Press Release: BIT Capital reviews the first year of BIT Defensive Growth
One Year of BIT Defensive Growth: Positive Review for BIT Capital's Defensive Growth Fund
Berlin, July 1, 2025 – One year after its launch, BIT Capital presents an initial assessment of the BIT Defensive Growth Fund (ISIN: DE000A3EKR38): The actively managed equity fund met its target in its first year and convincingly confirmed its position as a technology growth fund with a defensive risk profile. In the first twelve months since its launch on June 28, 2024, the fund demonstrated its ability to generate alpha with an outperformance of 30.2 percent compared to benchmark indices such as the Nasdaq 100.1.
In its first stress test during the turbulence of the US tariff chaos in spring 2025, the fund could not entirely escape the broad risk-off movement and experienced a short-term negative performance. Nevertheless, it again outperformed the relevant benchmark indices during the same period, thereby confirming its intended resilience in volatile market phases.2.
This stability is also reflected in key risk-adjusted metrics: The Sharpe Ratio, which measures an investment's excess return relative to its volatility, stands at 1.80 for the first year after launch.3. The Nasdaq 100, in contrast, only achieved 0.19 during the same period, indicating the fund's significantly higher efficiency in managing market fluctuations. Furthermore, in terms of the Calmar Ratio, which measures annual return relative to maximum drawdown, the BIT Defensive Growth significantly outperforms the Nasdaq 100 with a value of 1.87 compared to 0.10.4.
Strategic Positioning and Portfolio Construction
The BIT Defensive Growth portfolio is based on that of the BIT Global Technology Leaders, but it is supplemented by carefully selected securities from the in-house research longlist that exhibit particularly positive correlation characteristics with the BIT Capital flagship fund's portfolio. This way, an additional 15 to 20 securities are allocated. A hedge overlay with derivatives forms a central element of risk management.
In combination with algorithmically supported portfolio construction, the fund management aims to achieve a risk profile comparable to broadly diversified technology ETFs or defensively oriented technology funds in terms of volatility and maximum drawdown. The BIT Defensive Growth consistently exhibits a low downside capture ratio compared to the Nasdaq 100 – a structural characteristic of its defensive orientation compared to more aggressive strategies.
Insights into Current Portfolio Allocation
The largest single position in the fund is currently the German company AUTO1, held with a weighting of only around five percent – an expression of the consistently risk-adjusted approach. Marcel Oldenkott, Co-CIO and Managing Director of BIT Capital and fund manager of BIT Defensive Growth, explains: "Our portfolio addresses two core areas. Firstly, companies from sectors and market capitalization clusters that are also relevant for our BIT Global Technology Leaders. These are exclusively securities with above-average return potential that undergo a strict selection process," Oldenkott emphasizes. In addition, stabilizing stocks from the research longlist with risk-minimizing portfolio characteristics are added. For example, a company like Microsoft is closely monitored but not included in the flagship fund due to currently limited return prospects. However, for the BIT Defensive Growth, the security is very well suited due to its stable risk profile.
“The second area comprises technology winners with positive correlation characteristics in another sector. This way, even the healthcare or insurance sector can come into focus," Oldenkott continues. "Especially in the current market environment, investors value strategies that combine a strong growth orientation with increased risk sensitivity. The BIT Defensive Growth is one of our answers to this – the high investor interest in the first year after its launch confirms the demand."
The BIT Defensive Growth and BIT Global Multi Asset funds expand BIT Capital's product universe, previously focused on aggressive equity and crypto strategies, with two defensively oriented solutions. Investors thus have the opportunity to choose from a broad range of risk-return profiles – from SRI 3 to SRI 6 according to the Summary Risk Indicator (SRI).
The BIT Defensive Growth has been available in various share classes on all common platforms since June 28, 2024, and reached a fund volume of 45.6 million Euros as of June 30, 2025.
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1 Past performance is not a reliable indicator of future performance. Period: 28.06.2024 to 27.06.2025. Performance figures according to BVI method, net of fund costs. Nasdaq 100: 5.5%, BIT Defensive Growth Share Class R-II: 35.7%. Source: Bloomberg2 Comparison period: 20.02.2025 to 05.04.2025, performance figures according to BVI method, net of fund costs. Nasdaq 100: -25.8%, MSCI World Information Technology: -28.1%, BIT Defensive Growth Share Class R-II: -17.3%, Source: Bloomberg3 Source: HansaInvest, Period: 28.06.2024 to 27.06.20254 Source: HansaInvest, Period: 28.06.2024 to 27.06.2025
About BIT Capital
BIT Capital – Berlin Investment Technologies, combines the expertise of an industry leader in asset management with the dynamism of a young technology company. With its actively managed investment products, BIT Capital offers investors the opportunity to participate in the future growth of the technologized world. Here, the BIT Capital team expertly navigates a constantly changing landscape of complex technology sectors, identifying tomorrow's technology leaders for its investors early on. BIT Capital views technology not as an industry label, but as a cross-cutting theme that shapes all industries and asset classes.
Press Contact
Hannes BruchDirector PR, Communications & Marketingpress@bitcap.com
BIT Capital GmbHDircksenstraße 410179 Berlin
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