Investment Strategy
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
Learn more about our Berenberg Fixed Income investment philosophy
Further details on the opportunities and risks of this fund can be found in the sales prospectus.
Indexed performance
Performance in 12-month periods
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
Bond markets were primarily influenced by the early parliamentary elections in France in the month of June. The fear of a government in favour of a (more) expansive fiscal policy led to a massive increase in yields. At 82 basis points (bp), the France-Germany sovereign spread reached a decade-long high. The ECB had previously implemented the first interest rate cut in this cycle, but kept a low profile with regard to future decisions. European inflation data from most European countries was market-friendly and in line with expectations. The 10-year Bund yield tightened by 16bp in June to close at 2.50%, while risk premiums on investment grade and high yield corporate bonds widened by 11 and 34 basis points respectively.
Portfolio Management
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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.
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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.