Investment Strategy
The Berenberg Multi Asset Balanced fund pursues a balanced strategy comprising equities, bonds, alternative investments and cash. The strategy aims at a balanced participation in the capital market and a long-term focus on structural growth trends and quality companies. The respective investment ratios are actively and dynamically managed based on the relative attractiveness of the asset class. In the equity segment, the focus lies on high-quality growth companies. European issuers with good credit ratings dominate on the bond side. Promising niche segments are covered via active funds. Alternative investments provide uncorrelated returns that stabilize the portfolio.
- Our classic multi-asset strategy for balanced participation in the capital market
- Active positioning against a mixed market benchmark
- Maximum equity allocation of 65%
- The investment universe primarily comprises individual securities, but also funds and ETFs
Learn more about our Berenberg Multi Asset investment philosophy
Fund data
| ISIN | DE000A0RC5F0 |
|---|---|
| WKN | A0RC5F |
| Inception date | 15.01.2009 |
| Issue price (12.04.2024) | 80.88 EUR |
| Redemption price (12.04.2024) | 76.66 EUR |
| Fund volume | 326.74 Mio. EUR |
| Share class volume | 79.75 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 |
| SFDR Classification (Sustainable Finance Disclosure Regulation) | Article 8 |
Costs
| Issue surcharge | Up to 5.50% |
|---|---|
| Flat-rate fee p.a. | 1.56% |
| Total Expense Ratio (TER) p.a. | 1.55% |
| Performance fee | none |
Chances and risks
| Chances | Risks |
|---|---|
| Asset preservation, primarily achieved through interest income, dividends and price gains | Substantial fluctuations in value and significant price losses possible |
| Stabilization of assets in negative capital market phases through professional risk management and intelligent diversification | Currency losses due to exchange rate fluctuations |
| Improvement of the risk/return profile through active management across all bond segments | Limited participation in positive performance of individual bond segments due to broad diversification and negative selection effects in individual security and fund selection |
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 | -1.14 | 1.68 | -0.32 | 0.73 | 1.37 | 0.22 | -0.33 | 1.34 | 0.40 | -0.16 | 1.27 | -0.24 | 4.86 |
| 2015 | 3.61 | 2.57 | 0.65 | -0.41 | 0.68 | -2.35 | 0.83 | -3.94 | -2.32 | 4.10 | 1.48 | -3.27 | 1.23 |
| 2016 | -3.96 | -0.45 | 0.39 | -0.12 | 1.64 | -0.78 | 1.75 | -0.02 | -0.21 | -1.16 | 0.18 | 2.34 | -0.55 |
| 2017 | -0.24 | 2.26 | 0.98 | 0.33 | 0.38 | -1.16 | -0.61 | -0.39 | 1.41 | 1.08 | -1.14 | 0.53 | 3.44 |
| 2018 | 0.80 | -2.05 | -1.89 | 1.92 | 1.90 | -1.15 | 1.31 | 0.56 | -0.52 | -4.51 | -0.32 | -4.59 | -8.46 |
| 2019 | 4.96 | 2.34 | 1.87 | 3.46 | -1.90 | 2.60 | 1.56 | -0.02 | 0.26 | 0.68 | 2.41 | 1.52 | 21.43 |
| 2020 | 0.45 | -3.47 | -8.76 | 6.72 | 3.27 | 1.97 | 1.49 | 2.75 | -0.48 | -1.83 | 4.94 | 3.26 | 9.76 |
| 2021 | 0.90 | 1.16 | 1.45 | 3.09 | 0.62 | 2.17 | 2.35 | 2.11 | -3.43 | 3.02 | -0.02 | 0.84 | 15.03 |
| 2022 | -6.95 | -2.34 | 1.90 | -2.82 | -2.54 | -4.45 | 5.64 | -3.47 | -5.20 | 1.06 | 3.96 | -3.08 | -17.49 |
| 2023 | 4.23 | -0.85 | 0.19 | -0.36 | 0.04 | 0.00 | 1.17 | -1.52 | -1.56 | -1.33 | 3.86 | 2.59 | 6.41 |
| 2024 | 0.76 | 1.26 | 1.93 | - | - | - | - | - | - | - | - | - | 4.02 |
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 | 7.05% |
|---|---|
| 3 years | -0.45% |
| 5 years | 25.90% |
| since inception | 76.11% |
| Max. Drawdown 5 years | -21.10% |
Source: Berenberg, Management company | State: 12 Apr 2024
Risk figures
| Volatility - 1 year | 4.82% |
|---|---|
| Volatility - 3 years | 7.50% |
| Sharpe Ratio - 3 years | -0.20 |
| Maximum Drawdown - since inception | -21.10% |
Currencies
Asset classes
Top Holdings
Equities - Sectors
Equities - Countries
Bonds - Sectors
Bonds - Countries
Monthly market comment
In March, there were increasing signs that the European economy may also have passed the trough. Driven by a strong service sector, the Purchasing Managers' Index for the eurozone exceeded the expansion threshold. At the same time, inflation continued to cool, which means that central banks are unlikely to see stronger economic data as a threat and can realize the potential interest rate cuts as planned. Cyclical market segments benefited, while quality stocks underperformed due to more positive economic expectations. Purchases of cyclical stocks made in recent months paid off, but our focus on quality had a negative impact. We continued to buy cyclical stocks such as Schneider Elektrik and Sandvik in March. On the bond side, we have increased our exposure in short-term high-yield bonds as we see more potential here in a strong economy. We were particularly pleased with our strong overweight in gold, which gained 9% in March and reached new all-time highs despite high real interest rates and ETF outflows.
Portfolio Management
Ansgar Nolte
Ansgar Nolte, CFA, has headed the Multi Asset Portfolio Management division at Berenberg since 2013. In this function, he has been responsible for balanced and equity-oriented strategies since the beginning of 2018. He is a member of the Asset Allocation Committee and in this function is jointly responsible for the tactical asset allocation and the house view. After completing his banking apprenticeship, he continued his training as a part-time bank business economist (BA). He is also a CFA charterholder. Before joining Berenberg in 2011, he worked for several years as a senior portfolio manager for UBS and previously for Deutsche Bank in Hamburg. He has more than 20 years of professional experience in portfolio management, of which more than ten years in management positions
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.
Marco Höchst
Marco Höchst joined the bank in November 2016. As a multi asset portfolio manager, he is co-responsible for offensive and balanced strategies as well as the Berenberg Multi Asset Balanced. Additionally, he contributes to idea generation and the overall market opinion with a focus on equity market analysis in a multi-asset context. He received his Bachelor's and Master's degrees from Goethe University in Frankfurt a.M. in Finance, where he graduated in the top 10%. He was awarded the CFA charter in 2021. Previously he gained experience in portfolio management at Hauck & Aufhäuser and the H&A Global Investment Management, where he co-managed the convertible bond fund.
