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 | DE000A1C0UM4 |
|---|---|
| WKN | A1C0UM |
| Inception date | 20.07.2010 |
| Issue price (27.03.2025) | 62.22 EUR |
| Redemption price (27.03.2025) | 58.98 EUR |
| Fund volume | 119.75 Mio. EUR |
| Share class volume | 57.19 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 | Distributing |
| 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. | 1.43% |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2015 | 2.45 | 1.37 | 0.33 | -0.17 | 0.32 | -2.05 | 1.02 | -2.78 | -2.00 | 2.92 | 0.97 | -2.30 | -0.12 |
| 2016 | -2.63 | -0.04 | 0.83 | 0.41 | 1.43 | -0.64 | 1.48 | 0.27 | -0.17 | -0.58 | 0.04 | 1.93 | 2.29 |
| 2017 | -0.25 | 1.92 | 1.01 | 0.58 | 0.63 | -0.97 | -0.04 | -0.22 | 0.67 | 1.16 | -0.80 | 0.17 | 3.88 |
| 2018 | 0.33 | -1.68 | -1.12 | 1.21 | 0.30 | -0.99 | 0.94 | -0.19 | -0.34 | -2.61 | -0.50 | -2.40 | -6.90 |
| 2019 | 2.82 | 1.39 | 1.20 | 1.51 | -0.74 | 1.54 | 1.38 | 0.73 | 0.13 | -0.25 | 0.92 | 0.57 | 11.74 |
| 2020 | 1.37 | -1.69 | -6.96 | 3.64 | 1.28 | 1.28 | 1.00 | 1.24 | -0.25 | -1.08 | 1.94 | 1.53 | 2.92 |
| 2021 | 0.17 | 0.07 | 1.09 | 1.33 | 0.66 | 0.92 | 0.98 | 0.74 | -1.42 | 1.29 | -0.21 | 0.75 | 6.53 |
| 2022 | -3.12 | -1.34 | 0.63 | -1.10 | -1.82 | -2.99 | 3.06 | -1.84 | -2.80 | -0.07 | 2.16 | -1.78 | -10.66 |
| 2023 | 2.47 | -1.02 | 0.42 | 0.04 | -0.22 | -0.36 | 1.05 | -0.56 | -1.10 | -0.47 | 2.56 | 1.77 | 4.58 |
| 2024 | 0.70 | 0.24 | 2.10 | -0.43 | 0.69 | 0.98 | 0.99 | 0.52 | 0.77 | -0.32 | 1.96 | -0.74 | 7.70 |
| 2025 | 2.63 | 0.24 | - | - | - | - | - | - | - | - | - | - | 1.04 |
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 | 5.80% |
|---|---|
| 3 years | 5.78% |
| 5 years | 21.05% |
| since inception | 29.93% |
| Max. Drawdown 5 years | -12.45% |
Source: Berenberg, Management company | State: 27 Mar 2025
Risk figures
| Volatility - 1 year | 4.23% |
|---|---|
| Volatility - 3 years | 4.12% |
| Sharpe Ratio - 3 years | -0.15 |
| Maximum Drawdown - since inception | -17.01% |
Currencies
Asset classes
Top Holdings
Equities - Sectors
Equities - Countries
Bonds - Sectors
Bonds - Countries
Monthly market comment
Global equities ended February down 0.8%. The technology sector came under pressure on concerns about artificial intelligence, while European banks posted strong gains. Overall, European markets outperformed their US counterparts. Given the current slowdown in US growth, we increased our focus on large-cap companies and reduced our position in the US mid-cap segment. The emerging recovery in China led us to increase our equity exposure in emerging markets. Weaker US economic data, the temporary absence of an escalation in the trade conflict and a loss of momentum in US government bonds led to a decline in yields. Investment grade credit spreads widened slightly in both Europe and the US. We made no significant changes to our bond positioning in February. Duration remains slightly overweight and we focus on a balanced positioning. Overall, 2025 is likely to be characterized by high volatility. While interest rate cuts and fiscal stimulus are supportive, the balance between growth, inflation and political risks remains crucial. A balanced market positioning therefore continues to make sense.
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 has been with the company since June 2009 and heads the Portfolio Management Fixed Income department. As fund manager of the mutual funds Berenberg Euro Bonds and Berenberg Financial Bonds, he is responsible for the selection of corporate bonds. He trained as a banker and then studied business administration at the Catholic University of Eichstätt-Ingolstadt. In 2010, the business graduate was taken on early from the Berenberg trainee program as a fund manager with a focus on derivatives and bonds. Bettinger is a CFA Charterholder, Certified Financial Engineer (CFE) and authorized Eurex trader.
