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 (02.11.2026) | 102.50 EUR |
| Redemption price (02.11.2026) | 97.62 EUR |
| Fund volume | 180.82 Mio. EUR |
| Share class volume | 8.17 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. | 0.52% |
| 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 | 0.34 | 0.48 | -0.06 | 0.41 | 0.32 | 0.28 | 0.33 | 0.22 | 0.18 | 0.37 | 0.03 | 0.13 | 3.08 |
| 2026 | 0.44 | 0.33 | -1.15 | 0.48 | 0.55 | 0.31 | -0.27 | 0.11 | -0.42 | 0.27 | - | - | 0.70 |
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 | 0.86% |
|---|---|
| 3 years | 10.44% |
| 5 years | 9.94% |
| since inception | 9.43% |
| Max. Drawdown 5 years | -4.76% |
Source: Berenberg, Management company | State: 2 Nov 2026
Risk figures
| Volatility - 1 year | 1.04% |
|---|---|
| Volatility - 3 years | 0.92% |
| Sharpe Ratio - 3 years | 0.73 |
| Maximum Drawdown - since inception | -5.18% |
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 pipeline of new issues.
Portfolio Management
Felix Stern
Felix Stern joined Berenberg Asset Management more than 25 years ago as a fixed income portfolio manager. Today, the Senior Portfolio Manager heads the Fixed Income Euro Balanced team and is responsible for the selection of defensive bonds from the investment grade segment as well as specializing in short-dated bond concepts. He is also the main portfolio manager responsible for several Berenberg mutual funds. After several years in the market research department of British American Tobacco (Germany) GmbH, the trained industrial clerk switched to fixed income portfolio management at the beginning of 2000. The graduate in business administration completed his studies part-time at the distance learning university in Hagen and also obtained a degree as CCrA - Certified Credit Analyst (DFVA) as well as CESGA – Certified ESG Analyst (DVFA).