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
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Fund data
ISIN | DE000A1C0UM4 |
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WKN | A1C0UM |
Inception date | 20.07.2010 |
Issue price (29.08.2024) | 62.75 EUR |
Redemption price (29.08.2024) | 59.48 EUR |
Fund volume | 125.09 Mio. EUR |
Share class volume | 59.92 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, AT |
SFDR Classification (Sustainable Finance Disclosure Regulation) | Article 8 |
Costs
Issue surcharge | Up to 5.50% |
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Flat-rate fee p.a. | 1.36% |
Total Expense Ratio (TER) p.a. | 1.36% |
Performance fee | none |
Chances and risks
Chances | Risks |
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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 | -0.74 | 1.80 | -0.14 | 0.39 | 1.06 | 0.21 | 0.06 | 1.12 | 0.21 | -0.34 | 0.67 | -0.27 | 4.10 |
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 | 0.57 | - | - | - | - | 5.99 |
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 | 8.82% |
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3 years | -0.51% |
5 years | 10.39% |
since inception | 26.55% |
Max. Drawdown 5 years | -13.56% |
Source: Berenberg, Management company | State: 29 Aug 2024
Risk figures
Volatility - 1 year | 3.67% |
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Volatility - 3 years | 4.19% |
Sharpe Ratio - 3 years | -0.47 |
Maximum Drawdown - since inception | -17.01% |
Currencies
Asset classes
Top Holdings
Equities - Sectors
Equities - Countries
Bonds - Sectors
Bonds - Countries
Monthly market comment
Equity markets continued to rise in July, with the S&P500 reaching a new all-time high. In the US, the Magnificent Seven and the associated AI euphoria continued to be the main drivers. Following the surprisingly weak US economic data, markets corrected, with defensive sectors benefiting. Small caps also outperformed after a sustained rotation out of large caps. In July, we reduced the Fund's equity allocation due to the expected volatility over the summer months and exited our positions in Latin America and the FTSE 100. On the other hand, we increased our position in the food company Nestlé and added the utility company Iberdrola to the portfolio. On the bond side, we did not make any significant changes in July, but we may consider reducing the Fund's duration in the future. Gold reached a new all-time high on the back of falling real interest rates and expectations of rate cuts later in the year, from which we benefited thanks to our overweight position.
Portfolio Management
![](https://www.berenberg.de/uploads/web/Contacts/_900x1180_crop_center-center_none/Sutter_Daniel_sb_2023.jpg)
Daniel Sutter
Portfolio Management Multi Asset
![](https://www.berenberg.de/uploads/web/Contacts/_900x1200_crop_center-center_none/Schäfer-Tobias_3_4.jpg)
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.
![](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.