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
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Fund data
ISIN | DE000A0RC5F0 |
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WKN | A0RC5F |
Inception date | 15.01.2009 |
Issue price (29.08.2024) | 82.93 EUR |
Redemption price (29.08.2024) | 78.61 EUR |
Fund volume | 332.22 Mio. EUR |
Share class volume | 85.24 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 | Distributing |
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% |
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Flat-rate fee p.a. | 1.56% |
Total Expense Ratio (TER) p.a. | 1.55% |
Performance fee | none |
Chances and risks
Chances | Risks |
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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 | -1.14 | 1.68 | -0.32 | 0.73 | 1.37 | 0.22 | -0.33 | 1.34 | 0.40 | -0.16 | 1.27 | -0.24 | 4.86 |
2015 | 3.61 | 2.57 | 0.65 | -0.41 | 0.68 | -2.35 | 0.83 | -3.94 | -2.32 | 4.10 | 1.48 | -3.27 | 1.23 |
2016 | -3.96 | -0.45 | 0.39 | -0.12 | 1.64 | -0.78 | 1.75 | -0.02 | -0.21 | -1.16 | 0.18 | 2.34 | -0.55 |
2017 | -0.24 | 2.26 | 0.98 | 0.33 | 0.38 | -1.16 | -0.61 | -0.39 | 1.41 | 1.08 | -1.14 | 0.53 | 3.44 |
2018 | 0.80 | -2.05 | -1.89 | 1.92 | 1.90 | -1.15 | 1.31 | 0.56 | -0.52 | -4.51 | -0.32 | -4.59 | -8.46 |
2019 | 4.96 | 2.34 | 1.87 | 3.46 | -1.90 | 2.60 | 1.56 | -0.02 | 0.26 | 0.68 | 2.41 | 1.52 | 21.43 |
2020 | 0.45 | -3.47 | -8.76 | 6.72 | 3.27 | 1.97 | 1.49 | 2.75 | -0.48 | -1.83 | 4.94 | 3.26 | 9.76 |
2021 | 0.90 | 1.16 | 1.45 | 3.09 | 0.62 | 2.17 | 2.35 | 2.11 | -3.43 | 3.02 | -0.02 | 0.84 | 15.03 |
2022 | -6.95 | -2.34 | 1.90 | -2.82 | -2.54 | -4.45 | 5.64 | -3.47 | -5.20 | 1.06 | 3.96 | -3.08 | -17.49 |
2023 | 4.23 | -0.85 | 0.19 | -0.36 | 0.04 | 0.00 | 1.17 | -1.52 | -1.56 | -1.33 | 3.86 | 2.59 | 6.41 |
2024 | 0.76 | 1.26 | 1.93 | -1.25 | 1.32 | 1.36 | 0.55 | 0.59 | - | - | - | - | 6.67 |
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 | 10.22% |
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3 years | -5.90% |
5 years | 24.62% |
since inception | 80.59% |
Max. Drawdown 5 years | -21.10% |
Source: Berenberg, Management company | State: 29 Aug 2024
Risk figures
Volatility - 1 year | 5.65% |
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Volatility - 3 years | 7.56% |
Sharpe Ratio - 3 years | -0.50 |
Maximum Drawdown - since inception | -21.10% |
Currencies
Asset classes
Top Holdings
Equities - Sectors
Equities - Countries
Bonds - Sectors
Bonds - Countries
Monthly market comment
Equity markets continued to rise in the first half of the month, with the S&P 500 reaching a new all-time high. The release of the CPI was a negative surprise. The IT sector, which had previously been the main driver of the index's performance, particularly due to the "Magnificent Seven", corrected in the wake of US President Biden's statement on restricting the sale of semiconductors to China. On the other hand, defensive sectors gained. Small caps also benefited from this development and outperformed large caps. Given the high index levels in the US, the current second quarter reporting season and the upcoming presidential election, we see potential for price corrections and higher volatility in the markets over the summer. For risk management reasons, we swapped the FTSE 100 for the food company Nestlé in order to reduce our underweight in the consumer staples sector. On the bond side, we did not make any significant changes from last month and may consider reducing the duration of the fund in the future. On the commodities side, our overweight in gold paid off as the precious metal reached a new high on the back of falling real interest rates and expectations of rate cuts later in the year.
Portfolio Management
![](https://www.berenberg.de/uploads/web/Contacts/_900x1197_crop_center-center_none/Höchst-Marco-02.jpg)
Marco Höchst
Marco Höchst joined the bank in November 2016. As a multi asset portfolio manager, he is co-responsible for offensive and balanced strategies as well as the Berenberg Multi Asset Balanced. Additionally, he contributes to idea generation and the overall market opinion with a focus on equity market analysis in a multi-asset context. He received his Bachelor's and Master's degrees from Goethe University in Frankfurt a.M. in Finance, where he graduated in the top 10%. He was awarded the CFA charter in 2021. Previously he gained experience in portfolio management at Hauck & Aufhäuser and the H&A Global Investment Management, where he co-managed the convertible bond fund.
![](https://www.berenberg.de/uploads/web/Contacts/_900x1198_crop_center-center_none/Bettinger-Christian-3_4.jpg)
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.