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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Further details on the opportunities and risks of this fund can be found in the sales prospectus.
Indexed performance
Performance in 12-month periods
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
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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.
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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.