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Homepage » Funds » TBF GLOBAL INCOME

Consistent distribution policy

Investment style

The mixed fund TBF GLOBAL INCOME invests globally in stocks and bonds and takes strict ESG criteria into account throughout the investment process. The equity allocation may not exceed 25% of the fund volume. The bond portfolio is focused on corporate bonds and pursues an active strategy that aims to generate additional income from rating upgrades, buyback offers and takeover bids. Convertible bonds and government bonds may also be added. The fund is characterized by a constant dividend policy and a risk-controlled returns profile. The payout is usually in February. ESG criteria are taken into account throughout the entire investment process.
  • Monthly fund commentary
für Dezember (01.12.2024 - 31.12.2024)

Der Dezember stand im Zeichen der US-Notenbank, die für das kommende Jahr weniger Zinssenkungen in Aussicht stellte, als vom Markt erwartet. Die Folge: Gewinnmitnahmen bei Aktien, wodurch der S&P 500 den Monat mit einer Performance von -2,4% abschloss, der Nasdaq aber mit +0,5% einen weiteren positiven Monat bescherte. 10-jährige US-Staatsanleihen notierten gegen Ende des Monats circa 40 Basispunkte höher – bei 4,6%. Diesen Monat enttäuschte der Korrelationseffekt zwischen Aktien und Anleihen. Zu den positiven Beitragsbringern im Dezember zählten kurzlaufende Anleihen wie beispielsweise 2028’er Dell oder 2028’er T-Mobile. Hingegen kostete längere Duration an Performance. Speziell die gehaltenen langlaufenden Anleihen von Nvidia, Microsoft oder Alphabet waren negative Beitragsbringer. Anleihen von Lamb Westen wurden verkauft. Der Renditeunterschied zwischen Unternehmensanleihen und Staatsanleihen erscheint bei dem gestiegenen Zins zum Nachkaufen nicht attraktiv genug, so dass der Erlös in US-Staatsanleihen investiert wurde.
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  • Performance
Course dates
Performance in 12-month periods
  • Asset structures
Länderaufteilung
Branchenstruktur
Branchenaufteilung
Währungsaufteilung
  • Fondsdaten EUR I (DE0009781997)

Stand: 16.01.2025

NAV 17,85 EUR
Issue price 17,85 EUR
Redemption price 17,85 EUR
Performance 1 day 0,06 EUR
Performance year-to-date 0,22%
ISIN DE0009781997
WKN 978199
Fund category Mixed funds
Launch date 30.01.1998
Total fund assets 111,31 Mio. EUR
End of fiscal year 31.12.
Fund domicile Germany
Dividend distributing
UCITS-compliant yes
   
Issue charge 0,00 %
Redemption charge 0,00 %
Total expense ratio 1,17 % p.a.
therefrom management fee 1,10 % p.a.
therefrom custodian fee 0,04 % p.a.
Performance fee no
Fund management TBF Global Asset Management GmbH
Capital management company HANSAINVEST
Custodian Donner & Reuschel Aktiengesellschaft
  • Ratings
Status: 29.11.2024
Morningstar Rating™ 3 years
  • Performance
Course dates
Performance in 12-month periods
  • Asset structures
Länderaufteilung
Branchenstruktur
Branchenaufteilung
Währungsaufteilung
  • Fondsdaten EUR R (DE000A1JUV78)

Stand: 16.01.2025

NAV 102,55 EUR
Issue price 105,63 EUR
Redemption price 102,55 EUR
Performance 1 day 0,34 EUR
Performance year-to-date 0,20%
ISIN DE000A1JUV78
WKN A1JUV7
Fund category Mixed funds
Launch date 03.09.2012
Total fund assets 111,31 Mio. EUR
End of fiscal year 31.12.
Fund domicile Germany
Dividend distributing
UCITS-compliant yes
   
Issue charge 3,00 %
Redemption charge 0,00 %
Total expense ratio 1,77 % p.a.
therefrom management fee 1,70 % p.a.
therefrom custodian fee 0,04 % p.a.
Performance fee no
   
Fund management TBF Global Asset Management GmbH
Capital management company HANSAINVEST
Custodian Donner & Reuschel Aktiengesellschaft
  • Ratings
Status: 29.11.2024
Morningstar Rating™ 3 years
  • Performance
Course dates
Performance in 12-month periods
  • Asset structures
Länderaufteilung
Branchenstruktur
Branchenaufteilung
Währungsaufteilung
  • Fondsdaten EUR GI (DE000A2N82U5)

Stand: 16.01.2025

NAV 100,54 EUR
Issue price 100,54 EUR
Redemption price 100,54 EUR
Performance 1 day 0,33 EUR
Performance year-to-date 0,23 %
ISIN DE000A2N82U5
WKN A2N82U
Fund category Mixed funds
Launch date 18.04.2019
Total fund assets 111,31 Mio. EUR
End of fiscal year 31.12.
Fund domicile Germany
Dividend distributing
UCITS-compliant yes
   
Issue charge 0,00 %
Redemption charge 0,00 %
Total expense ratio 0,96 % p.a.
therefrom management fee 0,88 % p.a.
therefrom custodian fee 0,04 % p.a.
Performance fee no
   
Fund management TBF Global Asset Management GmbH
Capital management company HANSAINVEST
Custodian Donner & Reuschel Aktiengesellschaft
  • Ratings
Status: 29.11.2024
Morningstar Rating™ 3 years
  • Performance
Course dates
Performance in 12-month periods
  • Asset structures
Länderaufteilung
Branchenstruktur
Branchenaufteilung
Währungsaufteilung
  • Fondsdaten EUR T (DE000A2PF0S1)

Stand: 16.01.2025

NAV 114,21 EUR
Issue price 114,21 EUR
Redemption price 114,21 EUR
Performance 1 day 0,38 EUR
Performance year-to-date 0,23 %
ISIN DE000A2PF0S1
WKN A2PF0S
Fund category Mixed funds
Launch date 01.07.2019
Total fund assets 111,31 Mio. EUR
End of fiscal year 31.12.
Fund domicile Germany
Dividend accumulating
UCITS-compliant yes
   
Issue charge 0,00 %
Redemption charge 0,00 %
Total expense ratio 1,04 % p.a.
therefrom management fee 0,88 % p.a.
therefrom custodian fee 0,04 % p.a.
Performance fee no
   
Fund management TBF Global Asset Management GmbH
Capital management company HANSAINVEST
Custodian Donner & Reuschel Aktiengesellschaft
  • Ratings
Status: 29.11.2024
Morningstar Rating™ 3 years
Source: Hansainvest, TBF, Morningstar
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Daniel Dreher

fund manager
After completing his apprenticeship as a banker at Volksbank Baden-Baden Rastatt eG, he immediately began a trainee program to become a securities specialist in Volksbank's Private Banking division. After completing the trainee program in 2011, he was initially responsible for the bank's product portfolio as a securities specialist before becoming an advisor to wealthy private clients within the Private Banking division.

He began studying part-time in 2010, successfully completing his Bachelor of Arts in Finance and Management. In 2017, he completed his Master of Science in General Management. He counts his internship in Group Treasury at DZ BANK AG in New York as one of the most important and valuable experiences he had during his studies.

Since October 2017, he has been employed as portfolio manager at TBF Global Asset Management GmbH and is in charge of defensive mandates most importantly the segment of European special situations.

Sebastian Schütt

Head of trade
After his apprenticeship as a banker at Dresdner Bank AG in Frankfurt am Main, he studied international business administration. This was followed by positions as a sales trader/stock broker at well-known and internationally operating institutions, including Cantor Fitzgerald International, where he worked most recently as a partner.

From 2010 to 2013, he was in charge of setting up institutional stock trading in Frankfurt am Main for Hauck & Aufhäuser Privatbankiers, focusing on small and mid caps. Similar positions in other institutions then followed. Most recently, he was employed at BNY Mellon at the multi-asset trading desk.

TBF has benefited from his expertise since December 2017. He is primarily responsible for further developing portfolio management processes and TBF's trading standards.

Patrick Vogel

Senior fund manager
Patrick Vogel began his career at Deutsche Bank/DWS. There he worked as a portfolio manager in the equities, multi-asset and fixed income sectors. He then worked at MainFirst for more than ten years. Patrick Vogel was part of the Global Equities / Multi Asset team for a long time and was appointed to the Management Board as Head of Portfolio Management in 2021. He was responsible for the implementation of sustainability approaches. He completed his Master's degree at the Frankfurt School of Finance & Management and is also a Certified Expert in Sustainable Finance.

Patrick Vogel joined TBF in January 2023 as Head of Strategic Asset Management and Senior Portfolio Manager.

Roman Kostal

Senior fund manager
Roman Kostal has over 25 years of experience in managing global fixed income funds and mandates. Previously, he was responsible for the management of global fixed income funds and mandates with an active currency approach at MainFirst, Eaton Vance and Oechsle International, primarily for institutional clients. Roman holds a bachelor's degree in economics from the University of Ostrava (Czech Republic) and a degree in business administration from the University of Regensburg. He is also a certified European Financial Analyst (CEFA).

Roman Kostal joined TBF as Senior Fund Manager in December 2022.

Roman Kostal

Senior fund manager
The graduate in economics and business administration began his investment career in 1987 at Bankers Trust, followed by positions at JP Morgan and Dresdner Kleinwort. At Ethenea Independent Investors, he was CIO and lead manager for global bonds in developed nations for eleven years. He played a key role in the company's success and was able to deliver decisive added value for all bond portfolios with his approaches.

He has been part of the TBF team since August 2019. As Senior Portfolio Manager and CEO, he is responsible for all of TBF's bond investments together with his colleague Roman Kostal.
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Peter Dreide

CIO and founder
Peter Dreide was characterized at an early stage by his determination and sense of responsibility. So it was only natural that the later founder and CIO of TBF Global Asset Management GmbH moved to Canada to take on new challenges in 1992. He started his career as an investment consultant at Deutsche Bank AG. In Canada, he worked for McLean McCarthy in the institutional brokerage sector and headed the International Sales department for German clients.

This was followed by senior positions at Barclays de Zoete Wedd, Deutsche Morgan Grenfell in London and Head of Domestic and International Sales at Deutsche Bank Securities in Canada.

He moved back to Germany with his wife and three children and founded his own company, TBF Global Asset Management GmbH, in 2000. Since then he acts as Chief Investment Officer.
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