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 | DE000A2P9Q30 |
|---|---|
| WKN | A2P9Q3 |
| Inception date | 01.10.2020 |
| Issue price (16.10.2026) | 137.54 EUR |
| Redemption price (16.10.2026) | 137.54 EUR |
| Fund volume | 301.99 Mio. EUR |
| Share class volume | 47.01 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, CH, ES |
| SFDR Classification (Sustainable Finance Disclosure Regulation) | Article 8 |
Costs
| Issue surcharge | Up to 5.00% |
|---|---|
| Flat-rate fee p.a. | 0.81% |
| Total Expense Ratio (TER) p.a. | 0.85% |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | - | - | - | - | - | - | - | - | 0.00 | -1.78 | 4.97 | 3.31 | 6.51 |
| 2021 | 0.95 | 1.21 | 1.50 | 3.13 | 0.68 | 2.21 | 2.41 | 2.15 | -3.37 | 3.06 | 0.03 | 0.89 | 15.71 |
| 2022 | -6.88 | -2.29 | 1.95 | -2.76 | -2.48 | -4.38 | 5.69 | -3.40 | -5.13 | 1.12 | 4.02 | -3.01 | -16.89 |
| 2023 | 4.29 | -0.80 | 0.25 | -0.30 | 0.12 | 0.05 | 1.23 | -1.45 | -1.51 | -1.29 | 3.94 | 2.65 | 7.18 |
| 2024 | 0.82 | 1.32 | 1.99 | -1.21 | 1.38 | 1.41 | 0.61 | 0.73 | 0.35 | -1.09 | 2.79 | -1.37 | 7.92 |
| 2025 | 4.03 | -0.32 | -3.65 | -1.97 | 2.23 | -0.66 | 1.11 | 0.55 | 2.56 | 2.88 | 1.27 | 1.16 | 9.30 |
| 2026 | 2.78 | 2.49 | -6.36 | 4.14 | 2.71 | -0.51 | -0.37 | 2.48 | -1.07 | - | - | - | 6.22 |
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 5.00% he has to payEUR 50.00 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 | 8.78% |
|---|---|
| 3 years | 31.59% |
| 5 years | 13.46% |
| since inception | 37.54% |
| Max. Drawdown 5 years | -20.58% |
Source: Berenberg, Management company | State: 16 Oct 2026
Risk figures
| Volatility - 1 year | 8.44% |
|---|---|
| Volatility - 3 years | 7.33% |
| Sharpe Ratio - 3 years | 0.91 |
| Maximum Drawdown - since inception | -20.58% |
Currencies
Asset classes
Top Holdings
Equities - Sectors
Equities - Countries
Bonds - Sectors
Bonds - Countries
Monthly market comment
In September, geopolitical tensions in the Middle East and the associated risk of energy-driven inflation shaped the market environment. Despite brief hopes of de-escalation, Brent crude remained elevated at around USD 100 per barrel. In equities, the S&P 500 edged down 0.4%, while the NASDAQ-100 gained 3.3% on positive momentum in the AI sector (in USD). The MSCI Europe fell 2.4% amid interest rate and energy price risks (in EUR). At the sector level, only technology held up, while interest rate-sensitive sectors posted the largest declines. In the portfolio, we sold BNP Paribas and increased our position in HSBC, reducing our exposure to France while keeping the financials weighting unchanged. Government bond yields in the US and Europe rose across all maturities, accompanied by rate hikes from the Fed and the ECB. The 10-year US Treasury yield climbed 53 basis points over the month to 5.28%, its highest level since 2007. The main drivers at the long end were rising US government debt and waning confidence in government bonds as a defensive asset class. In this environment, European corporate bonds lost 1.4% on average and European government bonds fell 1.5%. The US dollar appreciated 2.4% against the euro. Gold corrected 6.3% over the month as higher real yields raised the opportunity cost of holding it.
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.
