Investing is all about assumptions.
What are yours?


A company’s share price reflects the weighted assumptions of market participants regarding its future development.  The distinct views, interpretations, investing requirements and probability scenarios of various investors find their collective expression in this price which, along with opinions about the many influencing factors, shift on a daily basis.  Market and competitive dynamics, business models and their sustainability, execution skills and employee motivation are all important factors to be assessed.

Key assumptions are summarised in the variability of revenue growth and profit margin expectations, which ultimately drive company profits and cash flows.

At the end of the day, a company’s share price is nothing more than the price at which two investors with different assumptions meet.


Barius Capital Management (BCM) is an independent investment boutique based in Munich.  On behalf of our clients, we pursue an attractive niche market beyond mainstream and large capitalisation indices, investing in the public equity of small- and medium-sized European companies.  Exploiting informational inefficiencies in a market that is overlooked by most other participants is key to our investment strategy.  The Barius European Opportunities Fund comprises primarily of quality European companies with above-average growth rates and high inherent cash generation.

At the core of Barius Capital Management is a team of high-calibre professionals with many years of experience in international financial markets and equity investments.  Experience, performance and trust are firmly entrenched in our DNA.  We generate alpha for our investors by acting with foresight and caution, recognising market trends early on and selecting investments that stay true to our investment philosophy.


Martin Hofberger | BARIUS CAPITAL MANAGEMENT München

Martin Hofberger

Martin Hofberger, Managing Partner, is an expert in global capital markets and equity investments with more than 20 years of investing experience. He started his career at global venture capital firm Siemens Venture Capital and subsequently worked at the European private equity firm NIBC Capital Partners. In these roles, he worked on 32 direct investments in growth companies as well as established medium-sized companies. Thereafter, he managed various special mandates for private and institutional investors, particularly in the small- and medium-sized European company segment. Together with Götz Mäuser, he founded Barius Capital Management and launched the Barius European Opportunities equity fund in 2018. Martin comes from Bavaria, holds an MBA from London Business School and completed part of his studies at The Wharton School. He is also a CFA Charterholder. 


Götz Mäuser

Götz Mäuser, Partner, is an investor and advisor with more than 30 years of expertise in capital markets, M&A and business development. He began his career at management consulting firm McKinsey and worked, among others, in Germany and Brazil. He continued his career as partner at private equity firm Permira and successfully led various mergers and acquisitions (including those of SBS Broadcasting Sarl and ProSiebenSat.1 Media AG). Götz was a member of the Supervisory Board of MDAX-listed ProSiebensat.1 Media AG from 2007 to 2014, including more than four years as Chairman. Since 2014, he has been active as an independent investor and member of various boards. Götz comes from Hessen, is a business graduate and holds an MBA from the Leonard N. Stern School of Business at New York University. 



ISIN Retail: DE000A2JF865 Institutional: DE000A2JF873
Administrator HANSAINVEST Hanseatische Investment-GmbH
Depositary Donner & Reuschel AG
Tied Agency Provisioning DWPT Deutsche Wertpapiertreuhand GmbH
Advisor Barius Capital Management GmbH
Type of Fund UCITS
Domicile Germany
Base Currency EUR
NAV Calculation Daily
Inception Date 3 September 2018
Classification Equity (51% and higher)
Minimum Investment Retail: EUR 1 Institutional: EUR 500,000
Management Fee Retail: 1.5% Institutional: 1.2%
Performance Fee 12.5% with High Water Mark
Earnings Accumulation


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Quarterly reporting (in German)

Interview Berenberg Vermögensverwalter Office

Hamburg, 18. September 2018

Das Interview mit Herrn Hofberger wurde geführt von Sven Hoppenhöft vom Berenberg Vermögensverwalter Office, das als Verwahrstelle für den genannten Fonds fungiert.

Pressemitteilung HANSAINVEST

Hamburg, 5. September 2018

Neuer Fonds: Free Cash Flow Compounders bei Micro und Small Caps im Fokus von Barius Capital Management


Quarterly Comment - IV 2017

Information Inefficiencies

Quarterly Comment - II 2017

Megatrend Digital Transformation

Quarterly Comment - I 2016

Micro Cap Volatilities

Quarterly Comment - I 2015

Interest Rate Sensitivities

Quarterly Comment - II 2015

Long-term Perspectives

Quarterly Comment - I 2014

Definition of Quality Stocks

Quarterly Comment - II 2014

Fairly Priced Stocks

Quarterly Comment - II 2013

Decomposing Stock Price Drivers

Quarterly Comment - II 2012

Volatility and Uncertainty