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Homepage » Funds » TBF SPECIAL INCOME

global multi-asset fund

Investment style

TBF SPECIAL INCOME is a global multi-asset fund that aims to achieve an asymmetric risk/return profile. A flexible portfolio construction combines the entire know-how and long-term experience of TBF: equities, special situations equities, technical strategies, corporate and government bonds. Opportunities can be exploited through stock selection based on TBF´s best ideas portfolio as well as solid dividend stocks. Risk is actively managed using a technical strategy. The portfolio is enhanced by special situations equities and a flexible bond management. ESG criteria are taken into account throughout the entire investment process.
  • Monthly fund commentary
für Juni (01.06.2025 - 30.06.2025)

Der Juni war von geopolitischen Spannungen geprägt. Die Eskalation im Nahen Osten wurde medial intensiv begleitet, hatte jedoch überraschend geringe Auswirkungen auf die Finanzmärkte. Selbst nach dem Bombardement durch die USA zeigten sich die Börsen stabil. Sowohl in Europa als auch in den USA blieben die Aktienmärkte trotz wachsender Unsicherheiten auf Kurs.

Die US-Notenbank signalisiert weiterhin eine Zinssenkungsperspektive, ließ den konkreten Zeitpunkt jedoch offen. Kurzfristig rechnet die Fed mit einem leichten Anstieg der Inflation über die Sommermonate, sieht im Anschluss aber Spielraum für geldpolitische Lockerungen – abhängig vom weiteren Konjunkturverlauf.

Das Fondsmanagement nahm im Juni an der Consumer Conference in Paris teil. Die Gespräche mit Unternehmensvertretern zeigten ein durchwachsenes Bild: Der Konsument steht global unter Druck – insbesondere in den USA, wo politische Unsicherheit, vor allem innerhalb der hispanischen Bevölkerung, spürbar ist. In China scheinen die Konsumdaten den Tiefpunkt erreicht zu haben, ein klarer Aufschwung bleibt jedoch aus. Europa präsentiert sich resilient, allerdings mit begrenztem Wachstumspotenzial im Konsumbereich.

Die Folgen des Wasserschadens in der Mine von Ivanhoe Mines belasteten die Aktie auch im Juni und führten zu negativen Renditebeiträgen. Auf der anderen Seite profitierte der TBF SPECIAL INCOME deutlich von der Rückkehr der Technologieführerschaft in den USA, insbesondere durch die Positionen in NVIDIA, Oracle und Meta.

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  • Performance
Course dates
Performance in 12-month periods
  • Asset structures
Länderaufteilung
Branchenstruktur
Branchenaufteilung
Währungsaufteilung
  • Fund facts EUR I (DE000A1JRQC3)

Stand: 28.07.2025

NAV 148,49 EUR
Issue price 148,49 EUR
Redemption price 148,49 EUR
Performance 1 day 0,34 EUR
Performance year-to-date 6,60%
ISIN DE000A1JRQC3
WKN A1JRQC
Fund category Mixed funds
Launch date 29.08.2012
Total fund assets 445,66 Mio. EUR
End of fiscal year 30.06.
Fund domicile Germany
Dividend distributing
UCITS-compliant yes
   
Issue charge 0,00 %
Redemption charge 0,00 %
Total expense ratio 0,62 % p.a.
therefrom management fee 0,56 % p.a.
therefrom custodian fee 0,04 % p.a.
Performance fee yes
Fund management TBF Global Asset Management GmbH
Capital management company HANSAINVEST
Custodian Donner & Reuschel Aktiengesellschaft
  • Ratings
Stand: 30.06.2025
Morningstar Rating™ 3 years
  • Performance
Course dates
Performance in 12-month periods
  • Asset structures
Länderaufteilung
Branchenstruktur
Branchenaufteilung
Währungsaufteilung
  • Fund facts EUR R (DE000A1JRQD1)

Stand: 28.07.2025

NAV 145,17 EUR
Issue price 152,43 EUR
Redemption price 145,17 EUR
Performance 1 day 0,33 EUR
Performance year-to-date 6,29%
ISIN DE000A1JRQD1
WKN A1JRQD
Fund category Mixed funds
Launch date 17.08.2012
Total fund assets 445,66 Mio. EUR
End of fiscal year 30.06.
Fund domicile Germany
Dividend distributing
UCITS-compliant yes
   
Issue charge 5,00 %
Redemption charge 0,00 %
Total expense ratio 1,22 % p.a.
therefrom management fee 1,16 % p.a.
therefrom custodian fee 0,04 % p.a.
Performance fee yes
   
Fund management TBF Global Asset Management GmbH
Capital management company HANSAINVEST
Custodian Donner & Reuschel Aktiengesellschaft
  • Ratings
Stand: 30.06.2025
Morningstar Rating™ 3 years
  • Performance
Course dates
Performance in 12-month periods
  • Asset structures
Länderaufteilung
Branchenstruktur
Branchenaufteilung
Währungsaufteilung
  • Fund facts CHF I (DE000A2DR1T7)

Stand: 28.07.2025

NAV 106,22 CHF
Issue price 106,22 CHF
Redemption price 106,22 CHF
Performance 1 day 0,21 CHF
Performance year-to-date 5,45 %
ISIN DE000A2DR1T7
WKN A2DR1T
Fund category Mixed funds
Launch date 08.06.2017
Total fund assets 445,66 Mio. EUR
End of fiscal year 30.06.
Fund domicile Germany
Dividend distributing
UCITS-compliant yes
   
Issue charge 0,00 %
Redemption charge 0,00 %
Total expense ratio 0,67 % p.a.
therefrom management fee 0,56 % p.a.
therefrom custodian fee 0,04 % p.a.
Performance fee yes
   
Fund management TBF Global Asset Management GmbH
Capital management company HANSAINVEST
Custodian Donner & Reuschel Aktiengesellschaft
  • Ratings
Stand: 30.06.2025
Morningstar Rating™ 3 years
  • Performance
Course dates
Performance in 12-month periods
  • Asset structures
Länderaufteilung
Branchenstruktur
Branchenaufteilung
Währungsaufteilung
  • Fund facts CHF R (DE000A1JRQE9)

Stand: 28.07.2025

NAV 132,14 CHF
Issue price 138,75 CHF
Redemption price 132,14 CHF
Performance 1 day 0,26 CHF
Performance year-to-date 5,17 %
ISIN DE000A1JRQE9
WKN A1JRQE
Fund category Mixed funds
Launch date 29.08.2012
Total fund assets 445,66 Mio. EUR
End of fiscal year 30.06.
Fund domicile Germany
Dividend distributing
UCITS-compliant yes
   
Issue charge 5,00 %
Redemption charge 0,00 %
Total expense ratio 1,33 % p.a.
therefrom management fee 1,16 % p.a.
therefrom custodian fee 0,04 % p.a.
Performance fee yes
   
Fund management TBF Global Asset Management GmbH
Capital management company HANSAINVEST
Custodian Donner & Reuschel Aktiengesellschaft
  • Ratings
Stand: 30.06.2025
Morningstar Rating™ 3 years
Source: Hansainvest, TBF, Morningstar
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Annette Jäger

Sustainable finance manager
The trained banker began her professional career as a private customer advisor at Dresdner Bank AG in Fulda.

She has 25 years of experience in supporting wealthy private clients in all aspects of asset investment and structuring. In addition to Dresdner Bank AG Deutschland, Dresdner Bank Luxembourg S.A. was also included. and asset management at Sparkasse Bodensee are among her many years of experience.

After successfully completing her studies in business law – sustainability and ethics, she specialized in the area of ​​sustainable finance.
Since the beginning of 2021, she has been responsible for ESG at TBF Global Asset Management GmbH as Sustainable Finance Manager.
Das Bild zeigt TBF Risikomanagerin Birgit Kluge in Portraitaufnahme

Birgit Kluge

Risk manager
Birgit Kluge has been part of the TBF team since May 2011. At the beginning she took responsibility for fund accounting, where she kept the order books and ensured securities settlement.

She was also responsible for futures and foreign exchange trading.
In 2017 she successfully completed the DVFA program AIM - Applied Investment Management to become a certified portfolio advisor.

Birgit Kluge is currently working in risk management at TBF. Here she is responsible, among other things, for monitoring and adhering to the investment limits of our funds.

Dennis Hordorff

Head of risk management
Dennis Hordorff has worked at several international banks such as HSBC Trinkaus & Burkhardt AG and Société Generale during his professional career. His focus here was on the areas of equity capital market and global markets.

He completed his bachelor's degree in business administration with a master's degree in finance at the Frankfurt School of Finance and EBS European Business School.

Dennis Hordorff has been employed at TBF since 2018. At the beginning he worked in the area of ​​multi asset trading. In the meantime, he has taken on the position of Head of Risk Management. Here he is responsible for controlling the risk models in the TBF funds, especially within the framework of the Q factor.

Thomas Pfeifle

Fund manager
Thomas Pfeifle is a portfolio manager at TBF and is responsible for portfolio construction and monitoring, as well as the identification of global best ideas in the equity sector. His academic background includes a trilingual degree in international business administration at the HFU Business School, supplemented by a semester abroad at the Grande École Léonard de Vinci in Paris. He completed his Master of Science in Management at the University of Mannheim with a focus on finance and philosophy. During his master's degree in Mannheim, he gained valuable experience in portfolio management and trading as an intern and working student at TBF before joining the team as a portfolio manager in February 2025. With his global view of stocks, he contributes significantly to the strategic alignment and optimization of portfolios.

Michael Zanker

Fund manager
Michael Zanker began his career in the financial industry with a dual degree program at the DHBW Karlsruhe, specializing in banking. After completing his bachelor's degree, he specialized in private banking at Volksbank Pforzheim, with a focus on securities advisory.

In 2018, he began his Master of Science in International Finance, which he completed with distinction for his academic achievements. He subsequently worked as a portfolio manager in asset management at Sparkasse Pforzheim Calw. His responsibilities included strategic and tactical asset allocation for three multi-asset funds and the management of foundation portfolios. In addition to global stock selection, he implemented fundamental models for company valuation and quantitative methods for managing portfolio risk in the investment process for managing the multi-asset funds.

Since April 2023, Michael Zanker has been working as a portfolio manager for TBF Global Asset Management GmbH, complementing the team on the fixed income and equity side.

Maximilian Dreide

Fund manager
Maximilian Dreide developed a passion for IT early on during his Bachelor's degree in Business Administration at the University of Frankfurt. He was able to deepen his expertise through student trainee positions at a Frankfurt-based FinTech startup, the brokerage firm Jefferies, the automotive supplier Leoni, and TBF.

From 2020 to 2023, he gained further technical product and project management experience at Swisscom, Switzerland's largest IT service provider.

Since January 2023, Maximilian Dreide has rejoined the TBF team, contributing new ideas and expertise to the management of TBF GLOBAL TECHNOLOGY.

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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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