Investment Strategy
The Berenberg Floating Rate Notes fund invests in floating and near-money market fixed-income securities with an average duration of up to 0.5 years. The fund’s investment objective is to achieve stable and attractive returns. It invests 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 A-. The fund thus complies with the strict investment criteria for social insurance institutions set by the SGB IV.
- SGB IV-compliant euro bond fund with very short interest rate duration
- 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 (29.04.2025) | 91.75 EUR |
| Redemption price (29.04.2025) | 90.84 EUR |
| Fund volume | 113.17 Mio. EUR |
| Share class volume | 27.71 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 S.A. Niederlassung Deutschland |
| 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 | Up to 1.00% |
|---|---|
| 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 | - | - | - | - | - | - | - | - | 0.83 |
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 1.00% he has to payEUR 10.00 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 | 3.29% |
|---|---|
| 3 years | 8.13% |
| 5 years | 7.28% |
| since inception | 12.34% |
| Max. Drawdown 5 years | -1.59% |
Source: Berenberg, Management company | State: 29 Apr 2025
Risk figures
| Volatility - 1 year | 0.17% |
|---|---|
| Volatility - 3 years | 0.21% |
| Sharpe Ratio - 3 years | 0.11 |
| Maximum Drawdown - since inception | -3.44% |
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
The dominant topic on the market was the special federal/state/local government infrastructure fund of EUR 500 billion, which was approved by both the Bundestag and the Bundesrat in mid-March. In addition, it was decided that the debt brake would be suspended for defense and security spending. Forecasts assume that the additional expenditure could increase the debt ratio by 10 percentage points. At the same time, a clearly positive effect on the development of GDP is expected. In view of the improved medium-term growth prospects, yields on 2-year German government bonds rose by 2 basis points to 2.04%. Risk premiums, on the other hand, were influenced by the looming tariff dispute with the USA. These rose by 9 basis points in the investment grade segment. The 3-month Euribor yielded 2.336% at the end of the month.
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
