Investment Strategy
The Berenberg EM Bonds ESG fund invests in emerging markets government and corporate bonds, using a systematic and active investment process. It aims to achieve an appropriate and steady increase in value while applying ESG investment criteria. In addition, it adheres to strict guidelines for the exclusion of non-ESG-compliant investments. Wide-ranging sustainability aspects are also analysed and taken into account when selecting individual bonds for the portfolio. The final portfolio is also subject to ongoing risk management at country and company level.
- Active investment approach in EM government and corporate bonds with continuous consideration of ESG exclusion and inclusion criteria.
- Active positioning against a market benchmark
- Average duration is between 5 and 7 years
- Investment segments are primarily government and corporate bonds in hard currencies
Learn more about our Berenberg Fixed Income investment philosophy
Further details on the opportunities and risks of this fund can be found in the sales prospectus.
Indexed performance
Performance in 12-month periods
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
In the reporting month of March, 10-year US interest rates remained unchanged. Risk sentiment remained subdued in view of the opaque tariff policy under the new US administration. The risk premiums on USD-denominated EM government and corporate bonds widened marginally by 2 bp in each case, starting from the high-yield issuers. Investment-grade bonds benefited from their defensive nature in the difficult environment and even recorded a slight narrowing of spreads in each case. The fund recorded a loss of 0.3% in March. The portfolio management reduced risk over the course of the month by reducing the high-yield component. At the same time, the duration was increased by adding to investment-grade issuers.
Portfolio Management

Wei Lon Sung
Wei Lon Sung has worked in fixed income portfolio management at Deka Investment since 2018, with a focus on emerging markets. He joined Berenberg in 2023 and contributes his expertise in the fundamental selection of emerging market bonds in local and hard currencies. He holds a Bachelor and Master of Science in Mathematics from Goethe University Frankfurt.

Sebastian Burbank
Sebastian Burbank has been with the company since October 2024. Before joining Berenberg, he worked for 3 years at Deka Investment as a portfolio manager for global bonds and currencies. He focused in particular on local and hard currency bonds in the emerging markets. He holds a Master's degree in Finance from Goethe University in Frankfurt am Main and a Bachelor's degree in Economics from the University of Essen.
Consideration of ESG Elements
Identifying companies and business models that will be successful in the long term is the basis for good investment decisions. Environmental, Social and Governance (ESG) factors are key factors in decision making and are therefore integral
components of the investment process.
CO₂-Intensity
The fund does not actively manage its carbon footprint, however, emissions data such as CO2 intensity are relevant parameters which can be used to assess the efficient management of a company and the extent of transition risks.
ESG Score
The data provider MSCI ESG uses an ESG score of 0 to 10 to assess the management of material ESG risks of portfolio holdings compared to competitors.
ESG Controversies Screen
Investments in the fund are monitored for ESG controversies and, with the help of MSCI ESG data, flagged according their severity. Thereby, potential ESG risks of investments are identified. In the case of an orange flag (severe controversy), we enter into an active exchange with the company. In the case of a red flag (very severe controversy), the company is excluded.