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||70.76 EUR|
|Redemption price||69.37 EUR|
|Fund volume||298.41 Mio. EUR|
|Share class volume||161.79 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%|
|Total Expense Ratio (TER) p.a.||0.87%|
|Administration fee p.a.||0.18%|
|Custodian fee p.a.||0.10%|
|Management fee p.a.||0.65%|
Performance in 12 month
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 (As of: 26.01.2022)
|Max. Drawdown 5 years||-7.13%|
Source: Berenberg, Management company
|Volatility - 1 year||0.98%|
|Volatility - 3 years||1.73%|
|Sharpe Ratio - 3 years||1.18|
|Maximum Drawdown - since inception||-7.19%|
Monthly market comment
After the increased Omicron uncertainty and substantial spread widening at the end of November, the corporate bond market recovered and stabilized at the end of the year. Risk premiums on European investment grade corporate bonds fell by 11bp, reversing around half of the November widening. Bonds in the high-yield segment benefited more (-38Bp) and were able to price out the widening almost completely. 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.