Investment Strategy
Berenberg Financial Bonds is a benchmark-independent, flexible fixed income fund with an investment focus on financial bonds and a regional focus on Europe. The aim of the investment strategy is to generate both an attractive return and steady coupon income by investing across the entire capital structure. In the medium term, the aim is to develop a total return character. In order to identify attractive opportunities and market inefficiencies, the fund management utilises a broad and flexible toolbox from the entire capital structure. The focus is on fundamental analysis and single bond picking. Interest rate, credit and currency risks can be actively managed through the use of derivatives.
- Diversified and flexible financial bond portfolio focussing on European issuers
- The fund operates independently of benchmarks
- Targeted reduction of volatility and drawdowns through a maximum AT1 ratio of 30% and exclusion of CCC-rated bonds
- Wide range of instruments includes individual bonds, funds and derivatives
Learn more about our Berenberg Fixed Income investment philosophy
Fund data
| ISIN | LU2116693222 |
|---|---|
| WKN | A2PZPX |
| Inception date | 15.01.2013 |
| Issue price (14.04.2025) | 112.87 EUR |
| Redemption price (14.04.2025) | 109.58 EUR |
| Fund volume | 87.70 Mio. EUR |
| Share class volume | 6.23 Mio. EUR |
| Currency Fund / Share Class | EUR / EUR |
| Minimum investment | - |
| Asset Manager | Joh. Berenberg, Gossler & Co. KG |
| Management company | Universal-Investment-Luxembourg S.A. |
| Custodian | BNP Paribas S.A. Niederlassung Deutschland |
| Use of income | Distributing |
| End of financial year | 31.12. |
| Registration and Distribution | DE, CH, LU |
| SFDR Classification (Sustainable Finance Disclosure Regulation) | Article 8 |
Costs
| Issue surcharge | Up to 3.00% |
|---|---|
| Flat-rate fee p.a. | 1.10% |
| Total Expense Ratio (TER) p.a. | 1.44% |
| Performance fee | none |
Chances and risks
| Chances | Risks |
|---|---|
| Attractive return potential over the medium to long term | Bonds are susceptible to fluctuations, price losses possible |
| Above-average performance by exploiting various value drivers of the bond market | Unit value may fall below the purchase price at which the client acquired the unit |
| Possible additional income through active and opportunistic management | No guarantee of success due to active and opportunistic management |
| Generation of attractive distributable income |
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 | 8.38 | 1.54 | 3.81 | -4.38 | 2.04 | -2.84 | 2.26 | -2.48 | -1.48 | 2.99 | 4.64 | -3.95 | 10.14 |
| 2016 | 0.04 | -0.32 | -2.74 | 0.33 | 2.63 | 0.00 | 0.77 | 0.68 | -1.22 | 2.58 | 3.14 | 1.04 | 6.99 |
| 2017 | -2.27 | 2.86 | -0.88 | -1.67 | -2.64 | -1.20 | -2.77 | -0.51 | 1.41 | 2.48 | -2.11 | -0.52 | -7.73 |
| 2018 | -2.83 | 1.19 | -1.30 | 2.20 | 2.20 | -0.77 | 1.52 | 0.09 | 0.73 | 1.83 | -1.43 | -1.48 | 1.80 |
| 2019 | 1.88 | 2.08 | 1.60 | 1.75 | -0.23 | -0.19 | 3.54 | 0.47 | 1.86 | -1.33 | 2.10 | -0.37 | 13.85 |
| 2020 | 2.17 | 0.00 | -11.69 | 2.24 | 2.12 | 2.94 | 1.19 | 1.54 | 0.31 | 0.41 | 3.59 | 1.05 | 5.03 |
| 2021 | 0.61 | 0.52 | 0.43 | 1.14 | 0.09 | 0.69 | 0.32 | 0.29 | 0.25 | -0.47 | -0.29 | 0.31 | 3.93 |
| 2022 | -0.85 | -3.56 | -0.90 | -1.81 | -1.68 | -4.87 | 1.58 | -0.86 | -3.97 | -0.30 | 2.96 | -0.15 | -13.75 |
| 2023 | 2.79 | 0.23 | -2.14 | 0.71 | 0.48 | 1.03 | 1.26 | 0.15 | 0.17 | 0.04 | 2.26 | 2.56 | 9.87 |
| 2024 | 1.47 | 0.02 | 1.40 | 0.06 | 1.07 | 0.25 | 1.66 | 0.54 | 1.18 | 0.30 | 1.07 | 0.62 | 10.04 |
| 2025 | 1.13 | 1.01 | -1.05 | - | - | - | - | - | - | - | - | - | -0.42 |
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 3.00% he has to payEUR 30.00 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 | 6.41% |
|---|---|
| 3 years | 10.60% |
| 5 years | 21.68% |
| since inception | 65.07% |
| Max. Drawdown 5 years | -17.07% |
Source: Berenberg, Management company | State: 14 Apr 2025
Risk figures
| Volatility - 1 year | 2.26% |
|---|---|
| Volatility - 3 years | 2.96% |
| Sharpe Ratio - 3 years | 0.27 |
| Maximum Drawdown - since inception | -17.07% |
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
Following US President Trump's first official acts, uncertainty has increased worldwide. April 2, 2025, which has been proclaimed as "Liberation Day", could result in the announcement of extensive tariffs on a global scale. After a jump in yields at the beginning of the month following the announcement of the German fiscal package, the European interest rate markets have eased somewhat, but 10-year Bund yields remain at elevated levels of around 2.73%. In the case of financial bonds, spreads widened by 10 basis points for IG senior bonds and 13 basis points for IG T2 bonds (EUR AT: +47 bps). Since the beginning of the year, significantly more investment grade financial bonds have been issued than corporate bonds. This means that the ratio has reversed compared to 2024 and shows the financing requirements of the European financial sector.
Portfolio Management
Christian Bettinger
Christian Bettinger has been with the company since June 2009 and heads the Portfolio Management Fixed Income department. As fund manager of the mutual funds Berenberg Euro Bonds and Berenberg Financial Bonds, he is responsible for the selection of corporate bonds. He trained as a banker and then studied business administration at the Catholic University of Eichstätt-Ingolstadt. In 2010, the business graduate was taken on early from the Berenberg trainee program as a fund manager with a focus on derivatives and bonds. Bettinger is a CFA Charterholder, Certified Financial Engineer (CFE) and authorized Eurex trader.
Gerald Deutsch
Gerald Deutsch has been with the company since 2021. As fund manager of the mutual funds Berenberg Financial Bonds and Berenberg Euro Bonds, he is responsible for the selection of corporate bonds, with a focus on high-yield and financial bonds. As part of his graduate programme at Berenberg, he held various positions in discretionary equity and bond portfolio management, fixed income research and institutional fund sales in Germany and Switzerland. The CFA charterholder exited the Berenberg graduate program early in 2022 and became a portfolio manager with a focus on corporate credit. He holds a Master of Finance from the Frankfurt School of Finance & Management and a Bachelor of Psychology from the University of Kent.
