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 (21.05.2026) | 92.62 EUR |
| Redemption price (21.05.2026) | 87.79 EUR |
| Fund volume | 329.98 Mio. EUR |
| Share class volume | 88.07 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 | 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. | 1.57% |
| Performance fee | none |
Chances and risks
| Chances | Risks |
|---|---|
| Long-term asset growth through price gains, dividends, and interest income. | The share value may fall below the purchase price. Significant fluctuations in value and price losses are possible over longer periods and in single years due to the use of equities and derivatives. |
| Stabilization of assets during negative capital market phases through professional risk management and intelligent diversification. | Currency losses due to exchange rate fluctuations are possible for investments in foreign currencies. |
| Improvement of the risk/return profile through active management across various asset classes. | There is no guarantee of success for individual stock analysis and active management. |
| Growth stocks and specific sectors, countries, or market segments may outperform the market in certain phases. | The strategy may temporarily concentrate its investments to a greater or lesser extent in certain sectors, countries, or market segments. This may also involve risks. |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -1.25 | 1.32 | 1.36 | 0.55 | 0.65 | 0.29 | -1.17 | 2.74 | -1.44 | 7.14 |
| 2025 | 3.99 | -0.39 | -3.73 | -2.02 | 2.18 | -0.71 | 1.05 | 0.49 | 2.51 | 2.82 | 1.21 | 1.09 | 8.55 |
| 2026 | 2.74 | 2.43 | -6.42 | 4.10 | - | - | - | - | - | - | - | - | 3.69 |
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 | 12.65% |
|---|---|
| 3 years | 23.60% |
| 5 years | 14.81% |
| since inception | 104.17% |
| Max. Drawdown 5 years | -21.10% |
Source: Berenberg, Management company | State: 21 May 2026
Risk figures
| Volatility - 1 year | 7.83% |
|---|---|
| Volatility - 3 years | 7.08% |
| Sharpe Ratio - 3 years | 0.61 |
| Maximum Drawdown - since inception | -21.10% |
Currencies
Asset classes
Top Holdings
Equities - Sectors
Equities - Countries
Bonds - Sectors
Bonds - Countries
Monthly market comment
In April, global risk assets recovered significantly, although the market environment remained marked by high geopolitical uncertainty. Toward the end of the month, oil prices rose sharply due to increasing tensions between the United States and Iran. However, a very positive earnings season, particularly among technology stocks, provided overall support for equity markets. In this environment, emerging market equities gained 12.9%, benefiting from their high technology weighting, while developed markets also posted gains: Europe advanced 5.4%, and the S&P 500 rose 8.8% (in EUR terms). Within the portfolio, we increased the weighting of AI-related positions through the purchase of Eaton and an increased allocation to the Nasdaq, while reducing exposure to sectors with weakening momentum, particularly luxury goods (sale of LVMH) and healthcare (reduction of Roche, sale of Boston). At the same time, the global economy showed initial signs of slowing, with European economic data in particular disappointing on the downside. Government bond markets also experienced volatility in line with the broader market environment. Yields on 10-year German government bonds ended the month around 3 basis points higher. The recovery in risk assets at the beginning of the month was also reflected in the corporate bond market, where credit spreads on European investment-grade bonds tightened by 15 basis points. Gold benefited little from intermittent hopes of easing tensions in the Middle East and declined by 1.1% over the month.
Portfolio Management
Dejan Djukic
Dejan Djukic heads up portfolio management at Berenberg. He is responsible for the discretionary mandates and the asset management solutions with multi-asset focus. He is a member of the Asset Allocation Committee and portfolio manager of various multi-asset strategies. After completing his Master’s degree in finance, he began his career at Commerzbank AG. Djukic was there responsible for asset allocation for asset management and fund mandates. He was also a voting member of the global investment committee and managed the bank's largest mutual funds and individual mandates. He then took over responsibility for portfolio management at DZ Privatbank S.A.. The team was responsible for the bank's large and special mandates.
Christian Bettinger
Christian Bettinger has been with the company since June 2009 and heads the Portfolio Management Fixed Income department. As fund manager of the mutual funds Berenberg Euro Bonds and Berenberg Financial Bonds, he is responsible for the selection of corporate bonds. He trained as a banker and then studied business administration at the Catholic University of Eichstätt-Ingolstadt. In 2010, the business graduate was taken on early from the Berenberg trainee program as a fund manager with a focus on derivatives and bonds. Bettinger is a CFA Charterholder, Certified Financial Engineer (CFE) and authorized Eurex trader.
