Investment Strategy
It is aimed at investors seeking return opportunities through interest income, hedging and tactical opportunities, particularly in falling markets. In this way, the fund aims to help investors diversify their equity investments. The fund combines fundamental and macroeconomic analysis with quantitative models in a discretionary investment approach. The strategy aims to deliver positive returns with low drawdowns and volatility over 12-month periods, a negative correlation to falling equity markets and a low correlation to "normal" equity markets. These objectives meet the needs of investors seeking steady returns, protection during market downturns and the potential for gains when opportunities arise.
Further details on the opportunities and risks of this fund can be found in the sales prospectus.
Monthly market comment
In May equities continued their strong year to date performance after a small set back in April, with the S&P 500 gaining 5%, the Euro Stoxx 50 rising 2.5%, and the MSCI World Index up 4.5%, hovering around all time highs. Implied volatility decreased with the VIX Index dropping by around 4 points to below 12, levels last seen pre-COVID, before increasing by a little again towards month end. In this positive risk-on environment, the Berenberg Guardian Fund posted a slight decline of for the month, mainly attributable to a decrease in value of the option strategies within the hedging bucket. The carry bucket delivered solid yields as expected and the tactical opportunities pillar saw minimal activity. Despite the fund's slight decline, our budgeted approach in the hedging bucket helped mitigate larger declines, and we remain well positioned for future market declines in a market where hedging is cheap and equities are trading at all time highs for many major indices.
Portfolio Management
![](https://www.berenberg.de/uploads/web/Contacts/_900x1201_crop_center-center_none/Urbahn-Ulrich_3_4.jpg)
Ulrich Urbahn
Ulrich Urbahn has been working for Berenberg since October 2017 and is responsible for quantitative analyses and the devel-opment of strategic and tactical allocation ideas, and is involved in capital market communications. He is a member of the Asset Allocation Committee and portfolio manager of the Berenberg Variato. After graduating in economics and mathematics from the University of Heidelberg, he worked for more than 10 years at Commerzbank, among others, as a senior cross asset strate-gist. Mr Urbahn is a CFA charterholder and was part of the three best multi-asset research teams worldwide in the renowned Extel survey for many years.
![](https://www.berenberg.de/uploads/web/Contacts/_900x1200_crop_center-center_none/BER_sRGB_CLoehrhoff_Philipp_Crop.jpg)
Philipp Loehrhoff
Philipp Löhrhoff joined Berenberg in 2021 and is a portfolio manager in the Multi Asset team. In his previous roles he worked closely with institutional investors to structure, develop and place bespoke hedging and investment solutions. He is an expert for quantitative investment strategies as well as cross asset solutions with a particular focus on equity and fixed income. He spent several years at Goldman Sachs, BNP Paribas and Natixis in London. Philipp holds a Master‘s degree in Finance and Economics and a Bachelor’s degree in Econometrics and Mathematical Economics from the London School of Economics and Political Science (LSE).
![](https://www.berenberg.de/uploads/web/Contacts/_900x1200_crop_center-center_none/Kemper-Ludwig_3_4_neu.jpg)
Ludwig Kemper
Ludwig Kemper has been working as a strategist since 2019 and as a portfolio manager since 2021 at Berenberg’s Multi Asset unit. His responsibilities include the generation of investment ideas and the preparation of analyses to support investment decisions. Ludwig focuses on the commodities sector and derivatives markets. Previously, he completed a dual study programme at Berenberg in cooperation with the Hamburg School of Business Administration. In his rotations, he worked in investment banking, equity research and asset management. He received his Bachelor's degree as valedictorian of his class. Ludwig is a CFA charterholder.