Berenberg Credit Opportunities is a benchmark-independent, flexible bond fund investing in global corporate bonds - with a focus on Europe. The objective of the strategy is to achieve a medium to long-term performance comparable to the EUR High Yield, with less volatility and lower drawdowns. The focus is on fundamental analysis. To identify attractive opportunities and market inefficiencies, the fund management uses a broad and flexible toolbox. Interest rate, credit and currency risks can be actively managed using derivatives.
- Diversified and flexible global corporate and financial bond portfolio with focus on European issuers
- The fund operates independently of benchmarks
- Average duration is between 3 and 5 years
- Wide range of instruments including single stocks, funds and derivatives
Performance in 12 month
Monthly market comment
After the increased Omicron uncertainty at the end of November, the corporate bond market recovered at the end of the year. Risk premiums European investment grade corporate bonds decreased by 11Bp, reversing about half of the November widening. Bonds in the high-yield segment and deeply subordinated bank debt (AT1) benefited more (-38Bp and -28Bp, respectively) and were able to almost fully price out the widening. After the ECB provided more clarity on future monetary policy measures, government bond yields rebounded sharply month-on-month, with 10-year Bunds rising +17Bp to -0.18%. However, the strength of this Bund move can probably also be attributed to the low market liquidity at the end of the year.
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.
Christoph Mäder has been with the company since 2017. As fixed income portfolio manager he focuses on the selection within the European bond segment and manages the Berenberg Sustainable Euro Bonds fund. Additionally, he focuses on the integration of sustainability aspects within the fixed income segment. He holds a bachelor's degree in business and economics from Goethe University Frankfurt and a master's degree in finance & investments from Rotterdam School of Management. Further, he was awarded the CFA charter in 2020.