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 (29.10.2026) | 71.45 EUR |
| Redemption price (29.10.2026) | 70.05 EUR |
| Fund volume | 180.43 Mio. EUR |
| Share class volume | 84.56 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. | 0.91% |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 0.79 | -1.21 | 0.79 | 0.36 | 0.23 | 0.56 | 0.33 | 0.31 | 0.58 | -0.11 | -0.25 | 2.73 |
| 2026 | 0.74 | 0.82 | -2.41 | 0.40 | 0.92 | 0.60 | -1.13 | -0.18 | -1.76 | 0.47 | - | - | -1.57 |
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 | -1.93% |
|---|---|
| 3 years | 13.26% |
| 5 years | 0.20% |
| since inception | 49.13% |
| Max. Drawdown 5 years | -16.05% |
Source: Berenberg, Management company | State: 29 Oct 2026
Risk figures
| Volatility - 1 year | 2.47% |
|---|---|
| Volatility - 3 years | 2.62% |
| Sharpe Ratio - 3 years | 0.57 |
| Maximum Drawdown - since inception | -16.57% |
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
The Iran conflict, rising energy prices and inflationary pressures remained the key drivers of volatility in the bond markets throughout September. Following the ECB's decision to raise interest rates by +25 basis points, the Fed responded to rising inflation amid a continued strong economy and raised its key interest rates by 0.25% as well. The yield on 10-year German Bunds continued its upward trend, reaching a new multi-year high of just over 3.6 per cent. In France, ongoing political uncertainty and debt concerns led to a renewed rise in risk premiums. For the first time in quite a while, interest rate volatility affected the European investment-grade corporate bond (+16bp) and the high-yield segment (+57bp), causing moderate spread widening despite a subdued pipe-line of new issues.