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
Further details on the opportunities and risks of this fund can be found in the sales prospectus.
Indexed performance
Performance in 12-month periods
Currencies
Asset classes
Top Holdings
Equities - Sectors
Equities - Countries
Bonds - Sectors
Bonds - Countries
Monthly market comment
In May, market activity continued to be shaped by trade policy developments, with sentiment improving significantly: the threatened U.S. tariffs on EU goods were suspended until July 9, and many tariffs on Chinese products were reduced or suspended until August. In this environment, the S&P 500 posted its best May since 1990, gaining +6.3%. The Nasdaq rose by 9.1% in USD, supported by continued strength in the technology sector, while the Stoxx Europe 50 increased by 3.7%. Following another profit warning, we exited our position in UnitedHealth. In return, we added Symrise—a defensive quality stock in the fragrance and flavor segment—and further increased our position in Alphabet. U.S. tariffs, increased risk appetite, and positive U.S. macroeconomic data drove yields on government bonds higher at both ends of the yield curve. Yields on ten-year U.S. Treasuries temporarily rose to 4.6% due to weak auctions and the Moody's downgrade. German Bunds reacted more moderately (+5 bps), while credit spreads on European investment-grade bonds narrowed by 13 bps. Despite significant fluctuations, the gold price remained almost unchanged at the end of the month. We used a temporary dip in gold to further increase our overweight position. Despite political uncertainties, our base scenario anticipates another bull year, and we view setbacks as potential attractive entry opportunities. We currently favor a balanced and diversified market positioning with an overweight in alternative investments, particularly gold.
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.
