Investment Strategy
Berenberg Floating Rate Notes invests in floating-rate and money market-related fixed-income securities with an average duration of up to 0.5 years. The fund's objective is to generate a money market-related and market-driven return in euros. Investments are made in the defensive bond segments of government bonds, government-guaranteed bonds, and investment-grade covered bonds, as well as unsecured bonds with a minimum rating of BBB/Baa3.
- Individual securities are selected on the basis of a benchmark
- Average duration is between 0 and 0.5 years
- Investment segments include (quasi) government bonds and unsecured bonds
Learn more about our Berenberg Fixed Income investment philosophy
Fund data
| ISIN | LU0321158700 |
|---|---|
| WKN | A0M5AB |
| Inception date | 25.10.2007 |
| Issue price (26.01.2026) | 92.40 EUR |
| Redemption price (26.01.2026) | 92.40 EUR |
| Fund volume | 115.70 Mio. EUR |
| Share class volume | 64.35 Mio. EUR |
| Currency Fund / Share Class | EUR / EUR |
| Minimum investment | - |
| Asset Manager | Joh. Berenberg, Gossler & Co. KG |
| Management company | Universal-Investment-Luxembourg S.A. |
| Custodian | BNP Paribas Luxembourg Branch |
| Use of income | Distributing |
| End of financial year | 31.12. |
| Registration and Distribution | DE, LU |
| SFDR Classification (Sustainable Finance Disclosure Regulation) | Article 8 |
Costs
| Issue surcharge | none |
|---|---|
| Flat-rate fee p.a. | 0.35% |
| Total Expense Ratio (TER) p.a. | 0.38% |
| Performance fee | none |
Chances and risks
| Chances | Risks |
|---|---|
| Return potential and current income through the collection of coupons | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2015 | 0.00 | 0.01 | 0.00 | -0.02 | -0.01 | -0.02 | -0.01 | 0.00 | -0.01 | -0.02 | 0.00 | -0.02 | -0.10 |
| 2016 | -0.02 | 0.00 | 0.01 | 0.01 | 0.00 | -0.05 | 0.02 | 0.01 | -0.02 | -0.03 | -0.05 | 0.01 | -0.11 |
| 2017 | -0.03 | -0.02 | -0.02 | -0.01 | -0.03 | -0.03 | -0.03 | -0.04 | -0.04 | -0.02 | -0.02 | -0.06 | -0.37 |
| 2018 | -0.04 | -0.07 | -0.05 | -0.04 | -0.09 | -0.09 | 0.00 | -0.06 | -0.02 | -0.04 | -0.10 | -0.04 | -0.65 |
| 2019 | -0.02 | -0.03 | -0.02 | -0.01 | -0.04 | -0.02 | -0.01 | -0.01 | -0.10 | -0.06 | -0.06 | -0.05 | -0.45 |
| 2020 | 0.00 | -0.05 | -0.79 | 0.24 | 0.19 | 0.15 | 0.05 | 0.01 | -0.01 | -0.01 | -0.01 | -0.05 | -0.28 |
| 2021 | -0.05 | -0.07 | -0.07 | -0.05 | -0.03 | -0.05 | -0.07 | -0.05 | -0.05 | -0.10 | -0.09 | -0.09 | -0.77 |
| 2022 | -0.07 | -0.11 | -0.09 | -0.08 | -0.12 | -0.11 | -0.07 | -0.04 | -0.02 | 0.03 | 0.14 | 0.13 | -0.40 |
| 2023 | 0.17 | 0.15 | 0.19 | 0.23 | 0.26 | 0.24 | 0.30 | 0.31 | 0.30 | 0.35 | 0.42 | 0.36 | 3.32 |
| 2024 | 0.33 | 0.33 | 0.34 | 0.36 | 0.36 | 0.29 | 0.36 | 0.29 | 0.32 | 0.29 | 0.25 | 0.25 | 3.85 |
| 2025 | 0.26 | 0.22 | 0.22 | 0.13 | 0.22 | 0.25 | 0.21 | 0.16 | 0.20 | 0.19 | 0.14 | 0.18 | 2.40 |
| 2026 | - | - | - | - | - | - | - | - | - | - | - | - | 0.15 |
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. As no issue surcharge is incurred for this share class the gross performance corresponds to the net performance. Additional charges can arise for individual investors (e.g. custody account fees, commissions and other fees). 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 | 2.36% |
|---|---|
| 3 years | 9.89% |
| 5 years | 8.81% |
| since inception | 14.27% |
| Max. Drawdown 5 years | -1.45% |
Source: Berenberg, Management company | State: 26 Jan 2026
Risk figures
| Volatility - 1 year | 0.21% |
|---|---|
| Volatility - 3 years | 0.21% |
| Sharpe Ratio - 3 years | 1.09 |
| Maximum Drawdown - since inception | -3.44% |
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
In December 2025, risk-free interest rates in Europe and the US continued to rise. At the end of the year, 2-year German government bonds yielded 2.12%, up 9 basis points compared with the end of November. One driver was the Bank of Japan, which reaffirmed its restrictive policy. After years of low domestic interest rates, the previously strong outflow of capital from Japanese investors abroad could now decline in part, leading to rising yields on international bond markets. The US Federal Reserve, on the other hand, lowered its key interest rate by 25 basis points. However, long-term interest rates rose in view of persistently high inflation and increasing government debt. European credit markets remained robust, and risk premiums in the investment grade segment with 1-3 year maturities tightened by 2 basis points. The volume of new issues declined significantly due to seasonal factors.
Portfolio Management
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
