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 (16.02.2026) | 92.52 EUR |
| Redemption price (16.02.2026) | 92.52 EUR |
| Fund volume | 101.89 Mio. EUR |
| Share class volume | 60.39 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 0.18 | - | - | - | - | - | - | - | - | - | - | - | 0.28 |
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 | 2.32% |
|---|---|
| 3 years | 9.90% |
| 5 years | 8.99% |
| since inception | 14.42% |
| Max. Drawdown 5 years | -1.43% |
Source: Berenberg, Management company | State: 16 Feb 2026
Risk figures
| Volatility - 1 year | 0.21% |
|---|---|
| Volatility - 3 years | 0.21% |
| Sharpe Ratio - 3 years | 1.10 |
| Maximum Drawdown - since inception | -3.44% |
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
Once again, geopolitical issues dominated market activity in Europe and caused increased volatility. Yields on two-year German government bonds ranged between 2.07% and 2.14%, while their ten-year counterparts traded in a range between 2.81% and 2.91%. The USD continued to depreciate against the euro. The euro rose above 1.20 at one point, reaching its highest level since 2021. European primary markets had another strong month. On January 7, 2026 alone, bonds worth over €57 billion were issued – the highest volume ever achieved in a single day. Strong demand was also evident for euro corporate bonds, pushing spreads further down. In the euro investment grade segment, they narrowed by an average of five basis points.
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).
