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 |
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WKN | A0M5AB |
Inception date | 25.10.2007 |
Issue price (25.07.2024) | 93.15 EUR |
Redemption price (25.07.2024) | 92.23 EUR |
Fund volume | 63.64 Mio. EUR |
Share class volume | 22.39 Mio. EUR |
Currency | 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% |
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Flat-rate fee p.a. | 0.35% |
Total Expense Ratio (TER) p.a. | 0.31% |
Performance fee | none |
Chances and risks
Chances | Risks |
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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 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2014 | 0.00 | 0.01 | 0.00 | 0.01 | 0.02 | 0.03 | 0.01 | 0.02 | 0.02 | -0.03 | 0.00 | 0.01 | 0.10 |
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 | - | - | - | - | - | - | 2.34 |
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 | 4.20% |
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3 years | 4.91% |
5 years | 3.91% |
since inception | 9.80% |
Max. Drawdown 5 years | -2.06% |
Source: Berenberg, Management company | State: 25 Jul 2024
Risk figures
Volatility - 1 year | 0.20% |
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Volatility - 3 years | 0.22% |
Sharpe Ratio - 3 years | -0.48 |
Maximum Drawdown - since inception | -3.44% |
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
The bond markets were primarily influenced by the early parliamentary elections in France in the month under review. The fear of a government in favour of a (more) expansive fiscal policy led to a massive increase in yields. At 82 basis points (bp), the France-Germany spread reached a new high for the last decade. The ECB had previously implemented the first interest rate cut in this cycle, but kept a low profile with regard to future decisions. European inflation data from most European countries was market-friendly and in line with expectations, with the annualised core inflation rate standing at 2.9% in May. The 3-month Euribor yield narrowed by 6bp in June to close at 3.71%, while risk premiums on corporate and financial bonds were 3bp wider.