314.82
Redemption price USD 298.41
Units in circulation QTY 89,820.978
*) Minor rounding differences may arise due to rounding of the
share percentages during calculation.
The notes to the statement of assets form an essential component of
the semi-annual report. Page 31
Bergos - US Equities (formerly: Berenberg Systematic Approach - US
Stockpicker Fund)
Derivatives as at 31/03/2021
Currency Amount Currency Amount Maturity Unrealised profit
Counterparty
in USD
Total forward exchange contracts -252,380.72
Total derivatives -252,380.72
Bergos - US Equities (formerly: Berenberg Systematic Approach - US
Stockpicker Fund)
Bergos - US Equities A (formerly: Berenberg Systematic Approach -
US Stockpicker Fund unit class A)
Comparative overview of the previous three financial years
Financial year Units outstanding at the Fund assets at the Unit
value at the
end of the financial year end of the financial year end of the
financial year
2017/2018 Quantity 157,128.000 EUR 19,841,580.66 EUR 126.28
2018/2019 Quantity 64,909.000 EUR 7,792,219.52 EUR 120.05
2019/2020 Quantity 27,201.000 EUR 3,259,355.48 EUR 119.82
31.03.2021 Quantity 41,857.254 EUR 6,282,268.02 EUR 150.09
Performance of units outstanding during the reporting period
Quantity
Units outstanding at the start of the reporting period
27,201.000
Units issued 26,698.110
Units redeemed -12,041.856
Units outstanding at the end of the reporting period
41,857.254
Page 33
Bergos - US Equities (formerly: Berenberg Systematic Approach - US
Stockpicker Fund)
Bergos - US Equities B (formerly: Berenberg Systematic Approach -
US Stockpicker Fund unit class B)
Comparative overview of the previous three financial years
Financial year Units outstanding at the Fund assets at the Unit
value at the
end of the financial year end of the financial year end of the
financial year
2017/2018 Quantity 263,212.992 USD 64,659,851.47 USD 245.66
2018/2019 Quantity 174,924.945 USD 42,184,790.12 USD 241.16
2019/2020 Quantity 138,123.706 USD 34,016,471.02 USD 246.28
31.03.2021 Quantity 147,521.263 USD 45,823,327.52 USD 310.62
Performance of units outstanding during the reporting period
Quantity
Units outstanding at the start of the reporting period
138,123.706
Units issued 32,141.698
Units redeemed -22,744.141
Units outstanding at the end of the reporting period
147,521.263
Page 34
Bergos - US Equities (formerly: Berenberg Systematic Approach - US
Stockpicker Fund)
Bergos - US Equities D (formerly: Berenberg Systematic Approach -
US Stockpicker Fund unit class D)
Comparative overview of the previous three financial years
Financial year Units outstanding at the Fund assets at the Unit
value at the
end of the financial year end of the financial year end of the
financial year
2017/2018 Quantity 541,783.510 USD 124,687,565.69 USD 230.14
2018/2019 Quantity 142,029.849 USD 32,408,205.75 USD 228.18
2019/2020 Quantity 102,602.721 USD 24,162,549.00 USD 235.50
31.03.2021 Quantity 89,820.978 USD 26,803,539.08 USD 298.41
Performance of units outstanding during the reporting period
Quantity
Units outstanding at the start of the reporting period
102,602.721
Units issued 6,401.472
Units redeemed -19,023.215
Units outstanding at the end of the reporting period
89,820.978
Page 35
Bergos - Stockpicker Protect Fund A (formerly: Berenberg Systematic
Approach - Stockpicker Protect Fund unit class A)
Comparative overview of the previous three financial years
Financial year Units outstanding at the Fund assets at the Unit
value at the
end of the financial year end of the financial year end of the
financial year
2018/2019 Quantity 30,923.503 EUR 3,349,729.35 EUR 108.32
2019/2020 Quantity 23,280.888 EUR 2,452,226.26 EUR 105.33
28/01/2021 *) Quantity 22,700.493 EUR 2,794,664.82 EUR 123.11
31.03.2021 Quantity 0.000 EUR 0.00 EUR 0.00
*) Transfer to the sub-fund Bergos US Equities unit class A
Performance of units outstanding during the reporting period
Quantity
Units outstanding at the start of the reporting period
23,280.888
Units issued 1.034
Units redeemed -23,281.922
Units outstanding at the end of the reporting period 0.000
Page 36
Bergos - Stockpicker Protect Fund B (formerly: Berenberg Systematic
Approach - Stockpicker Protect Fund unit class B)
Comparative overview of the previous three financial years
Financial year Units outstanding at the Fund assets at the Unit
value at the
end of the financial year end of the financial year end of the
financial year
2018/2019 Quantity 84,706.600 USD 10,097,238.32 USD 119.20
2019/2020 Quantity 61,912.000 USD 7,249,705.37 USD 117.10
28/01/2021 *) Quantity 59,092.000 USD 8,134,744.07 USD 137.66
31.03.2021 Quantity 0.000 USD 0.00 USD 0.00
*) Transfer to the sub-fund Bergos US Equities unit class B
Performance of units outstanding during the reporting period
Quantity
Units outstanding at the start of the reporting period
61,912.000
Units issued 3,500.000
Units redeemed -65,412.000
Units outstanding at the end of the reporting period 0.000
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Bergos - Stockpicker Protect Fund D (formerly: Berenberg Systematic
Approach – Stockpicker Protect Fund unit class D)
Comparative overview of the previous three financial years
Financial year Units outstanding at the Fund assets at the Unit
value at the
end of the financial year end of the financial year end of the
financial year
2018/2019 Quantity 6,119.000 USD 739,397.59 USD 120.84
2019/2020 Quantity 5,465.000 USD 642,922.26 USD 117.64
28/01/2021 *) Quantity 5,465.000 USD 756,515.97 USD 138.43
31.03.2021 Quantity 0.000 USD 0.00 USD 0.00
*) Transfer to the sub-fund Bergos US Equities unit class D
Performance of units outstanding during the reporting period
Quantity
Units outstanding at the start of the reporting period
5,465.000
Units issued 0.000
Units redeemed -5,465.000
Units outstanding at the end of the reporting period 0.000
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