Investment Strategy
Berenberg Euro Target 2028 is a fund investing in a broadly diversified portfolio of fixed-income securities, predominantly maturing in 2028. For this purpose, the fund invests primarily in EUR-denominated bonds. Foreign currency risks are hedged. The bonds are selected taking into account fundamental aspects as well as risk/return and sustainability-related criteria. Most of the issuers have an investment grade rating. The strategy pursues a buy-and-maintain approach combined with ongoing risk management.
- Broadly diversified EUR bond portfolio with calculable return opportunities.
- 100% repayment of bonds is targeted.
- Annual distribution of income through the collection of interest coupons.
- Added value through active management and individual fundamental analysis.
- The aim is to generate an attractive return in line with the market environment.
- The investment horizon is until 30/06/2028.
- Redemptions before maturity is possible at any time. A redemption fee of 0.5% will be charged. This is added to fund assets to protect existing investors.
Learn more about our Berenberg Fixed Income investment philosophy
Fund data
| ISIN | DE000A3D06H0 |
|---|---|
| WKN | A3D06H |
| Inception date | 17.04.2023 |
| Issue price (19.02.2026) | 107.75 EUR |
| Redemption price (19.02.2026) | 107.21 EUR |
| Fund volume | 29.12 Mio. EUR |
| Share class volume | 17.52 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-Gesellschaft mbH |
| Custodian | BNP Paribas S.A. Niederlassung Deutschland |
| Use of income | Distributing |
| End of financial year | 31.12. |
| Registration and Distribution | DE |
| SFDR Classification (Sustainable Finance Disclosure Regulation) | Article 8 |
Costs
| Issue surcharge | none |
|---|---|
| Flat-rate fee p.a. | 0.55% |
| Total Expense Ratio (TER) p.a. | 0.58% |
| Performance fee | none |
Chances and risks
| Chances | Risks |
|---|---|
| Broadly diversified EUR bond portfolio with calculable return opportunities. | Price fluctuations due to changes in market interest rates are possible |
| 100% repayment of bonds is targeted. | Temporary price declines due to credit rating downgrades are possible |
| Annual distribution of income through the collection of interest coupons. | The strategy invests in high yield bonds that have a lower credit rating |
| Added value through active management and individual fundamental analysis. | Investors may not get back all of their invested money |
| The aim is to generate an attractive return in line with the market environment. | There is no guarantee that the return target will be achieved |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | - | - | - | 0.32 | 0.05 | -0.23 | 1.41 | 0.30 | -0.55 | 0.41 | 2.47 | 2.68 | 7.01 |
| 2024 | 0.31 | -0.62 | 1.06 | -0.46 | 0.41 | 0.64 | 1.46 | 0.38 | 1.01 | -0.16 | 1.05 | 0.11 | 5.27 |
| 2025 | 0.42 | 0.68 | -0.38 | 0.65 | 0.53 | 0.25 | 0.50 | 0.16 | 0.20 | 0.38 | -0.06 | 0.17 | 3.56 |
| 2026 | 0.47 | - | - | - | - | - | - | - | - | - | - | - | 0.58 |
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 | 3.52% |
|---|---|
| since inception | 17.33% |
Source: Berenberg, Management company | State: 19 Feb 2026
Risk figures
| Volatility - 1 year | 1.21% |
|---|---|
| Maximum Drawdown - since inception | -1.39% |
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
Once again, geopolitical issues dominated market activity in Europe and caused increased volatility. Yields on two-year German government bonds ranged between 2.07% and 2.14%, while their ten-year counterparts traded in a range between 2.81% and 2.91%. The USD continued to depreciate against the euro. The euro rose above 1.20 at one point, reaching its highest level since 2021. European primary markets had another strong month. On January 7, 2026 alone, bonds worth over €57 billion were issued – the highest volume ever achieved in a single day. Strong demand was also evident for euro corporate bonds, pushing spreads further down. In the euro investment grade segment, they narrowed by an average of five basis points.
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).