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 (07.12.2023)||65.79 EUR|
|Redemption price (07.12.2023)||64.50 EUR|
|Fund volume||193.18 Mio. EUR|
|Share class volume||118.05 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.||0.89%|
Chances and 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.
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||-16.57%|
Source: Berenberg, Management company | State: 7 Dec 2023
|Volatility - 1 year||3.93%|
|Volatility - 3 years||3.53%|
|Sharpe Ratio - 3 years||-0.99|
|Maximum Drawdown - since inception||-16.57%|
Monthly market comment
As expected, there were no changes at the ECB meeting in October, neither an adjustment to interest rates nor a further reduction in bond holdings. The published economic data continues to point to a cooling economy; for example, both German consumer and producer price indices were weaker than expected and GDP growth declined. In the meantime, the eurozone market is not expecting any further interest rate hikes. The yield on 10-year Bunds fell by 4 bp to 2.81%, briefly exceeding the 3% mark towards the beginning of the month. Spreads of investment-grade and high-yield corporate bonds widened by 8 bp and 38 bp respectively.
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.