Investment Strategy
The Berenberg Multi Asset Balanced fund pursues a balanced strategy comprising equities, bonds, alternative investments and cash. The strategy aims at a balanced participation in the capital market and a long-term focus on structural growth trends and quality companies. The respective investment ratios are actively and dynamically managed based on the relative attractiveness of the asset class. In the equity segment, the focus lies on high-quality growth companies. European issuers with good credit ratings dominate on the bond side. Promising niche segments are covered via active funds. Alternative investments provide uncorrelated returns that stabilize the portfolio.
- Our classic multi-asset strategy for balanced participation in the capital market
- Active positioning against a mixed market benchmark
- Maximum equity allocation of 65%
- The investment universe primarily comprises individual securities, but also funds and ETFs
Learn more about our Berenberg Multi Asset investment philosophy
Fund data
| ISIN | DE000A0MWKF5 |
|---|---|
| WKN | A0MWKF |
| Inception date | 31.10.2007 |
| Issue price (19.11.2024) | 72.24 EUR |
| Redemption price (19.11.2024) | 68.47 EUR |
| Fund volume | 336.79 Mio. EUR |
| Share class volume | 212.78 Mio. EUR |
| Currency | EUR |
| Minimum investment | - |
| Asset Manager | Joh. Berenberg, Gossler & Co. KG |
| Management company | Universal-Investment-Gesellschaft mbH |
| Custodian | BNP Paribas S.A. Niederlassung Deutschland |
| Use of income | Accumulating |
| End of financial year | 31.12. |
| Registration and Distribution | DE |
| SFDR Classification (Sustainable Finance Disclosure Regulation) | Article 8 |
Costs
| Issue surcharge | Up to 5.50% |
|---|---|
| Flat-rate fee p.a. | 1.56% |
| Total Expense Ratio (TER) p.a. | 1.55% |
| Performance fee | none |
Chances and risks
| Chances | Risks |
|---|---|
| Asset preservation, primarily achieved through interest income, dividends and price gains | Substantial fluctuations in value and significant price losses possible |
| Stabilization of assets in negative capital market phases through professional risk management and intelligent diversification | Currency losses due to exchange rate fluctuations |
| Improvement of the risk/return profile through active management across all bond segments | Limited participation in positive performance of individual bond segments due to broad diversification and negative selection effects in individual security and fund selection |
Further details on the opportunities and risks of this fund can be found in the sales prospectus.
Indexed performance
Performance in 12-month periods
Monthly performance
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2014 | -1.16 | 1.70 | -0.33 | 0.74 | 1.35 | 0.22 | -0.32 | 1.34 | 0.40 | -0.18 | 1.28 | -0.26 | 4.84 |
| 2015 | 3.62 | 2.56 | 0.67 | -0.41 | 0.67 | -2.36 | 0.83 | -3.94 | -2.32 | 4.10 | 1.50 | -3.29 | 1.25 |
| 2016 | -3.96 | -0.45 | 0.39 | -0.12 | 1.66 | -0.78 | 1.74 | -0.02 | -0.22 | -1.16 | 0.18 | 2.34 | -0.55 |
| 2017 | -0.24 | 2.24 | 0.99 | 0.35 | 0.38 | -1.16 | -0.60 | -0.39 | 1.40 | 1.08 | -1.12 | 0.52 | 3.44 |
| 2018 | 0.81 | -2.04 | -1.90 | 1.92 | 1.90 | -1.14 | 1.31 | 0.55 | -0.53 | -4.49 | -0.32 | -4.58 | -8.44 |
| 2019 | 4.95 | 2.36 | 1.85 | 3.47 | -1.89 | 2.59 | 1.56 | 0.00 | 0.24 | 0.69 | 2.40 | 1.52 | 21.42 |
| 2020 | 0.45 | -3.47 | -8.76 | 6.71 | 3.29 | 1.96 | 1.48 | 2.77 | -0.48 | -1.84 | 4.94 | 3.26 | 9.77 |
| 2021 | 0.90 | 1.15 | 1.45 | 3.10 | 0.62 | 2.17 | 2.35 | 2.10 | -3.41 | 3.01 | -0.01 | 0.84 | 15.03 |
| 2022 | -6.94 | -2.35 | 1.91 | -2.82 | -2.54 | -4.46 | 5.64 | -3.46 | -5.20 | 1.06 | 3.96 | -3.08 | -17.50 |
| 2023 | 4.24 | -0.86 | 0.19 | -0.37 | 0.06 | -0.02 | 1.17 | -1.52 | -1.56 | -1.34 | 3.88 | 2.59 | 6.43 |
| 2024 | 0.75 | 1.27 | 1.92 | -1.26 | 1.32 | 1.36 | 0.55 | 0.66 | 0.29 | -1.16 | - | - | 6.60 |
Source: Berenberg, Management company
The charts and tables regarding performance shown here are based on own calculations according to the method developed by the German Investment Funds Association (BVI). They illustrate past performance. Future performance can deviate both positively and negatively from these calculations. Gross performance (BVI method) takes into account all charges at fund level (e.g. management fee), net performance plus the issue surcharge. Additional charges can arise for individual investors (e.g. custody account fees, commissions and other fees). Model calculation (net): An investor wants to purchase fund units for EUR 1,000 EUR. Considering a max issue surcharge of 5.50% he has to payEUR 55.00 for the purchase. Also, fees may be charged for the administration of the safe custody account, which will lower the performance. Past performance is not a reliable indicator of future performance.
Performance after issue surcharge
| 1 year | 11.17% |
|---|---|
| 3 years | -8.32% |
| 5 years | 21.06% |
| since inception | 40.83% |
| Max. Drawdown 5 years | -21.09% |
Source: Berenberg, Management company | State: 19 Nov 2024
Risk figures
| Volatility - 1 year | 5.94% |
|---|---|
| Volatility - 3 years | 7.50% |
| Sharpe Ratio - 3 years | -0.65 |
| Maximum Drawdown - since inception | -25.55% |
Currencies
Asset classes
Top Holdings
Equities - Sectors
Equities - Countries
Bonds - Sectors
Bonds - Countries
Monthly market comment
In October, geopolitical tensions, earnings season and the U.S. election created uncertainty in global equity markets. Europe and emerging markets in particular suffered from waning optimism over China's stimulus measures. Meanwhile, the US slightly outperformed on expectations of a soft landing for the economy and a Trump victory. However, weak quarterly results from some large IT companies led to losses in the S&P 500. In view of the stable US economy, we increased the US equity allocation and added JPMorgan&Chase Co. and a future on the S&P 400 Mid Cap Index to the portfolio in order to benefit from Trump's deregulation and protectionist plans. During the month, U.S. 10-year yields rose sharply on growing expectations of a Republican victory. Gold benefited from the geopolitical tensions and gained 3.8%. Additionally, we have added a silver position to the portfolio in order to benefit from a potential economic recovery. We remain optimistic about equity markets in the medium term, supported by a stable US economy and expected interest rate cuts. Positive impulses from China and a recovery in the euro zone from 2025 onwards could stabilize the markets. If bond yields continue to rise, we would consider increasing the portfolio's duration.
Portfolio Management
Dejan Djukic
Dejan Djukic heads up portfolio management at Berenberg. He is responsible for the discretionary mandates and the asset management solutions with multi-asset focus. He is a member of the Asset Allocation Committee and portfolio manager of various multi-asset strategies. After completing his Master’s degree in finance, he began his career at Commerzbank AG. Djukic was there responsible for asset allocation for asset management and fund mandates. He was also a voting member of the global investment committee and managed the bank's largest mutual funds and individual mandates. He then took over responsibility for portfolio management at DZ Privatbank S.A.. The team was responsible for the bank's large and special mandates.
Christian Bettinger
Christian Bettinger, CFA, has been with the company since June 2009. As fund manager of the mutual funds Berenberg Euro Bonds and Berenberg Credit Opportunities, he is responsible for the selection of corporate bonds in the Multi Asset area. After apprenticeship as a banker and studying business administration at the Catholic University of Eichstaett-Ingolstadt, he first went through the trainee program at Berenberg. In February 2010, the business graduate was taken over early as a junior fund manager with a focus on derivatives and fixed income. Bettinger is a CFA-Charterholder, Certified Financial Engineer (CFE) and admitted Eurex trader.
