Investment Strategy
Prof. Dr. Bernd Meyer and Ulrich Urbahn are responsible for the Berenberg Variato, a flexible multi-asset fund focused on high potential individual ideas. Long term positions in niche capital market segments are supplemented by thematic investments and tactical opportunities. Investments are made across all asset classes and regions and are deliberately benchmark-agnostic. This flexible concept is thus not tied to any predefined asset weights or asset classes. The fund’s goal is to generate sustainable and attractive returns with reduced participation in strong drawdowns while tolerating short to medium-term fluctuations in value. With multi-level risk management it targets an above-average risk/return ratio.
- Flexible-opportunistic multi-asset concept with focus on capital market niches, megatrends and tactical ideas
- The fund is not managed with regards to a market benchmark.
- Target return min. 4% p.a. after costs over a medium-term period of five years
- Dynamic und flexible allocation based on the current market environment
- The investment universe comprises individual securities, funds, ETFs and derivatives
Learn more about our Berenberg Multi Asset investment philosophy
Fund data
| ISIN | LU1878856043 |
|---|---|
| WKN | A2N6AQ |
| Inception date | 18.12.2018 |
| Issue price (19.11.2024) | 138.12 EUR |
| Redemption price (19.11.2024) | 131.54 EUR |
| Fund volume | 240.05 Mio. EUR |
| Share class volume | 29.51 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 | Accumulating |
| End of financial year | 31.12. |
| Registration and Distribution | DE, AT, CH, LU |
| SFDR Classification (Sustainable Finance Disclosure Regulation) | Article 8 |
Costs
| Issue surcharge | Up to 5.00% |
|---|---|
| Flat-rate fee p.a. | 1.56% |
| Total Expense Ratio (TER) p.a. | 1.80% |
| Performance fee | 20% of performance above threshold cumulative 4% p.a. with high watermark |
Chances and risks
| Chances | Risks |
|---|---|
| Attractive return potential over the medium to long term | High volatility of equities, riskier bonds and currencies, price losses possible |
| Above | Share value may fall below the purchase price at which the client acquired the share |
| average performance by exploiting investment opportunities across regions and asset classes, focusing on attractive market segments and structural investment themes | No guarantee of success due to active and opportunistic management |
| Possible additional returns through active and opportunistic management | Entering into index and currency futures to manage quotas may increase the risk of loss, at least temporarily |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | - | - | - | - | - | - | - | - | - | - | - | -1.17 | -1.17 |
| 2019 | 3.81 | 1.26 | 0.90 | 1.61 | -1.31 | -0.93 | 1.06 | -0.27 | 0.01 | -0.05 | 1.64 | 1.65 | 9.68 |
| 2020 | -0.75 | -0.78 | -5.05 | 7.98 | 1.96 | 1.48 | 2.27 | 2.02 | -0.58 | -0.81 | 3.66 | 2.62 | 14.35 |
| 2021 | 0.76 | 0.92 | 1.77 | 1.89 | 0.30 | 1.93 | -0.11 | 1.27 | -1.69 | 1.32 | -0.67 | 0.88 | 8.85 |
| 2022 | -6.40 | -1.81 | 2.49 | -3.19 | -2.71 | -4.49 | 4.46 | -1.15 | -5.50 | 2.36 | 2.83 | -2.40 | -15.05 |
| 2023 | 3.51 | -0.56 | -0.75 | -0.85 | 0.86 | -1.39 | 1.47 | -0.82 | -0.80 | -1.83 | 3.36 | 2.98 | 5.09 |
| 2024 | 1.00 | 0.72 | 2.23 | 0.06 | 0.77 | 1.38 | 0.80 | 0.27 | 0.88 | -0.26 | - | - | 9.21 |
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 5.00% he has to payEUR 50.00 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 | 13.95% |
|---|---|
| 3 years | -4.13% |
| 5 years | 24.01% |
| since inception | 31.54% |
| Max. Drawdown 5 years | -19.16% |
Source: Berenberg, Management company | State: 19 Nov 2024
Risk figures
| Volatility - 1 year | 5.18% |
|---|---|
| Volatility - 3 years | 6.77% |
| Sharpe Ratio - 3 years | -0.51 |
| Maximum Drawdown - since inception | -19.16% |
Currencies
Asset classes
Top Holdings
Equities - Sectors
Equities - Countries
Bonds - Sectors
Bonds - Countries
Monthly market comment
The typical de-risking before an event risk, this time the US elections, took a particularly long time to materialise. But by the end of October it had happened. Equities, bonds and gold all fell recently. Possible triggers include a good, but not outstanding Q3 reporting season, a renewed increase in geopolitical risks in the Middle East and globally rising bond yields. In addition to positive macro surprises, higher inflation figures in some cases and increasing concerns about rising government debt triggered the rise in bond yields. The Variato was flat in October. In addition to the big USD allocation, gold, Turkish bonds and Asian equities were key contributors. By contrast, European micro and small caps and tech stocks such as ASML made negative contributions. After the strong US dollar rally, we have at least partially hedged our USD gains with futures. We have also built up a position in US mid caps – these are attractively valued, exhibit positive seasonality in the winter months and should benefit from the ‘America First’ policy should Donald Trump win the US election.
Portfolio Management
Prof. Dr. Bernd Meyer
Prof. Dr. Bernd Meyer has been Chief Investment Strategist at Berenberg Wealth and Asset Management since October 2017, where he is responsible for discretionary multi-asset strategies and wealth management mandates. Prof. Dr. Meyer was initially Head of European Equity Strategy at Deutsche Bank in Frankfurt and London and, from 2010, Head of Global Cross Asset Strategy Research at Commerzbank. In this role Prof. Dr. Meyer has received several awards. In the renowned Extel Survey from 2013 to 2017, he and his team ranked among the top three multi-asset research teams worldwide. Prof. Dr. Meyer is DVFA Investment Analyst, Chartered Financial Analyst (CFA) and guest lecturer for "Empirical Research in Finance" at the University of Trier. He has published numerous articles and two books and received three scientific awards.
Ulrich Urbahn
Ulrich Urbahn has been working for Berenberg since October 2017 and is responsible for quantitative analyses and the devel-opment of strategic and tactical allocation ideas, and is involved in capital market communications. He is a member of the Asset Allocation Committee and portfolio manager of the Berenberg Variato. After graduating in economics and mathematics from the University of Heidelberg, he worked for more than 10 years at Commerzbank, among others, as a senior cross asset strate-gist. Mr Urbahn is a CFA charterholder and was part of the three best multi-asset research teams worldwide in the renowned Extel survey for many years.
