Investment Strategy
Berenberg Financial Bonds is a benchmark-independent, flexible fixed income fund with an investment focus on financial bonds and a regional focus on Europe. The aim of the investment strategy is to generate both an attractive return and steady coupon income by investing across the entire capital structure. In the medium term, the aim is to develop a total return character. In order to identify attractive opportunities and market inefficiencies, the fund management utilises a broad and flexible toolbox from the entire capital structure. The focus is on fundamental analysis and single bond picking. Interest rate, credit and currency risks can be actively managed through the use of derivatives.
- Diversified and flexible financial bond portfolio focussing on European issuers
- The fund operates independently of benchmarks
- Targeted reduction of volatility and drawdowns through a maximum CoCo quota of 30% and exclusion of CCC-rated bonds
- Wide range of instruments includes individual bonds, funds and derivatives
Learn more about our Berenberg Fixed Income investment philosophy
Fund data
| ISIN | LU1813574362 |
|---|---|
| WKN | A2JKFV |
| Inception date | 08.06.2018 |
| Issue price (11.11.2026) | 103.30 EUR |
| Redemption price (11.11.2026) | 103.30 EUR |
| Fund volume | 132.13 Mio. EUR |
| Share class volume | 36.91 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, AT, LU |
| SFDR Classification (Sustainable Finance Disclosure Regulation) | Article 8 |
Costs
| Issue surcharge | none |
|---|---|
| Flat-rate fee p.a. | 0.70% |
| Total Expense Ratio (TER) p.a. | 0.79% |
| Performance fee | none |
Chances and risks
| Chances | Risks |
|---|---|
| Attractive return potential over the medium to long term | Bonds are susceptible to fluctuations, price losses possible |
| Above-average performance by exploiting various value drivers of the bond market | Unit value may fall below the purchase price at which the client acquired the unit |
| Possible additional income through active and opportunistic management | No guarantee of success due to active and opportunistic management |
| Generation of attractive distributable income |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | - | - | - | - | - | -1.23 | 1.41 | -0.67 | 0.56 | -1.06 | -1.61 | -0.71 | -3.29 |
| 2019 | 1.77 | 1.27 | 0.22 | 1.31 | -0.54 | 1.20 | 0.69 | -0.29 | 0.72 | 0.69 | 0.75 | 1.05 | 9.17 |
| 2020 | 1.04 | -0.66 | -11.62 | 3.52 | 2.15 | 2.97 | 1.22 | 1.56 | 0.35 | 0.45 | 3.57 | 1.08 | 4.79 |
| 2021 | 0.65 | 0.61 | 0.43 | 1.17 | 0.12 | 0.73 | 0.35 | 0.37 | 0.29 | -0.43 | -0.22 | 0.40 | 4.55 |
| 2022 | -0.79 | -3.51 | -0.87 | -1.78 | -1.60 | -4.77 | 1.73 | -0.80 | -3.94 | -0.27 | 3.00 | -0.13 | -13.15 |
| 2023 | 2.86 | 0.27 | -2.11 | 0.74 | 0.51 | 1.08 | 1.29 | 0.21 | 0.21 | 0.10 | 2.28 | 2.60 | 10.39 |
| 2024 | 1.50 | 0.05 | 1.44 | 0.09 | 1.13 | 0.27 | 1.75 | 0.57 | 1.21 | 0.38 | 1.10 | 0.73 | 10.69 |
| 2025 | 1.18 | 1.05 | -1.01 | -0.27 | 1.33 | 1.38 | 1.38 | 0.51 | 1.13 | 0.59 | -0.13 | 0.38 | 7.74 |
| 2026 | 1.21 | 0.27 | -3.14 | 1.19 | 0.82 | 1.03 | -0.52 | -0.12 | -1.83 | 0.13 | - | - | -0.29 |
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 | 0.15% |
|---|---|
| 3 years | 24.05% |
| 5 years | 13.82% |
| since inception | 31.88% |
| Max. Drawdown 5 years | -16.22% |
Source: Berenberg, Management company | State: 11 Nov 2026
Risk figures
| Volatility - 1 year | 2.75% |
|---|---|
| Volatility - 3 years | 2.50% |
| Sharpe Ratio - 3 years | 1.85 |
| Maximum Drawdown - since inception | -16.37% |
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
Concerns over the French national budget temporarily pushed yields on 10-year OATs above 5%, whereas Bunds (German federal bonds) were in high demand. Their 10-year yield fell by 26 basis points (bp) over the course of the month. Inflation in the Eurozone is expected to remain elevated in October. In contrast, German inflation slowed to 2.8% thanks to a temporary fuel tax cut. France surprisingly recorded a GDP decline of 0.1% in the third quarter. The ECB left key interest rates unchanged but discussed a potential hike for December. The short-term market turbulence also left its mark on corporate bonds. Consequently, credit spreads in Euro In-vestment Grade rose by 15 bp and in the HY (High Yield) segment by 59 bp in October. In addition, new issuance volume remained below the previous year's level, though it recently revived slightly, supported among others by a two-tranche deal from Heineken.
