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 (28.11.2025) | 102.78 EUR |
| Redemption price (28.11.2025) | 102.78 EUR |
| Fund volume | 16.54 Mio. EUR |
| Share class volume | 5.70 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.
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
The reporting month was dominated by interest rate decisions by central banks. As anticipated by market participants, the Fed lowered its key interest rate again by 25 basis points to 3.75%. However, at the press conference, Fed Chairman Powell surprised observers by stating that a further cut in December was not a foregone conclusion, particularly in view of the lack of data caused by the budget dispute in Congress. As a result, yields on US government bonds rose. The ECB left its deposit facility rate unchanged at 2%. In Germany, the purchasing managers' indices surprised on the upside, keeping hopes for positive economic development alive, and trade talks between the US and China also brightened the mood. The yield on 5-year German government bonds fell by 8 basis points to 2.23%, while risk premiums for corporate bonds fell by one basis point.
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.