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 (02.05.2024) | 103.16 EUR |
| Redemption price (02.05.2024) | 100.16 EUR |
| Fund volume | 39.21 Mio. EUR |
| Share class volume | 2.32 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 |
| 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. | 1.53% |
| Performance fee | none |
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.
Monthly market comment
In March, global equity markets once again only knew the way up. Unlike in February, however, Europe was ahead of the US this month. The Euro Stoxx 50 gained more than 4% over the month, the S&P 500 just over 3%. Below the surface, there were significant rotations, with the S&P 500 recording the lowest implied 3M correlation since 2006 ( start of recording) at less than 15%. The low correlation coupled with the positive economic outlook, investor optimism and the increased equity allocations of systematic strategies led to very low index volatility, both realised and implied. The maximum drawdown since the start of the year is just 1.7%. If it were to remain at this level for this year, it would be the lowest level ever. Our hedges in the hedging bucket expired worthless in this extremely positive environment. However, thanks to our budget approach, we were able to limit losses as in previous months. Thanks to volatile but ultimately stagnating interest rates, our carry bucket was able to fully offset the losses from the hedging bucket, so that the Berenberg Guardian closed the month of March slightly positive overall despite strong equity markets.
Portfolio Management
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.
Philipp Loehrhoff
Philipp Löhrhoff joined Berenberg in 2021 and is a portfolio manager in the Multi Asset team. In his previous roles he worked closely with institutional investors to structure, develop and place bespoke hedging and investment solutions. He is an expert for quantitative investment strategies as well as cross asset solutions with a particular focus on equity and fixed income. He spent several years at Goldman Sachs, BNP Paribas and Natixis in London. Philipp holds a Master‘s degree in Finance and Economics and a Bachelor’s degree in Econometrics and Mathematical Economics from the London School of Economics and Political Science (LSE).
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.