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 (02.09.2025) | 112.64 EUR |
| Redemption price (02.09.2025) | 108.81 EUR |
| Fund volume | 31.75 Mio. EUR |
| Share class volume | 12.45 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. | 0.99% |
| 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 | - | - | - | - | 2.46 |
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 | 4.41% |
|---|---|
| since inception | 14.66% |
Source: Berenberg, Management company | State: 2 Sept 2025
Risk figures
| Volatility - 1 year | 1.67% |
|---|---|
| Maximum Drawdown - since inception | -1.43% |
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
US President Donald Trump's announcement that he would impose high tariffs on the EU from August 1, 2025, brought new momentum to the negotiations. Ultimately, the EU and the US agreed on a tariff rate of 15% for goods from the EU. In addition, the EU committed to investing in the US and purchasing energy worth EUR 750 billion from the US. The capital markets had already anticipated an agreement. As a result, credit risk spreads fell significantly, reaching their lowest level in five years. By contrast, German government bond yields rose as economic risks were partially priced out. Seasonally, there was a decline in new issuance activity in July. However, at almost EUR 40 billion, the volume was higher than one year ago. Once again, many US companies were active, taking advantage of the refinancing benefits in euros.
Portfolio Management
Maria Ziolkowski
Maria Ziolkowski has been with the company since September 2023. She has been a co-portfolio manager since then and focuses on interest rate products and defensive bonds from the investment grade segment as well as short-dated bond strategies.
Before joining Berenberg, she worked at Flossbach von Storch as a portfolio manager in the fixed income area and trader in the multi-asset area, at BNP Paribas in London and Lisbon and at Allianz Investment Bank in Vienna. In addition to her Bachelor in Economics from the Vienna University of Economics and Business, Master in Monetary and Financial Economics from the University of Lisbon and Master in Gender Studies from the University of Vienna, Maria Ziolkowski is a CFA Charterholder
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.