Investment Strategy
Berenberg Euro High Yield is a bond fund consisting of a broadly diversified portfolio of fixed-income securities. The fund invests primarily in euro-denominated corporate bonds with sub-investment-grade ratings. The regional focus is on European issuers. In addition to high-yield bonds, investment-grade bonds may also be included in the portfolio. In addition to senior corporate bonds (senior bonds), subordinated bonds may also be included. Bonds with a CCC rating and unrated bonds (“non-rated”) are generally eligible for investment.
Fund data
| ISIN | LU3189583514 |
|---|---|
| WKN | A41L7B |
| Inception date | 06.11.2025 |
| Issue price (27.01.2026) | 100.92 EUR |
| Redemption price (27.01.2026) | 100.92 EUR |
| Fund volume | 13.76 Mio. EUR |
| Share class volume | 1.96 Mio. EUR |
| Currency Fund / Share Class | EUR / EUR |
| Minimum investment | - |
| Asset Manager | Joh. Berenberg, Gossler & Co. KG |
| Management company | Universal-Investment-Luxembourg S.A. |
| Use of income | Accumulating |
| End of financial year | 31.12. |
| Registration and Distribution | DE |
| SFDR Classification (Sustainable Finance Disclosure Regulation) | Article 8 |
Costs
| Issue surcharge | Up to 3.00% |
|---|---|
| Flat-rate fee p.a. | 0.95% |
| Total Expense Ratio (TER) p.a. | 1.07% |
| Performance fee | none |
Chances and risks
| Chances | Risks |
|---|---|
| Due to their lower credit rating, high-yield bonds generally offer higher yields than investment-grade bonds. | The fund is subject to general market risk. |
| This can lead to above-average current interest rates and total returns.Added value through active management and individual security analysis. | Issuers of high-yield bonds have lower credit ratings. There is therefore an increased risk that they will not be able to meet their interest or repayment obligations in full. |
| Unit value may fall below the purchase price at which the client acquired the unit | |
| No guarantee of success due to active and opportunistic management |
Further details on the opportunities and risks of this fund can be found in the sales prospectus.
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
Bond markets recorded significant price performance in December due to the constructive risk-on environ-ment. The euro high-yield market saw spreads narrow by approximately 25 bps and the Itraxx Crossover Index by 11 bps. As in the rest of the year, positive inflows into the asset class and a lower volume of new issues provid-ed tailwinds for the asset class. Although long end Bund yields rose (10-year Bunds +16bps), the rise in interest rates at the short end of the yield curve (which is of greater relevancy for the asset class) was less pronounced. Thus, falling spreads overcompensated the duration move and contributed to positive performance in the fund as of month end. In December, the fund was underweight in the automotive and chemical sectors and remains so going forward, which also contributed positively to performance given the ongoing weakness in these sec-tors. The fund management is currently underweight in the B-rated segment and was not actively involved CCC-rated bonds during the month.
Portfolio Management
Gerald Deutsch
Gerald Deutsch has been with the company since 2021. As fund manager of the mutual funds Berenberg Financial Bonds and Berenberg Euro Bonds, he is responsible for the selection of corporate bonds, with a focus on high-yield and financial bonds. As part of his graduate programme at Berenberg, he held various positions in discretionary equity and bond portfolio management, fixed income research and institutional fund sales in Germany and Switzerland. The CFA charterholder exited the Berenberg graduate program early in 2022 and became a portfolio manager with a focus on corporate credit. He holds a Master of Finance from the Frankfurt School of Finance & Management and a Bachelor of Psychology from the University of Kent.
Christian Bettinger
Christian Bettinger has been with the company since June 2009 and heads the Portfolio Management Fixed Income department. As fund manager of the mutual funds Berenberg Euro Bonds and Berenberg Financial Bonds, he is responsible for the selection of corporate bonds. He trained as a banker and then studied business administration at the Catholic University of Eichstätt-Ingolstadt. In 2010, the business graduate was taken on early from the Berenberg trainee program as a fund manager with a focus on derivatives and bonds. Bettinger is a CFA Charterholder, Certified Financial Engineer (CFE) and authorized Eurex trader.