Investment Strategy
It is aimed at investors seeking return opportunities through interest income, hedging and tactical opportunities, particularly in falling markets. In this way, the fund aims to help investors diversify their equity investments. The fund combines fundamental and macroeconomic analysis with quantitative models in a discretionary investment approach. The strategy aims to deliver positive returns with low drawdowns and volatility over 12-month periods, a negative correlation to falling equity markets and a low correlation to "normal" equity markets. These objectives meet the needs of investors seeking steady returns, protection during market downturns and the potential for gains when opportunities arise.
Fund data
| ISIN | DE000A3D9HK3 |
|---|---|
| WKN | A3D9HK |
| Inception date | 01.11.2023 |
| Issue price (02.04.2025) | 104.82 EUR |
| Redemption price (02.04.2025) | 101.77 EUR |
| Fund volume | 79.47 Mio. EUR |
| Share class volume | 1.28 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, CH |
| SFDR Classification (Sustainable Finance Disclosure Regulation) | Article 6 |
Costs
| Issue surcharge | Up to 3.00% |
|---|---|
| Flat-rate fee p.a. | 1.55% |
| Total Expense Ratio (TER) p.a. | 1.61% |
| Performance fee | 15% of the return above a money market investment with interest according to €STR with High Watermark. |
Chances and risks
| Chances | Risks |
|---|---|
| Attractive return potential over the medium to long term | High volatility of shares, riskier bonds and currencies, price losses possible |
| Above-average performance by exploiting investment opportunities across regions and asset classes, with a focus on attractive market segments and structural investment themes | Unit value can fall below the purchase price at which the client acquired the unit |
| Potential for additional returns through active and opportunistic management | No guarantee of success due to active and opportunistic management |
| The conclusion of index and currency futures for quota control can 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | - | - | - | - | - | - | - | - | - | - | 0.00 | 0.43 | 0.43 |
| 2024 | -0.28 | -0.70 | -0.03 | 0.76 | -0.55 | 0.08 | 0.26 | 0.07 | -0.10 | 0.21 | -0.38 | 0.70 | 0.04 |
| 2025 | -0.31 | 0.40 | 1.10 | - | - | - | - | - | - | - | - | - | 1.29 |
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 3.00% he has to payEUR 30.00 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 | 2.22% |
|---|---|
| since inception | 1.77% |
Source: Berenberg, Management company | State: 2 Apr 2025
Risk figures
| Volatility - 1 year | 2.42% |
|---|---|
| Maximum Drawdown - since inception | -1.48% |
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
February continued to be primarily characterised by the new political leadership in the U.S. Increasingly weaker economic data led to lower yields and stock prices, particularly in the U.S. Europe once again outperformed the U.S. stock market and even posted gains. Credit spreads widened further, and the VIX climbed by 3 volatility points in February to just under 20. The gap between the skew of the Euro Stoxx 50 and the S&P 500 has continued to widen in recent weeks. In Europe, the put-call skew is now very flat. Compared to the last 10 years, it is only in the 15th percentile, which is partly due to the relatively low implied volatility and partly to the high willingness to pay for participation in rising prices. The Guardian benefited from the more volatile environment and gained value. The U.S. equity allocations contributed positively, while the European hedges unfortunately did not pay off. The tactical component performed well. Both the SOFR December 2026 futures and a strangle position in the S&P 500 made positive contributions.
Portfolio Management
