Investment Strategy
The Berenberg Euro Enhanced Liquidity fund invests in variable and fixed-interest bonds, primarily from European issuers with short and medium maturities and investment grade creditworthiness (rating of AAA to BBB-, based on Standard & Poor's classification). The aim of the strategy is to achieve stable and attractive returns above those of money market investments. Bonds are selected based on a quantitative investment process, which is supplemented by opportunistic, discretionary management decisions. The duration is actively and dynamically managed and ranges between 0 and 2,5 years.
- Euro bond fund with short duration and active management approach
- Individual securities are selected on the basis of a benchmark
- Average duration is between 0 and 2,5 years
- Investment segments are primarily government bonds, covered bonds as well as corporate and financial bonds
Learn more about our Berenberg Fixed Income investment philosophy
Fund data
| ISIN | DE000A2H7PG5 |
|---|---|
| WKN | A2H7PG |
| Inception date | 03.04.2018 |
| Issue price (21.11.2024) | 104.81 EUR |
| Redemption price (21.11.2024) | 99.82 EUR |
| Fund volume | 158.67 Mio. EUR |
| Share class volume | 10.76 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 | Distributing |
| End of financial year | 31.12. |
| Registration and Distribution | DE, AT, LU |
| SFDR Classification (Sustainable Finance Disclosure Regulation) | Article 8 |
Costs
| Issue surcharge | Up to 5.00% |
|---|---|
| Flat-rate fee p.a. | 0.50% |
| Total Expense Ratio (TER) p.a. | 0.37% |
| Performance fee | none |
Chances and risks
| Chances | Risks |
|---|---|
| High return potential and current income from coupon collection | The fund is subject to general market risk |
| Possible additional income through security analysis and active management | The value of the fund's assets, and thus the value of each individual unit, may rise or fall compared with the issue price. As a result, investors may not fully recover their invested money at the time they sell their units. |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | - | - | - | 0.00 | -0.58 | -0.15 | 0.10 | -0.17 | -0.03 | -0.39 | -0.54 | -0.10 | -1.85 |
| 2019 | 0.10 | 0.31 | 0.42 | 0.30 | -0.04 | 0.28 | 0.35 | 0.00 | -0.10 | -0.07 | -0.01 | 0.15 | 1.71 |
| 2020 | 0.13 | -0.32 | -4.01 | 0.65 | 0.49 | 0.78 | 0.65 | 0.32 | 0.09 | 0.30 | 0.57 | 0.13 | -0.31 |
| 2021 | 0.05 | -0.04 | -0.01 | 0.13 | -0.01 | 0.09 | 0.02 | -0.01 | 0.00 | -0.16 | -0.52 | 0.19 | -0.27 |
| 2022 | -0.30 | -0.91 | -0.28 | -0.56 | -0.29 | -1.08 | 0.80 | -0.76 | -0.87 | 0.03 | 0.78 | -0.18 | -3.58 |
| 2023 | 0.91 | 0.18 | 0.10 | 0.23 | 0.24 | 0.03 | 0.66 | 0.43 | 0.03 | 0.52 | 1.02 | 1.00 | 5.48 |
| 2024 | 0.41 | -0.24 | 0.51 | 0.03 | 0.28 | 0.50 | 0.87 | 0.46 | 0.74 | 0.17 | - | - | 4.05 |
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 5.00% he has to payEUR 50.00 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 | 5.57% |
|---|---|
| 3 years | 5.72% |
| 5 years | 5.43% |
| since inception | 5.03% |
| Max. Drawdown 5 years | -5.18% |
Source: Berenberg, Management company | State: 21 Nov 2024
Risk figures
| Volatility - 1 year | 0.94% |
|---|---|
| Volatility - 3 years | 1.07% |
| Sharpe Ratio - 3 years | -0.25 |
| Maximum Drawdown - since inception | -5.18% |
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
The combination of the upcoming US election on November 5, higher inflation figures in the US and the eurozone and a strong US labor market report at the beginning of the month were drivers for rising yields. Overall, this led to concerns among market participants that disinflation is progressing more slowly than initially assumed or that inflationary pressure will rise again. On October 17, the ECB lowered the deposit rate for the third time in a row by 25 bp to 3.25%. The yield on 2-year German government bonds rose by 21 bp. The risk premiums on corporate bonds remained stable after a slight fall of just under 4 bp over the course of the month. The primary market weakened due to political uncertainty and the trading halt prior to the publication of the quarterly figures.
Portfolio Management
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.
