Rücklagenfonds I
Status: 12/17/2025
Fund profile
| ISIN | DE000A1J67R2 |
|---|---|
| WKN | A1J67R |
| Inception date | |
| Total fund assets | 93.4 M EUR |
| Share class currency | EUR |
| Current issue price | EUR972.475 (12/17/2025) |
| Current return price | EUR972.475 (12/17/2025) |
| Annual high (redemption price) | EUR991.360 (09/10/2025) |
| Annual low (redemption price) | EUR963.579 (01/15/2025) |
| Performance current year | 2.69 % (12/17/2025) |
| ø Performance
Since launch p.a. |
1.05 % (12/17/2025) |
| Issue charge | 0.00 % |
| Redemption charge | 0.00 % |
| End of fiscal year | Nov 30 |
| Dividend | Payout |
| Total expense ratio | 0.52 % p.a. |
| Management fee | therefrom 0.45 % p.a. |
| Custodian fee | therefrom 0.05 % p.a. |
| Capital accumulation benefits capable | no |
| Savings plan | no |
| Single payment | yes (min EUR100,000.00) |
| Conformity | yes |
| Registered for distribution | DE , AT |
Key figures
| Liquidity ratio | 0.819884 |
|---|---|
| VaR | 0.42 % |
| Percentage of assets invested | 99.77 % |
| Duration of loss in days | 60 |
| Sharpe ratio | 0.85 |
| Volatility | 1.26 % |
| Drawdown | -0.18 % |
| Max. drawdown | -0.85 % |
| Number of negative months | 5 |
| Number of positive months | 31 |
| Share of positive months | 86.11 % |
| Worst month | -0.22 % |
| Best month | 1.28 % |
Ratings
| Morningstar Rating™ Gesamt |
|---|
Comment
BPM - Berlin Portfolio Management GmbH
The bond markets, both in US dollars and euros, were highly volatile in November. Stronger movements in market interest rates across all maturities and rising yield spreads on investment grade corporate bonds caused tensions.
In addition to the laboriously negotiated temporary end to the government shutdown in the US, the highly uncertain outlook for a further cut in key interest rates by the Fed on December 10 caused considerable nervousness. The Rücklagenfonds showed encouraging stability in this environment and achieved a slightly positive performance in November, despite the turbulent market conditions. Bond markets are now accustomed to large-volume government bond issues to finance current budget deficits. In addition, the huge financing requirements for the AI industry's new data centers are now also to be covered by bond issues. The four largest AI players alone have placed nearly USD 90 billion in new bonds since the beginning of September - more than in the previous three and a half years combined. The often opaque structure of some issues, designed to protect debtor ratings, makes us cautious. The significantly higher risk premiums compared to existing bonds and the rapidly rising hedging costs for the economically weakest of the four clearly demonstrated the skepticism of the bond markets and reinforce our caution. We may be at the very beginning of a flood of new issues in this segment. J.P. Morgan, at any rate, forecasts new issues of a further USD 1.5 trillion over the next five years, which seems realistic to us given the astronomical sums that need to be invested in AI computing capacity. The US investment grade bond market would then have a direct link to AI technology of around 20%, concentrated on a few debtors. After the stock market, the bond market would also be dominated by this theme, and similar distortions would be to be feared. Passive investors should be on their guard, because given these issuance volumes, no bond ETF will be able to do without them. We are therefore all the more pleased that the Rücklagenfonds invests actively and is allowed to say "no" to boom investments.
11/30/2025
Opportunities
- Higher potential returns compared to money market investments
- Lower fluctuation margin due to short maturities and high credit ratings
- Significant reduction of investment risk compared to individual investments due to diversification across different sectors and regions
- Interest rate and currency risks are largely hedged
Risks
- Price fluctuations are possible due to market-, sector- and company-specific distortions
- Deteriorations in the creditworthiness of the issuers held can lead to defaults on interest payments or bonds
- Information on further risks can be found in the Basisinformationsblatt and the VKP .
- In particular, the fund shows increased fluctuations in the unit price due to its composition and the possible use of derivatives.
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