Rücklagenfonds I USD
Status: 06/27/2025
Fund profile
| ISIN | DE000A2JF832 |
|---|---|
| WKN | A2JF83 |
| Inception date | |
| Total fund assets | 96.2 M EUR |
| Share class currency | USD |
| Current issue price | USD1,213.610 (06/30/2025) |
| Current return price | USD1,213.610 (06/30/2025) |
| Annual high (redemption price) | USD1,213.610 (06/30/2025) |
| Annual low (redemption price) | USD1,179.818 (01/02/2025) |
| Performance current year | 2.90 % (06/30/2025) |
| ø Performance
Since launch p.a. |
2.78 % (06/30/2025) |
| Issue charge | 0.00 % |
| Redemption charge | 0.00 % |
| End of fiscal year | Nov 30 |
| Dividend | Accumulating |
| Total expense ratio | 0.47 % p.a. |
| Management fee | therefrom 0.39 % p.a. |
| Custodian fee | therefrom 0.05 % p.a. |
| Capital accumulation benefits capable | no |
| Savings plan | no |
| Single payment | yes (min USD0.00) |
| Conformity | yes |
| Registered for distribution | DE , AT |
Key figures
| Duration of loss in days | 153 |
|---|---|
| Sharpe ratio | 1.81 |
| Volatility | 1.47 % |
| Max. drawdown | -2.95 % |
| Number of negative months | 6 |
| Number of positive months | 30 |
| Share of positive months | 83.33 % |
| Worst month | -1.76 % |
| Best month | 1.46 % |
Comment
BPM - Berlin Portfolio Management GmbH
Of course, it was once again "tariffs" that determined the mood on the financial markets in May. However, unlike in April, equity markets and other risky assets such as corporate bonds and high-yield bonds benefited from diminishing concerns about a full-blown global trade war. At least in the first half of the month, after US President Trump suspended his worst tariff threats for the time being and kept quiet for a few days.
However, Trump's "One Big Beautiful Bill", which will add many new trillions to US government debt in the coming years, was much more decisive for interest rate trends, the US dollar and, above all, US government bonds, the global interest rate benchmark. Not least the withdrawal of the AAA rating from the last major rating agency for US government debt illustrates the worries that are increasingly spreading on the bond markets. The Fed's US monetary policy, which has stiffened due to the uncertain economic outlook, is not improving sentiment, unlike the clear course currently being steered by the ECB.
The performance of the Rücklagenfonds was characterized by opposing forces in May: rising US dollar and euro yields acted as a negative factor and significantly falling yield premiums on corporate bonds as a positive performance driver.
In this challenging market environment, the Rücklagenfonds once again proved to be a safe anchorage and secured another month of pleasingly positive performance for its investors.
We will never tire of emphasizing this: Short-dated bonds continue to be the sweet spot for bond investors.
2025/05/30
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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