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 | DE000A3ERMA3 |
|---|---|
| WKN | A3ERMA |
| Inception date | 01.11.2023 |
| Issue price (22.10.2026) | 100.79 EUR |
| Redemption price (22.10.2026) | 100.79 EUR |
| Fund volume | 204.17 Mio. EUR |
| Share class volume | 28.31 Mio. EUR |
| Currency Fund / Share Class | EUR / EUR |
| Minimum investment | 500,000.00 EUR |
| 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, FR, CH |
| SFDR Classification (Sustainable Finance Disclosure Regulation) | Article 6 |
Costs
| Issue surcharge | none |
|---|---|
| Flat-rate fee p.a. | 0.81% |
| Total Expense Ratio (TER) p.a. | 0.83% |
| 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 | - | - | - | - | - | - | - | - | - | - | 0.07 | 0.48 | 0.55 |
| 2024 | -0.21 | -0.64 | 0.03 | 0.82 | -0.49 | 0.13 | 0.33 | 0.13 | -0.04 | 0.28 | -0.32 | 0.72 | 0.74 |
| 2025 | -0.25 | 0.46 | 1.16 | 0.69 | -0.29 | -0.21 | -0.17 | -0.27 | -0.34 | -0.14 | -0.06 | -0.27 | 0.30 |
| 2026 | -0.12 | -0.23 | 1.48 | -0.63 | -0.42 | -0.17 | -0.26 | -0.27 | -0.27 | - | - | - | -0.79 |
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. As no issue surcharge is incurred for this share class the gross performance corresponds to the net performance. Additional charges can arise for individual investors (e.g. custody account fees, commissions and other fees). 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 | -1.22% |
|---|---|
| since inception | 0.79% |
Source: Berenberg, Management company | State: 22 Oct 2026
Risk figures
| Volatility - 1 year | 2.17% |
|---|---|
| Maximum Drawdown - since inception | -3.24% |
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
Despite seasonally weaker conditions and a challenging macroeconomic environment, US equity markets proved surprisingly resilient in September. In addition to oil prices rising back above USD 100 per barrel, markets were primarily weighed down by a sharp increase in bond yields. The Fed raised its policy rate by 25 basis points. The yield on 10-year US Treasuries rose by more than 50 basis points over the course of September, moving above 5% for the first time since 2007. Against this backdrop, the S&P 500’s monthly decline of just 0.35% was remarkably modest. This relative strength was primarily driven by the strong performance and substantial index weighting of the major US technology companies. Meanwhile, market breadth narrowed significantly, as numerous individual stocks were already feeling the impact of higher interest rates and rising energy costs. European equities, with fewer major beneficiaries of the AI boom, also struggled in this environment. The Euro Stoxx 50 lost 2.35% in September. Although the S&P 500’s realised 20-day volatility increased by 4 percentage points over the month, it remained low at 11%. Implied volatility, as measured by the VIX, also stood below its long-term average at 16 points at month-end. Despite the larger monthly loss, Europe likewise saw no significant sustained increase in volatility, although the VSTOXX temporarily rose above the 20-point mark. Against the backdrop of surprisingly resilient global equity markets, the Berenberg Guardian recorded a modest loss in September but was able to put on new, attractively priced hedging strategies. This leaves the Guardian well positioned should higher yields and increased volatility in bond markets spill over into equity markets.
Portfolio Management
Ulrich Urbahn
Ulrich Urbahn is a CFA charterholder and, for many years, was part of one of the world’s top three multi-asset research teams in the renowned Extel survey. After earning degrees in economics and mathematics from Heidelberg University, he spent more than ten years at Commerzbank, where he worked, among other roles, as a Senior Cross-Asset Strategist. He has been with Berenberg since October 2017 and heads the Portfolio Management Liquid Alternatives & Solutions as well as the Multi Asset Strategy & Research departments. In addition, he is a voting member of the Investment Committee and is responsible for capital markets communication.
Ludwig Kemper
Ludwig Kemper has been working as a strategist since 2019 and as a portfolio manager since 2021 at Berenberg’s Multi Asset unit. His responsibilities include the generation of investment ideas and the preparation of analyses to support investment decisions. Ludwig focuses on the commodities sector and derivatives markets. Previously, he completed a dual study programme at Berenberg in cooperation with the Hamburg School of Business Administration. In his rotations, he worked in investment banking, equity research and asset management. He received his Bachelor's degree as valedictorian of his class. Ludwig is a CFA charterholder.