Investment Strategy
The Berenberg Euro Enhanced Liquidity fund invests in variable and fixed-interest bonds, primarily from European issuers with short and medium maturities and investment grade creditworthiness (rating of AAA to BBB-, based on Standard & Poor's classification). The aim of the strategy is to achieve stable and attractive returns above those of money market investments. Bonds are selected based on a quantitative investment process, which is supplemented by opportunistic, discretionary management decisions. The duration is actively and dynamically managed and ranges between 0 and 2,5 years.
- Euro bond fund with short duration and active management approach
- Individual securities are selected on the basis of a benchmark
- Average duration is between 0 and 2,5 years
- Investment segments are primarily government bonds, covered bonds as well as corporate and financial bonds
Learn more about our Berenberg Fixed Income investment philosophy
Fund data
| ISIN | DE000A2H7PG5 |
|---|---|
| WKN | A2H7PG |
| Inception date | 03.04.2018 |
| Issue price (10.01.2025) | 105.02 EUR |
| Redemption price (10.01.2025) | 100.02 EUR |
| Fund volume | 154.63 Mio. EUR |
| Share class volume | 10.82 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 | Distributing |
| End of financial year | 31.12. |
| Registration and Distribution | DE, AT, LU |
| SFDR Classification (Sustainable Finance Disclosure Regulation) | Article 8 |
Costs
| Issue surcharge | Up to 5.00% |
|---|---|
| Flat-rate fee p.a. | 0.50% |
| Total Expense Ratio (TER) p.a. | 0.37% |
| Performance fee | none |
Chances and risks
| Chances | Risks |
|---|---|
| High return potential and current income from coupon collection | The fund is subject to general market risk |
| Possible additional income through security analysis and active management | The value of the fund's assets, and thus the value of each individual unit, may rise or fall compared with the issue price. As a result, investors may not fully recover their invested money at the time they sell their units. |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | - | - | - | 0.00 | -0.58 | -0.15 | 0.10 | -0.17 | -0.03 | -0.39 | -0.54 | -0.10 | -1.85 |
| 2019 | 0.10 | 0.31 | 0.42 | 0.30 | -0.04 | 0.28 | 0.35 | 0.00 | -0.10 | -0.07 | -0.01 | 0.15 | 1.71 |
| 2020 | 0.13 | -0.32 | -4.01 | 0.65 | 0.49 | 0.78 | 0.65 | 0.32 | 0.09 | 0.30 | 0.57 | 0.13 | -0.31 |
| 2021 | 0.05 | -0.04 | -0.01 | 0.13 | -0.01 | 0.09 | 0.02 | -0.01 | 0.00 | -0.16 | -0.52 | 0.19 | -0.27 |
| 2022 | -0.30 | -0.91 | -0.28 | -0.56 | -0.29 | -1.08 | 0.80 | -0.76 | -0.87 | 0.03 | 0.78 | -0.18 | -3.58 |
| 2023 | 0.91 | 0.18 | 0.10 | 0.23 | 0.24 | 0.03 | 0.66 | 0.43 | 0.03 | 0.52 | 1.02 | 1.00 | 5.48 |
| 2024 | 0.41 | -0.24 | 0.51 | 0.03 | 0.28 | 0.50 | 0.87 | 0.46 | 0.74 | 0.17 | 0.51 | 0.12 | 4.44 |
| 2025 | - | - | - | - | - | - | - | - | - | - | - | - | -0.17 |
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 5.00% he has to payEUR 50.00 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 | 4.35% |
|---|---|
| 3 years | 6.10% |
| 5 years | 5.41% |
| since inception | 5.24% |
| Max. Drawdown 5 years | -5.18% |
Source: Berenberg, Management company | State: 10 Jan 2025
Risk figures
| Volatility - 1 year | 0.88% |
|---|---|
| Volatility - 3 years | 1.07% |
| Sharpe Ratio - 3 years | -0.30 |
| Maximum Drawdown - since inception | -5.18% |
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
US economic data once again dominated market activity. In particular, the better-than-expected US labor market report caused yields to rise across the board. In addition, US inflation rose again slightly for both consumer and producer prices. Despite this, both the ECB and the Fed cut their key interest rates by a further 25 basis points (bp). However, in view of the more persistent inflation, market participants only expect the Fed to make two interest rate cuts of 25 bp each in 2025, while four interest rate cuts are priced in for the ECB. Euro corporate bonds benefited and risk premiums narrowed by 6 bp to 101 bp. There was a noticeable seasonal decline on the new issue markets. Money market rates fell again in light of the ECB's interest rate cut. The 3-month Euribor most recently yielded 2.71% (-22 bp).
Portfolio Management
Felix Stern
Felix Stern joined the Asset Management division of Berenberg in 2000 as a fixed income portfolio manager. Currently he is heading the fixed income selection team within the Asset Management and is responsible for institutional mandates. As a senior portfolio manager he is responsible for the selection of corporate and financial bonds as well as short-term bond market investments. He is also the lead manager for several of Berenbergs institutional mutual funds. Prior to joining Berenberg, he worked several years for the Market Research department of British American Tobacco, Germany. Felix is a CCrA - Certified Credit Analyst (DVFA) and also has a German Diploma in business economics from the Fernuniversität in Hagen.
Maria Ziolkowski
Maria Ziolkowski has been with the company since September 2023. She has been a co-portfolio manager since then and focuses on interest rate products and defensive bonds from the investment grade segment as well as short-dated bond strategies.
Before joining Berenberg, she worked at Flossbach von Storch as a portfolio manager in the fixed income area and trader in the multi-asset area, at BNP Paribas in London and Lisbon and at Allianz Investment Bank in Vienna. In addition to her Bachelor in Economics from the Vienna University of Economics and Business, Master in Monetary and Financial Economics from the University of Lisbon and Master in Gender Studies from the University of Vienna, Maria Ziolkowski is a CFA Charterholder
