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.


As a specialized fund advisor focussing on listed capital market niches with information inefficiencies, our approach is to understand companies qualitatively and quantitatively on a fundamental basis and to make the most plausible assumptions about their future fortunes. In doing so, we try to avoid overconfidence in our assumptions and overly optimistic expectations.

We engage in pro-active information gathering and validation by means of our own rigorous research to arrive at differentiated investment perspectives. As an independently owned and managed boutique, our ability to avoid conflicts of interest and organizational directives is of paramount importance in order for us to exercise true discipline in our investment process.

The team has in-depth investment experience across medium-sized listed European companies and independently identifies investment ideas from this universe.

We strive for high ethical and commercial standards and commit to being a reliable and trustworthy partner, who acts with integrity. Similarly, we seek to establish long-term relationships with companies and investors who share our values.


Martin Hofberger | BARIUS CAPITAL MANAGEMENT München

Martin Hofberger

Martin Hofberger has more than 20 years investment experience in global capital markets and in direct company investments. He started his career at a global venture capital firm and subsequently worked at a Western European private equity company. In these capacities, he participated in 32 transactions, covering the entire investment process from sourcing, evaluating, executing and monitoring investments. Since 2009, Martin has focused on the information inefficiencies of publicly traded small and medium sized businesses in Europe. His specialized and bespoke investment approach combines a private equity mindset with a fundamental orientation. In addition, Martin offers strategic and tactical asset allocation services across the global capital market universe. Martin studied for his MBA at the London Business School and The Wharton School. Moreover, he is a CFA Charterholder. Martin is the managing partner of Barius Capital Management.

Götz Mäuser

Götz Mäuser lives in the Rhein-Main area in Germany. He started his career as a consultant at McKinsey & Co., Inc., where he served six years in Germany and Brazil. Subsequently, he joined private equity firm Permira as a partner. At Permira, Götz among other things was responsible for the media sector and lead several transactions, most recently SBS Broadcasting Sarl and ProSiebenSat.1 Media AG. From 2007 to 2014 he was member of the supervisory board of MDAX-listed ProSiebenSat.1 Media AG, thereof more than four years as its chairman. Götz is a partner at Barius Capital Management. Since 2014, he has been an independent investor and has served on various boards. He holds a diploma in business administration from the University of Cologne and an MBA from Leonard N. Stern School of Business, New York University.


JP du Buisson

JP du Buisson is from South Africa and has over eight years of investment management and investment banking experience. Before joining Barius Capital Management, JP was a buy-side investment manager at Johannesburg-based Westbrooke Alternative Asset Management, where he focused on its special opportunities fund. While there, he built expertise in activist investment strategies across the South African listed small-mid cap landscape. He followed an investment approach more aligned to private equity, where the investment team utilised its knowhow and network to enhance the value of investee companies. JP studied undergraduate finance and postgraduate accounting at the University of Cape Town. Moreover, he is a CFA Charterholder and Chartered Accountant.

Thibault Mercier

Thibault Mercier is from France and has worked over 7 years in the investment industry. Before joining Barius Capital Management, Thibault worked as a French & Benelux Analyst at Forum Family Office, a small & mid cap European focused investment company with a value investing mindset. He also set up THIME Management, a consulting company in the field of capital allocation. Thibault has a MSc. in Engineering and an Advanced Master degree, summa cum laude, in Finance from the ESSEC in Paris.



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 15% above 5% Hurdle Rate with High Water Mark
Earnings Accumulation


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


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