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 (03.02.2025) | 71.11 EUR |
| Redemption price (03.02.2025) | 69.72 EUR |
| Fund volume | 225.47 Mio. EUR |
| Share class volume | 124.94 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 1.18 | -0.33 | 5.90 |
| 2025 | 0.35 | - | - | - | - | - | - | - | - | - | - | - | 0.64 |
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 | 6.48% |
|---|---|
| 3 years | 1.50% |
| 5 years | 0.46% |
| since inception | 48.43% |
| Max. Drawdown 5 years | -16.57% |
Source: Berenberg, Management company | State: 3 Feb 2025
Risk figures
| Volatility - 1 year | 2.60% |
|---|---|
| Volatility - 3 years | 3.88% |
| Sharpe Ratio - 3 years | -0.51 |
| Maximum Drawdown - since inception | -16.57% |
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
US economic data once again dominated market activity in December. In particular, the better-than-expected US labor market report caused interest rates to rise across the board. The yield on German 10-year Bunds rose by 28bp month-on-month to 2.37%. In addition, US inflation rose again slightly for both consumer and producer prices. Despite this, both the ECB and the Fed cut their key interest rates by a further 25bp. In view of the more persistent inflation, however, market participants expect the Fed to make only two interest rate cuts of 25 bp each in 2025, while four interest rate cuts are priced in for the ECB. Investmentgrade euro corporate (-6bp) and high yields bonds (-32bp) benefited from moderate spread tightening.
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.
Maria Ziolkowski
Maria Ziolkowski has been with the company since September 2023. She has been a co-portfolio manager since then and focuses on interest rate products and defensive bonds from the investment grade segment as well as short-dated bond strategies.
Before joining Berenberg, she worked at Flossbach von Storch as a portfolio manager in the fixed income area and trader in the multi-asset area, at BNP Paribas in London and Lisbon and at Allianz Investment Bank in Vienna. In addition to her Bachelor in Economics from the Vienna University of Economics and Business, Master in Monetary and Financial Economics from the University of Lisbon and Master in Gender Studies from the University of Vienna, Maria Ziolkowski is a CFA Charterholder
Gerald Deutsch
Gerald Deutsch joined Berenberg in 2021. He started his career in the Berenberg Graduate Program with assignments in discretionary equity and fixed income portfolio management, fixed income research, as well as in institutional fund sales both in Germany and Switzerland. He exited the program early in 2022 and became a fixed income portfolio manager with a focus on corporate credit. He holds a Master of Finance from Frankfurt School of Finance & Management and a Bachelor of Psychology from the University of Kent.
