Investment Strategy
The Berenberg Multi Asset Defensive fund pursues a defensive global multi-asset strategy with a focus on Europe. Central to the approach is a broad diversification across asset classes, segments, sectors, currencies and regions to take advantage of beneficial correlation properties that go beyond traditional equity and bond investments. A special focus is on uncorrelated alternative investments, not only as an additional source of income but also as a source of stability. The active management of investment ratios, capital commitment periods as well as regional and sectoral allocations, especially from a risk management perspective, ensures participation in the capital markets while having a defensive investment approach.
- Modern solution for risk-aware investors
- Active positioning against a mixed market benchmark
- Maximum equity allocation of 30%
- Investment universe includes individual stocks, funds, ETFs and derivatives
Learn more about our Berenberg Multi Asset investment philosophy
Fund data
| ISIN | DE000A1H6HG5 |
|---|---|
| WKN | A1H6HG |
| Inception date | 21.03.2011 |
| Issue price (19.12.2024) | 65.26 EUR |
| Redemption price (19.12.2024) | 61.86 EUR |
| Fund volume | 123.74 Mio. EUR |
| Share class volume | 56.32 Mio. EUR |
| Currency Fund / Share Class | EUR / 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, AT |
| SFDR Classification (Sustainable Finance Disclosure Regulation) | Article 8 |
Costs
| Issue surcharge | Up to 5.50% |
|---|---|
| Flat-rate fee p.a. | 1.36% |
| Total Expense Ratio (TER) p.a. | 1.36% |
| Performance fee | none |
Chances and risks
| Chances | Risks |
|---|---|
| Attractive return potential over the medium to long term | Volatility of equities, bonds and currencies can lead to price losses |
| Above-average performance by exploiting investment opportunities across regions and asset classes, with a focus on intelligent diversification | Unit value may fall below the purchase price at which the customer acquired the unit |
| Stabilization of assets in negative capital market phases through professional risk controlling | No guarantee of success through active management Derivative transactions: Increased opportunities are accompanied by increased risks of loss. Furthermore, the fund's profit opportunities may also be reduced by hedging against losses using derivatives |
| Possible additional returns through active management |
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 | -0.71 | 1.79 | -0.14 | 0.38 | 1.07 | 0.22 | 0.06 | 1.13 | 0.20 | -0.33 | 0.67 | -0.27 | 4.10 |
| 2015 | 2.43 | 1.38 | 0.34 | -0.17 | 0.32 | -2.05 | 1.02 | -2.79 | -1.99 | 2.93 | 0.97 | -2.30 | -0.12 |
| 2016 | -2.62 | -0.06 | 0.85 | 0.40 | 1.44 | -0.65 | 1.49 | 0.27 | -0.16 | -0.58 | 0.04 | 1.92 | 2.28 |
| 2017 | -0.25 | 1.93 | 1.00 | 0.56 | 0.63 | -0.96 | -0.04 | -0.22 | 0.68 | 1.14 | -0.79 | 0.17 | 3.87 |
| 2018 | 0.33 | -1.69 | -1.11 | 1.20 | 0.30 | -0.99 | 0.95 | -0.19 | -0.34 | -2.60 | -0.50 | -2.42 | -6.91 |
| 2019 | 2.83 | 1.38 | 1.23 | 1.51 | -0.76 | 1.54 | 1.41 | 0.73 | 0.13 | -0.25 | 0.91 | 0.59 | 11.78 |
| 2020 | 1.36 | -1.69 | -6.95 | 3.62 | 1.30 | 1.27 | 1.01 | 1.22 | -0.25 | -1.08 | 1.94 | 1.53 | 2.91 |
| 2021 | 0.17 | 0.07 | 1.09 | 1.32 | 0.68 | 0.91 | 1.00 | 0.74 | -1.42 | 1.28 | -0.20 | 0.75 | 6.54 |
| 2022 | -3.13 | -1.34 | 0.63 | -1.10 | -1.83 | -2.98 | 3.06 | -1.81 | -2.81 | -0.07 | 2.16 | -1.77 | -10.67 |
| 2023 | 2.46 | -1.01 | 0.41 | 0.04 | -0.21 | -0.36 | 1.06 | -0.57 | -1.11 | -0.45 | 2.57 | 1.77 | 4.59 |
| 2024 | 0.70 | 0.24 | 2.09 | -0.42 | 0.68 | 0.98 | 1.00 | 0.53 | 0.77 | -0.33 | 1.95 | - | 7.83 |
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 | 7.96% |
|---|---|
| 3 years | 1.54% |
| 5 years | 10.84% |
| since inception | 24.77% |
| Max. Drawdown 5 years | -13.56% |
Source: Berenberg, Management company | State: 19 Dec 2024
Risk figures
| Volatility - 1 year | 3.87% |
|---|---|
| Volatility - 3 years | 4.22% |
| Sharpe Ratio - 3 years | -0.40 |
| Maximum Drawdown - since inception | -16.55% |
Currencies
Asset classes
Top Holdings
Equities - Sectors
Equities - Countries
Bonds - Sectors
Bonds - Countries
Monthly market comment
Trump's victory in November led to a rally in risky assets such as U.S. stocks, U.S. dollar, and Bitcoin. U.S. stocks in the financial and industrial sectors benefited from expectations of deregulation, while European and emerging market stocks declined due to weak economic data. Increasing the equity allocation and focusing on U.S. stocks, particularly through the U.S. Midcap Future, paid off after the election. Trump's "America First" agenda further widened the gap between U.S. stocks and the rest of the world, supported by a stronger dollar. The 10-year Treasury yield fell from 2.45% to 2.08%, pressured by political uncertainty and weaker economic data. Due to rising interest rate volatility, we remain neutral in duration positioning and slightly reduced credit risk. Gold closed lower as a strong U.S. dollar and rising bond yields triggered profit-taking. We have tactically increased our position in silver slightly. The globally loose monetary and fiscal policy is expected to support markets further, though there are risks due to uncertainties in U.S. trade and foreign policy, as well as inflation and government debt developments. At the same time, the stock market remains attractive despite political uncertainties, supported by solid earnings growth and an increasing number of corporate acquisitions.
Portfolio Management
Daniel Sutter
Portfolio Management Multi Asset
Tobias Schäfer
Tobias Schäfer has been with Berenberg since July 2018. As a portfolio manager in private asset management, he is responsible for the fund-heavy asset management core strategies. A further focus is on qualitative fund selection in the equities/bonds and alternative sectors as well as on ETF selection. Mr. Schäfer completed his apprenticeship as a bank clerk at Sparkasse Darmstadt in 2012, where he subsequently worked as an asset management consultant and completed his studies in Banking & Finance at FOM in 2015. During his Master of Finance at the Frankfurt School of Finance, he worked as a working student in institutional multi-asset portfolio management at Union Investment. There he was hired in 2017 after the successful completion of his studies and was responsible for institutional investors as junior portfolio manager in the advisory department.
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.
