The Berenberg Global Bonds fund pursues a global (ex-euro) bond strategy in local currencies that invests in both developed and emerging market bonds and actively manages the weighting of the two segments relative to each other depending on their relative attractiveness. Its primary objective is to benefit from the yield advantage of foreign currency bonds over euro investments and the appreciation of (foreign) currencies against the euro. Using a systematic investment approach, the economically strongest countries are selected, taking into account fundamental, momentum and sentiment indicators. The duration is actively managed at the country level and is generally in the short- to medium-term maturity range.
- Global investment strategy in local currency bonds (ex EUR)
- Active positioning against a market benchmark
- Average duration is between 2 and 5 years
- Investment segments are mainly (quasi) government bonds in local currency
Performance in 12-month periods
Monthly market comment
Der US-Dollar schwächelte im Juli gegenüber Währungen entwickelter- und Schwellenländern in Folge einer weniger falkenhaften Einschätzung der US geldpolitischen Entscheidungen und Aussagen. Die positive Emerging Market FX Performance, als auch die ohnehin schon hohe Carry in Schwellenländer-Volkswirtschaften die über das Jahr hinaus die Zinsen angehoben haben, führte zum positivsten Momentum seit dem Beginn des Russland-Ukraine Krieges. Einige der höher gewichteten Positionen im Portfolio, inklusive Brasilien, Indonesien und Australien schnitten global gesehen mitunter am besten ab. Demnach konnte der Berenberg Global Bonds Fond durch seine strategische EM-Allokation, und ungeachtet der taktischen long US-Dollar Position, seine Benchmark im Juli outperformen.
Robert Reichle, CFA, CQF joined Berenberg as a senior portfolio manager in January 2010. As a member of the fixed income selection team he is responsible for the creation and implementation of global fixed income portfolio management strategies. He has expertise in emerging markets debt, global government bonds, as well as corporates and financials. He is also the lead manager of the Berenberg mutual funds Emerging Markets Bond Selection, Global Bond Selection, and EUR Government Bond Selection. Robert has been working in the financial sector since 2004. Before joining Berenberg he was a senior strategist and portfolio manager at Payden & Rygel in Los Angeles and he also worked at WestLB AG, London as a manager in Emerging Markets credit derivatives trading and structuring. Robert is a Chartered Financial Analyst (CFA), received the CQF designation, and also has a German Diplom in economics from the University of Ulm and a Master in international economics from the University of Pantheon-Sorbonne, Paris.