Investing in the AI cycle
The Private Alpha funds – supported by CaesarDPT, our proprietary AI research terminal.
Top 25 Equities Fund
Always invested in the best 25 stocks from the Private Alpha AI Leaders universe.
Partners
Fund in brief
The investment idea.
The «Top 25 Equities Fund» gives investors access to a concentrated, actively managed portfolio of 25 holdings — the best names from Private Alpha’s proprietary AI Leaders Index (AIL140), the 140 most important AI companies worldwide.
High Conviction
25 holdings rather than broad diversification.
AI Leaders Index
Selected from the AIL140 universe.
Market Cap & Stars
Leaders and upcoming stars combined.
Actively managed
Weighted according to the market phase.
Performance & key figures
Performance.
As at 15 Sep 2026
Performance in per cent
including distributions
| Periods | Calendar years | |||||||
|---|---|---|---|---|---|---|---|---|
| 1 Monat | 3 Monate | 6 Monate | YTD | Seit Auflage | 2022 * | 2023 | 2024 | 2025 |
| −5,61 % | −5,26 % | +21,10 % | +15,94 % | +45,30 % | −4,99 % | +16,09 % | +15,77 % | −1,86 % |
Periods
1 Monat
−5,61 %
3 Monate
−5,26 %
6 Monate
+21,10 %
YTD
+15,94 %
Seit Auflage
+45,30 %
Calendar years
2022 *
−4,99 %
2023
+16,09 %
2024
+15,77 %
2025
−1,86 %
* 2022 from inception, hence a shorter period. Calculated in accordance with the BVI method, assuming reinvestment of distributions. Source: HANSAINVEST Hanseatische Investment-GmbH.
Past performance is not a reliable indicator of future performance and permits no conclusions to be drawn about future returns. Figures are gross unless marked otherwise; any front-end load and custody fees are not taken into account and reduce the return.
The Top 25 fund is up +26% year to date, well ahead of the Nasdaq 100.
Private Alpha
15 Jun 2026
Portfolio
Where the capital works.
As at 30 Jun 2026
Top holdings
- Micron Technology6.2%
- Applied Materials5.6%
- Palo Alto Networks4.8%
- Samsung Electronics (GDR)4.6%
- Taiwan Semiconductor (ADR)4.6%
- Seagate Technology4.3%
- Cisco Systems4.3%
- Advanced Micro Devices4.2%
- GE Vernova4.2%
- ASML Holding4.2%
Sector breakdown
- Technology72.7%
- Telecommunications8.9%
- Consumer discretionary8.9%
- Industrials4.2%
Top holdings are shown for a maximum of 60% of the fund’s assets. Sector figures relate to the equity component, so the total does not necessarily reach 100%. Values are rounded. The composition may change at any time.
The process
Analyst judgement and CaesarDPT — in three steps.
Every holding in the Top 25 Equities goes through the same sequence: a model signal, a human selection decision and a continuous risk judgement.
Signal
CaesarDPT evaluates the AI Leaders Index (AIL140) continuously and identifies patterns in fundamentals, market structure and sentiment across the entire AI value chain.
Selection
From the 140 index members the team narrows the selection to 25 holdings and weights market-cap leaders against upcoming stars according to the market phase.
Risk management
Concentration is by design, not by accident: position sizes, sector clusters and drawdown signals are tested continuously against the model.
Share classes & documents
Key data and documents.
| Share class | ISIN | WKN | Ccy | NAV | Minimum investment | Factsheet |
|---|---|---|---|---|---|---|
| I-Tranche (EUR) | DE000A3D75Q6 | A3D75Q | EUR | 155.92 EUR | 100,000 EUR | Factsheet |
| R-Tranche (EUR) | DE000A3DCBH5 | A3DCBH | EUR | 156.52 EUR | none | Factsheet |
| R-Tranche (USD) | DE000A3DCBJ1 | A3DCBJ | USD | 177.53 USD | none | Factsheet |
I-Tranche (EUR)+ Details
- ISIN
- DE000A3D75Q6
- WKN
- A3D75Q
- Ccy
- EUR
- NAV
- 155.92 EUR
- Minimum investment
- 100,000 EUR
R-Tranche (EUR)+ Details
- ISIN
- DE000A3DCBH5
- WKN
- A3DCBH
- Ccy
- EUR
- NAV
- 156.52 EUR
- Minimum investment
- none
R-Tranche (USD)+ Details
- ISIN
- DE000A3DCBJ1
- WKN
- A3DCBJ
- Ccy
- USD
- NAV
- 177.53 USD
- Minimum investment
- none
NAV and fund volume as at 30 Jun 2026 (factsheet). Performance is updated daily — see the as-at date above.
How to invest
You can subscribe to any share class through your custodian bank: enter the ISIN or WKN in your bank’s order mask. For subscriptions through distribution partners or for institutional mandates, please contact us directly.
Further key data
- Product type
- Fund
- Benchmark
- Nasdaq 100 Equal Weight
- Inception date
- 4 Oct 2022 (I-Tranche: 4 Oct 2023)
- Fund volume
- EUR 15.89m
- Domicile
- Germany
- Management company
- HANSAINVEST Hanseatische Investment-GmbH
- Depositary
- Donner & Reuschel AG
- Risk class
- 5 of 7 (SRI)
Documents
Factsheet I-Tranche (EUR)
Marketing materialAs at 30 Jun 2026German only
Factsheet R-Tranche (EUR)
Marketing materialAs at 30 Jun 2026German only
Factsheet R-Tranche (USD)
Marketing materialAs at 30 Jun 2026German only
Key Information Document (KID)
Mandatory document · freely accessibleAs at 16 Apr 2026German only
Monthly commentary
From the fund management team.
August 2026
Consistently positioned towards «Agentic AI & Data Centers»
In our August market outlook our conclusion was: «Overall ... the picture going into August is a positive one for the market as a whole» — and that is exactly how it turned out: after close to -10% in the previous month, our fund recorded a rebound of +5.12% in USD (+4.12% in EUR) in the month under review. The heavy losers of the preceding months in particular, such as Micron and SanDisk, together with the Korean holdings, came back strongly. The strongest was Palantir, at +51.45%.
The «Top 25 Fund» is consistently positioned towards «Agentic AI & Data Centers». Over the course of the month we switched from Seagate to SanDisk and so took on somewhat more beta in the memory segment again. We also exited Reddit and added Nebius to the portfolio.
On the basis of our bottom-up potential analysis we consider the portfolio strongly positioned in the near term. Our core holdings in particular – Meta & Alphabet – currently appear attractively valued. Our satellite holdings, such as Palantir & Palo Alto, remain performance drivers, but they too are under constant review and are replaced if they leave their corridor.
We remain consistently invested in the so-called ‘AI leader stocks’, from which we select the highest potential and the greatest opportunities. We also maintain our constructive outlook for AI equities, supported by strong momentum in AI applications and a favourable macroeconomic environment.