Investment Strategy
The Berenberg Euro Bonds fund consists of a flexible, broadly diversified bond portfolio with a focus on EUR-denominated securities in the investment grade range. The portfolio management invests in government bonds, covered bonds as well as corporate and financial bonds. The investment ratio depends on the relative attractiveness of the bond segments. The investment ratio, bond segments and capital commitment period are tactically managed to increase return expectations and reduce risks.
- Diversified and flexible EUR bond portfolio
- Active positioning against a market benchmark
- Average duration is between 3 and 5 years
- Investment segments are primarily individual securities, but also ETFs and funds
Learn more about our Berenberg Fixed Income investment philosophy
Fund data
| ISIN | DE000A0MZ309 |
|---|---|
| WKN | A0MZ30 |
| Inception date | 31.10.2007 |
| Issue price (21.11.2024) | 70.39 EUR |
| Redemption price (21.11.2024) | 69.01 EUR |
| Fund volume | 231.94 Mio. EUR |
| Share class volume | 123.86 Mio. EUR |
| Currency Fund / Share Class | EUR / EUR |
| Minimum investment | - |
| Asset Manager | Joh. Berenberg, Gossler & Co. KG |
| Management company | Universal-Investment-Gesellschaft mbH |
| Custodian | BNP Paribas S.A. Niederlassung Deutschland |
| Use of income | Accumulating |
| End of financial year | 31.12. |
| Registration and Distribution | DE, AT |
| SFDR Classification (Sustainable Finance Disclosure Regulation) | Article 8 |
Costs
| Issue surcharge | Up to 2.00% |
|---|---|
| Flat-rate fee p.a. | 0.90% |
| Total Expense Ratio (TER) p.a. | 0.88% |
| Performance fee | none |
Chances and risks
| Chances | Risks |
|---|---|
| Asset preservation, primarily achieved through interest income | Fluctuations in value due to interest rate risks |
| Stabilization of assets in negative capital market phases through professional risk management and intelligent diversification | Price losses possible in individual stock market years |
| Improvement of the risk/return profile through active management across all bond segments | Currency losses due to exchange rate fluctuations |
| Limited participation in positive performance of individual bond segments due to broad diversification and negative selection effects in individual security and fund selection |
Further details on the opportunities and risks of this fund can be found in the sales prospectus.
Indexed performance
Performance in 12-month periods
Monthly performance
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2014 | 0.71 | 0.47 | 0.20 | 0.47 | 0.51 | 0.49 | 0.15 | 0.38 | 0.24 | 0.11 | 0.18 | -0.06 | 3.94 |
| 2015 | 0.38 | 0.78 | -0.03 | -0.08 | -0.14 | -1.17 | 0.51 | -0.69 | -1.15 | 0.87 | 0.32 | -0.85 | -1.26 |
| 2016 | -0.03 | 0.33 | 1.51 | 0.40 | 0.26 | 0.21 | 0.91 | 0.60 | 0.03 | -0.19 | -0.72 | 0.29 | 3.63 |
| 2017 | -0.18 | 0.71 | -0.12 | 0.41 | 0.39 | -0.09 | 0.30 | 0.28 | 0.12 | 0.46 | 0.07 | -0.19 | 2.18 |
| 2018 | -0.09 | -0.12 | -0.06 | 0.13 | -1.20 | 0.12 | 0.32 | -0.42 | 0.09 | -0.50 | -0.56 | 0.03 | -2.24 |
| 2019 | 0.87 | 0.57 | 0.76 | 0.58 | -0.13 | 0.80 | 0.76 | 0.12 | 0.01 | -0.06 | 0.12 | 0.03 | 4.51 |
| 2020 | 0.80 | -0.13 | -6.09 | 1.64 | 0.65 | 1.58 | 0.81 | 0.51 | 0.15 | 0.52 | 1.28 | 0.44 | 1.95 |
| 2021 | 0.17 | -0.30 | 0.13 | 0.09 | -0.03 | 0.20 | 0.40 | -0.07 | -0.33 | -0.65 | 0.04 | -0.14 | -0.50 |
| 2022 | -1.15 | -2.33 | -1.60 | -2.11 | -1.12 | -3.25 | 2.77 | -3.04 | -3.57 | 0.02 | 2.60 | -1.42 | -13.53 |
| 2023 | 2.57 | -1.13 | 0.28 | 0.39 | 0.19 | -0.21 | 0.84 | 0.32 | -0.95 | 0.40 | 2.56 | 2.85 | 8.33 |
| 2024 | 0.40 | -0.49 | 1.35 | -0.74 | 0.38 | 0.48 | 1.81 | 0.39 | 1.27 | 0.09 | - | - | 5.49 |
Source: Berenberg, Management company
The charts and tables regarding performance shown here are based on own calculations according to the method developed by the German Investment Funds Association (BVI). They illustrate past performance. Future performance can deviate both positively and negatively from these calculations. Gross performance (BVI method) takes into account all charges at fund level (e.g. management fee), net performance plus the issue surcharge. Additional charges can arise for individual investors (e.g. custody account fees, commissions and other fees). Model calculation (net): An investor wants to purchase fund units for EUR 1,000 EUR. Considering a max issue surcharge of 2.00% he has to payEUR 20.00 for the purchase. Also, fees may be charged for the administration of the safe custody account, which will lower the performance. Past performance is not a reliable indicator of future performance.
Performance after issue surcharge
| 1 year | 9.40% |
|---|---|
| 3 years | -1.70% |
| 5 years | 0.39% |
| since inception | 46.91% |
| Max. Drawdown 5 years | -16.57% |
Source: Berenberg, Management company | State: 21 Nov 2024
Risk figures
| Volatility - 1 year | 2.92% |
|---|---|
| Volatility - 3 years | 3.85% |
| Sharpe Ratio - 3 years | -0.69 |
| Maximum Drawdown - since inception | -16.57% |
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
While growth concerns dominate in Europe, there were positive economic surprises again in the US. The US labour market in particular proved robust in October. The ECB lowered interest rates in the eurozone by 25 bp at its October meeting and the market continues to expect at least one further rate hike in December. Expectations for the US Federal Reserve have been reduced from two rate hikes to one by the end of the year. 10-year US yields rose by 50 basis points in October after falling for five consecutive months. Risk premiums for corporate bonds in the IG segment widened slightly, while spreads in the HY segment narrowed further. The primary market remains robust and recorded the highest volume of new issues for several years in October. The inflow of funds remains positive, with the HY segment in particular recording high inflows.
Portfolio Management
Christian Bettinger
Christian Bettinger, CFA, has been with the company since June 2009. As fund manager of the mutual funds Berenberg Euro Bonds and Berenberg Credit Opportunities, he is responsible for the selection of corporate bonds in the Multi Asset area. After apprenticeship as a banker and studying business administration at the Catholic University of Eichstaett-Ingolstadt, he first went through the trainee program at Berenberg. In February 2010, the business graduate was taken over early as a junior fund manager with a focus on derivatives and fixed income. Bettinger is a CFA-Charterholder, Certified Financial Engineer (CFE) and admitted Eurex trader.
Felix Stern
Felix Stern joined the Asset Management division of Berenberg in 2000 as a fixed income portfolio manager. Currently he is heading the fixed income selection team within the Asset Management and is responsible for institutional mandates. As a senior portfolio manager he is responsible for the selection of corporate and financial bonds as well as short-term bond market investments. He is also the lead manager for several of Berenbergs institutional mutual funds. Prior to joining Berenberg, he worked several years for the Market Research department of British American Tobacco, Germany. Felix is a CCrA - Certified Credit Analyst (DVFA) and also has a German Diploma in business economics from the Fernuniversität in Hagen.
