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 | LU2919653852 |
|---|---|
| WKN | A40S84 |
| Inception date | 08.10.2025 |
| Issue price (17.04.2026) | 102.30 USD |
| Redemption price (17.04.2026) | 102.30 USD |
| Fund volume | 223.43 Mio. USD |
| Share class volume | 37.62 Mio. USD |
| Currency Fund / Share Class | EUR / USD |
| Minimum investment | 500,000.00 USD |
| 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, GR |
| 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. | 0.86% |
| 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.
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
March was dominated by the war in Iran, which had broken out at the beginning of the month. The closure of the Strait of Hormuz and the resulting surge in oil prices to as high as $120 per barrel triggered inflation fears in the fixed-income markets. The yield on 10-year German government bonds rose by 35 basis points over the course of the month. At one point, the market even priced in up to three ECB rate hikes for 2026 due to fears of inflationary momentum. Risk premiums for European subordinated debt widened moderately over the course of the month (T2: +19bp; AT1: +48bp). Due to the high volume of news regarding the war in Iran, concerns about private credit took a back seat.
Portfolio Management
Christian Bettinger
Christian Bettinger has been with the company since June 2009 and heads the Portfolio Management Fixed Income department. As fund manager of the mutual funds Berenberg Euro Bonds and Berenberg Financial Bonds, he is responsible for the selection of corporate bonds. He trained as a banker and then studied business administration at the Catholic University of Eichstätt-Ingolstadt. In 2010, the business graduate was taken on early from the Berenberg trainee program as a fund manager with a focus on derivatives and bonds. Bettinger is a CFA Charterholder, Certified Financial Engineer (CFE) and authorized Eurex trader.
Gerald Deutsch
Gerald Deutsch has been with the company since 2021. As fund manager of the mutual funds Berenberg Financial Bonds and Berenberg Euro Bonds, he is responsible for the selection of corporate bonds, with a focus on high-yield and financial bonds. As part of his graduate programme at Berenberg, he held various positions in discretionary equity and bond portfolio management, fixed income research and institutional fund sales in Germany and Switzerland. The CFA charterholder exited the Berenberg graduate program early in 2022 and became a portfolio manager with a focus on corporate credit. He holds a Master of Finance from the Frankfurt School of Finance & Management and a Bachelor of Psychology from the University of Kent.
