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 | DE000A3D06G2 |
|---|---|
| WKN | A3D06G |
| Inception date | 17.04.2023 |
| Issue price (12.03.2026) | 109.84 EUR |
| Redemption price (12.03.2026) | 106.11 EUR |
| Fund volume | 28.53 Mio. EUR |
| Share class volume | 11.43 Mio. EUR |
| Currency Fund / Share Class | EUR / EUR |
| Minimum investment | - |
| 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 | Up to 3.00% |
|---|---|
| Flat-rate fee p.a. | 0.95% |
| Total Expense Ratio (TER) p.a. | 0.92% |
| 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 | - | - | - | 0.31 | 0.01 | -0.26 | 1.38 | 0.26 | -0.58 | 0.39 | 2.43 | 2.64 | 6.72 |
| 2024 | 0.27 | -0.66 | 1.04 | -0.49 | 0.36 | 0.63 | 1.43 | 0.34 | 0.97 | -0.19 | 1.01 | 0.07 | 4.86 |
| 2025 | 0.38 | 0.65 | -0.41 | 0.61 | 0.49 | 0.22 | 0.47 | 0.13 | 0.17 | 0.35 | -0.10 | 0.14 | 3.14 |
| 2026 | 0.44 | 0.17 | - | - | - | - | - | - | - | - | - | - | -0.44 |
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. Additional charges can arise for individual investors (e.g. custody account fees, commissions and other fees). Model calculation (net): An investor wants to purchase fund units for EUR 1,000 EUR. Considering a max issue surcharge of 3.00% he has to payEUR 30.00 for the purchase. 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 | 2.34% |
|---|---|
| since inception | 14.91% |
Source: Berenberg, Management company | State: 12 Mar 2026
Risk figures
| Volatility - 1 year | 1.22% |
|---|---|
| Maximum Drawdown - since inception | -1.43% |
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. On the one hand, easing inflationary pressure was a decisive factor. In Germany, it fell to 1.9%, 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 justi-fied at the end of the month. Yields on 3-yr. German Bunds consequently fell by 5 basis points (BP), while risk premiums on Euro IG corporate bonds rose by 9 BP over the course of the month. On the primary markets, vol-ume in February was slightly below the previous year's level. Financial institutions once again dominated, contin-uing the issuance trend since the beginning of the year.
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).