Investment Strategy
The investment objective of the fund is to achieve an appropriate and steady performance. In order to achieve this objective, at least 70% of the fund is invested in euro-denominated corporate bonds with an investment grade rating. Bonds are selected on the basis of fundamental aspects, risk/return factors and sustainability criteria. The strategy pursues an active management approach in conjunction with continuous risk management. Derivatives can also be used to manage interest rate, credit and currency risks.
- Core portfolio positioned close to the index plus our best ideas in the high-conviction portfolio
- Adding bonds with a rating below investment grade possible
- Integration of sustainability in the investment process and company analysis
- Risk management at portfolio and individual bond level
Fund data
| ISIN | LU2907078971 |
|---|---|
| WKN | A40Q89 |
| Inception date | 16.12.2024 |
| Issue price (18.12.2025) | 102.45 EUR |
| Redemption price (18.12.2025) | 102.45 EUR |
| Fund volume | 16.52 Mio. EUR |
| Share class volume | 5.68 Mio. EUR |
| Currency Fund / Share Class | EUR / EUR |
| Minimum investment | 500,000.00 EUR |
| 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. | 0.45% |
| Total Expense Ratio (TER) p.a. | 0.60% |
| Performance fee | none |
Chances and risks
| Chances | Risks |
|---|---|
| Positive price performance and current income through the collection of coupons | Fluctuations in value due to interest rate risks and exchange rate fluctuations |
| Stabilization of assets in negative capital market phases through professional risk management and intelligent diversification | Price losses in individual market years are possible |
| Improvement of the risk/return profile through active management | Limited participation in the positive performance of individual bond segments due to broad diversification and diversification and due to negative selection effects when selecting individual securities and funds |
| The mutual fund can also invest in high-yield bonds with a lower credit rating. |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | - | - | - | - | - | - | - | - | - | - | - | -0.22 | -0.22 |
| 2025 | 0.38 | 0.58 | -1.23 | 0.99 | 0.52 | 0.19 | 0.59 | 0.10 | 0.39 | 0.73 | -0.26 | - | 2.68 |
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 | 2.41% |
|---|---|
| since inception | 2.45% |
Source: Berenberg, Management company | State: 18 Dec 2025
Risk figures
| Volatility - 1 year | 2.49% |
|---|---|
| Maximum Drawdown - since inception | -1.67% |
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
The strong new issuance activity seen in 2025 continued in November. With a volume of over €90 billion, the five-year average for this month was significantly exceeded. New issuance activity by US issuers in euros also continued. Among others, Alphabet was active in November with a new issue of EUR 6.5 billion. In total, US issuers have now raised EUR 154 billion on the European credit market in 2025, significantly more than the EUR 99 billion raised by November of last year. Yields on 10-year German government bonds rose by around six basis points to 2.69% over the course of the month. Risk premiums for euro IG corporate bonds widened by five basis points, but remain at a low level.
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).
Dr. André Meyer-Wehmann
André Meyer-Wehmann has been with the company since October 2024. His focus is on the quantitative selection of investment grade bonds. Before joining Berenberg, he worked as a quantitative multi-asset portfolio manager at MainSky Asset Management and as a Credit Risk Methodology Specialist at Deutsche Bank. He holds a PhD in Finance and a Master of Science in Quantitative Finance from Goethe University Frankfurt am Main, where he is a lecturer. Prior to that, he completed a Bachelor of Science in General Management at EBS Business School. Mr. Meyer-Wehmann is also a CFA charterholder.