Designed as ETIs, the BE Dynamic Fund, started trading earlier this week on the German Stock Exchange in Hamburg, the report said. The fund, which will be managed by Minerva’s chief executive officer Andreas Wölfl, invests in the “promising” shares on the Austrian market and is approved for trading in Germany, Liechtenstein and Austria.

The fund should be regarded as a portfolio component and not as a tool for broad asset diversification, according to the report citing Wölfl. He also reportedly said the fund already invested in Semperit, Austria’s rubber and synthetics manufacturer, and Mayr Melnhof, the country’s carton manufacturer. EVN, an energy and environmental services company as well as Telekom Austria are on the watch list, added Wölfl.

RIB, Germany’s software firm, could also be found in the portfolio, due to the fact that the fund manager is allowed to admix up to 30 per cent of international stocks.