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 (12.03.2026) | 99.56 EUR |
| Redemption price (12.03.2026) | 99.56 EUR |
| Fund volume | 13.70 Mio. EUR |
| Share class volume | 2.15 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. | 1.36% |
| 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
European bond markets performed well in February 2026, mainly due to falling risk-free interest rates. One key factor here was the easing of inflationary pressure, which fell to 1.9% in Germany, returning to below the ECB's target of 2%. The ECB left its key interest rate unchanged at its first meeting in 2026. In addition, concerns about an attack by Israel and the US on Iran led to a flight to safe government bonds, which proved to be justified at the end of the month. Risk premiums for European high-yield bonds rose by nine basis points over the course of the month. New issuance activity in February was below the five-year average on the European high-yield market after an exceptionally active phase in January.
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.