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
|Issue price||60.77 EUR|
|Redemption price||59.58 EUR|
|Fund volume||209.82 Mio. EUR|
|Share class volume||111.09 Mio. EUR|
|Asset Manager||Joh. Berenberg, Gossler & Co. KG|
|Management company||Universal-Investment-Gesellschaft mbH|
|Custodian||State Street Bank International GmbH|
|Use of income||Accumulating|
|End of financial year||31.12.|
|Registration and Distribution||DE, AT|
(Sustainable Finance Disclosure Regulation)
|Issue surcharge||Up to 2.00%|
|Management fee p.a.||0.83%|
|Custodian fee p.a.||0.10%|
|Total Expense Ratio (TER) p.a.||0.87%|
Performance in 12-month periods
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
|Max. Drawdown 5 years||-15.75%|
Source: Berenberg, Management company | State: 29 Sep 2022
|Volatility - 1 year||3.80%|
|Volatility - 3 years||2.79%|
|Sharpe Ratio - 3 years||-1.51|
|Maximum Drawdown - since inception||-15.75%|
Monthly market comment
Persistently high inflation on both sides of the Atlantic again caused yields to rise. Rising energy costs were the main driver. In addition, the comments of the FED chairman in Jackson Hole weighed heavily. He reported that the FED would fight high inflation resolutely and for longer, even if this would lead to a recession. Within the ECB, the voices to raise the key interest rates by 75 bp in September increased. The yield on 10-year Bunds rose by 72bp month-on-month. Interestingly, European corporate bonds reacted differently to the current environment: while the more rate-sensitive investment grade (+16Bp) suffered significant spread widening, high yield (-28Bp) benefited from falling spreads.
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.