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EUROPEAN
OPPORTUNITIES

Homepage » Funds » TBF EUROPEAN OPPORTUNITIES

medium and small market capitalizations

Investment style

TBF EUROPEAN OPPORTUNITIES invests in European companies from various sectors. The equity fund focuses on shares with medium and small market capitalizations. The stock selection is based on a comprehensive company analysis, whereby additional triggers should be given for an allocation without reference to a benchmark. This results in a flexible portfolio of companies whose valuation, current momentum or growth potential appears attractive or which could become the target of a takeover. ESG criteria are taken into account throughout the entire investment process.
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für Dezember (01.12.2024 - 31.12.2024)

Der Dezember wurde von den Aussagen der US-Notenbank geprägt, die für das kommende Jahr weniger Zinssenkungen in Aussicht stellte, als vom Markt erwartet. Diese Nachrichten trafen auf ein bislang relativ sorgenfreies Marktumfeld. Die Reaktion: Gewinnmitnahmen bei Aktien, wodurch auch der europäische Markt in der zweiten Monatshälfte die bisherigen Gewinne wieder abgab. Eine bedeutende Änderung im Portfolio war der Verkauf von Novo Nordisk. Der Markt reagierte enttäuscht auf die Ergebnisse einer Studie zu einem neuen Abnehmmittel, die kurz vor Weihnachten veröffentlicht wurde. Trotz eines dokumentierten Gewichtsverlusts von 23% innerhalb von 68 Wochen konnten die Erwartungen nicht erfüllt werden. Die Entwicklungen rund um Novo Nordisk setzten auch die Gerresheimer AG unter Druck. Das Unternehmen liefert Phiolen, unter anderem für GLP-1-Produkte, und hatte für dieses Segment ein Wachstum von über 30% erwartet. Dennoch macht dieser Bereich nur einen kleinen Anteil am Gesamtumsatz aus. Die entstandene Kursschwäche wurde genutzt, um eine Position im Unternehmen aufzubauen, da das langfristige Potenzial weiterhin vielversprechend bleibt.
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  • Performance
Course dates
Performance in 12-month periods
  • Asset structures
Länderaufteilung
Branchenstruktur
Branchenaufteilung
Währungsaufteilung
  • Fondsdaten EUR I (DE000A2DMUS3)

Stand: 16.01.2025

NAV 131,64 EUR
Issue price 131,64 EUR
Redemption price 131,64 EUR
Performance 1 day -0,33 EUR
Performance year-to-date 2,21%
ISIN DE000A2DMUS3
WKN A2DMUS
Fund category Mixed funds
Launch date 02.05.2017
Total fund assets 8,44 Mio. EUR
End of fiscal year 31.12.
Fund domicile Germany
Dividend distributing
UCITS-compliant yes
   
Issue charge 0,00 %
Redemption charge 0,00 %
Total expense ratio 2,13 % p.a.
therefrom management fee 0,90 % p.a.
therefrom custodian fee 0,04 % p.a.
Performance fee yes
Fund management TBF Global Asset Management GmbH
Capital management company HANSAINVEST
Custodian Donner & Reuschel Aktiengesellschaft
  • Performance
Course dates
Performance in 12-month periods
  • Asset structures
Länderaufteilung
Branchenstruktur
Branchenaufteilung
Währungsaufteilung
  • Fondsdaten EUR R (DE0009781989)

Stand: 16.01.2025

NAV 54,72 EUR
Issue price 57,46 EUR
Redemption price 54,72 EUR
Performance 1 day -0,12 EUR
Performance year-to-date 2,22%
ISIN DE0009781989
WKN 978198
Fund category Mixed funds
Launch date 31.01.1998
Total fund assets 8,44 Mio. EUR
End of fiscal year 31.12.
Fund domicile Germany
Dividend accumulating
UCITS-compliant yes
   
Issue charge 5,00 %
Redemption charge 0,00 %
Total expense ratio 1,89 % p.a.
therefrom management fee 1,55 % p.a.
therefrom custodian fee 0,04 % p.a.
Performance fee yes
   
Fund management TBF Global Asset Management GmbH
Capital management company HANSAINVEST
Custodian Donner & Reuschel Aktiengesellschaft
Source: Hansainvest, TBF, Morningstar
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Daniel Dreher

fund manager
After completing his apprenticeship as a banker at Volksbank Baden-Baden Rastatt eG, he immediately began a trainee program to become a securities specialist in Volksbank's Private Banking division. After completing the trainee program in 2011, he was initially responsible for the bank's product portfolio as a securities specialist before becoming an advisor to wealthy private clients within the Private Banking division.

He began studying part-time in 2010, successfully completing his Bachelor of Arts in Finance and Management. In 2017, he completed his Master of Science in General Management. He counts his internship in Group Treasury at DZ BANK AG in New York as one of the most important and valuable experiences he had during his studies.

Since October 2017, he has been employed as portfolio manager at TBF Global Asset Management GmbH and is in charge of defensive mandates most importantly the segment of European special situations.

Sebastian Schütt

Head of trade
After his apprenticeship as a banker at Dresdner Bank AG in Frankfurt am Main, he studied international business administration. This was followed by positions as a sales trader/stock broker at well-known and internationally operating institutions, including Cantor Fitzgerald International, where he worked most recently as a partner.

From 2010 to 2013, he was in charge of setting up institutional stock trading in Frankfurt am Main for Hauck & Aufhäuser Privatbankiers, focusing on small and mid caps. Similar positions in other institutions then followed. Most recently, he was employed at BNY Mellon at the multi-asset trading desk.

TBF has benefited from his expertise since December 2017. He is primarily responsible for further developing portfolio management processes and TBF's trading standards.

Patrick Vogel

Senior fund manager
Patrick Vogel began his career at Deutsche Bank/DWS. There he worked as a portfolio manager in the equities, multi-asset and fixed income sectors. He then worked at MainFirst for more than ten years. Patrick Vogel was part of the Global Equities / Multi Asset team for a long time and was appointed to the Management Board as Head of Portfolio Management in 2021. He was responsible for the implementation of sustainability approaches. He completed his Master's degree at the Frankfurt School of Finance & Management and is also a Certified Expert in Sustainable Finance.

Patrick Vogel joined TBF in January 2023 as Head of Strategic Asset Management and Senior Portfolio Manager.

Roman Kostal

Senior fund manager
Roman Kostal has over 25 years of experience in managing global fixed income funds and mandates. Previously, he was responsible for the management of global fixed income funds and mandates with an active currency approach at MainFirst, Eaton Vance and Oechsle International, primarily for institutional clients. Roman holds a bachelor's degree in economics from the University of Ostrava (Czech Republic) and a degree in business administration from the University of Regensburg. He is also a certified European Financial Analyst (CEFA).

Roman Kostal joined TBF as Senior Fund Manager in December 2022.

Roman Kostal

Senior fund manager
The graduate in economics and business administration began his investment career in 1987 at Bankers Trust, followed by positions at JP Morgan and Dresdner Kleinwort. At Ethenea Independent Investors, he was CIO and lead manager for global bonds in developed nations for eleven years. He played a key role in the company's success and was able to deliver decisive added value for all bond portfolios with his approaches.

He has been part of the TBF team since August 2019. As Senior Portfolio Manager and CEO, he is responsible for all of TBF's bond investments together with his colleague Roman Kostal.
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Peter Dreide

CIO and founder
Peter Dreide was characterized at an early stage by his determination and sense of responsibility. So it was only natural that the later founder and CIO of TBF Global Asset Management GmbH moved to Canada to take on new challenges in 1992. He started his career as an investment consultant at Deutsche Bank AG. In Canada, he worked for McLean McCarthy in the institutional brokerage sector and headed the International Sales department for German clients.

This was followed by senior positions at Barclays de Zoete Wedd, Deutsche Morgan Grenfell in London and Head of Domestic and International Sales at Deutsche Bank Securities in Canada.

He moved back to Germany with his wife and three children and founded his own company, TBF Global Asset Management GmbH, in 2000. Since then he acts as Chief Investment Officer.
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