Investment Strategy
The Berenberg Multi Asset Defensive fund pursues a defensive global multi-asset strategy with a focus on Europe. Central to the approach is a broad diversification across asset classes, segments, sectors, currencies and regions to take advantage of beneficial correlation properties that go beyond traditional equity and bond investments. A special focus is on uncorrelated alternative investments, not only as an additional source of income but also as a source of stability. The active management of investment ratios, capital commitment periods as well as regional and sectoral allocations, especially from a risk management perspective, ensures participation in the capital markets while having a defensive investment approach.
- Modern solution for risk-aware investors
- Active positioning against a mixed market benchmark
- Maximum equity allocation of 30%
- Investment universe includes individual stocks, funds, ETFs and derivatives
Learn more about our Berenberg Multi Asset investment philosophy
Fund data
| ISIN | DE000A1H6HG5 |
|---|---|
| WKN | A1H6HG |
| Inception date | 21.03.2011 |
| Issue price (07.08.2026) | 73.16 EUR |
| Redemption price (07.08.2026) | 69.35 EUR |
| Fund volume | 109.41 Mio. EUR |
| Share class volume | 52.12 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 | Accumulating |
| End of financial year | 31.12. |
| Registration and Distribution | DE, AT |
| SFDR Classification (Sustainable Finance Disclosure Regulation) | Article 8 |
Costs
| Issue surcharge | Up to 5.50% |
|---|---|
| Flat-rate fee p.a. | 1.36% |
| Total Expense Ratio (TER) p.a. | 1.37% |
| Performance fee | none |
Chances and risks
| Chances | Risks |
|---|---|
| Attractive return potential over the medium to long term | Volatility of equities, bonds and currencies can lead to price losses |
| Above-average performance by exploiting investment opportunities across regions and asset classes, with a focus on intelligent diversification | Unit value may fall below the purchase price at which the customer acquired the unit |
| Stabilization of assets in negative capital market phases through professional risk controlling | No guarantee of success through active management Derivative transactions: Increased opportunities are accompanied by increased risks of loss. Furthermore, the fund's profit opportunities may also be reduced by hedging against losses using derivatives |
| Possible additional returns through active management |
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 | -2.62 | -0.06 | 0.85 | 0.40 | 1.44 | -0.65 | 1.49 | 0.27 | -0.16 | -0.58 | 0.04 | 1.92 | 2.28 |
| 2017 | -0.25 | 1.93 | 1.00 | 0.56 | 0.63 | -0.96 | -0.04 | -0.22 | 0.68 | 1.14 | -0.79 | 0.17 | 3.87 |
| 2018 | 0.33 | -1.69 | -1.11 | 1.20 | 0.30 | -0.99 | 0.95 | -0.19 | -0.34 | -2.60 | -0.50 | -2.42 | -6.91 |
| 2019 | 2.83 | 1.38 | 1.23 | 1.51 | -0.76 | 1.54 | 1.41 | 0.73 | 0.13 | -0.25 | 0.91 | 0.59 | 11.78 |
| 2020 | 1.36 | -1.69 | -6.95 | 3.62 | 1.30 | 1.27 | 1.01 | 1.22 | -0.25 | -1.08 | 1.94 | 1.53 | 2.91 |
| 2021 | 0.17 | 0.07 | 1.09 | 1.32 | 0.68 | 0.91 | 1.00 | 0.74 | -1.42 | 1.28 | -0.20 | 0.75 | 6.54 |
| 2022 | -3.13 | -1.34 | 0.63 | -1.10 | -1.83 | -2.98 | 3.06 | -1.81 | -2.81 | -0.07 | 2.16 | -1.77 | -10.67 |
| 2023 | 2.46 | -1.01 | 0.41 | 0.04 | -0.21 | -0.36 | 1.06 | -0.57 | -1.11 | -0.45 | 2.57 | 1.77 | 4.59 |
| 2024 | 0.70 | 0.24 | 2.09 | -0.42 | 0.68 | 0.98 | 1.00 | 0.53 | 0.77 | -0.33 | 1.95 | -0.72 | 7.69 |
| 2025 | 2.64 | 0.24 | -2.11 | -0.66 | 1.18 | -0.61 | 0.87 | 0.49 | 1.95 | 2.02 | 0.88 | 0.89 | 7.98 |
| 2026 | 2.59 | 1.88 | -4.93 | 2.25 | 1.70 | -0.41 | -0.66 | - | - | - | - | - | 3.96 |
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 | 10.66% |
|---|---|
| 3 years | 24.64% |
| 5 years | 14.01% |
| since inception | 39.88% |
| Max. Drawdown 5 years | -12.44% |
Source: Berenberg, Management company | State: 7 Aug 2026
Risk figures
| Volatility - 1 year | 5.93% |
|---|---|
| Volatility - 3 years | 4.84% |
| Sharpe Ratio - 3 years | 0.97 |
| Maximum Drawdown - since inception | -16.55% |
Currencies
Asset classes
Top Holdings
Equities - Sectors
Equities - Countries
Bonds - Sectors
Bonds - Countries
Monthly market comment
In July, global risk assets showed mixed performance, with the resurgence of Middle East tensions and a sharp technology sector selloff dominating markets, while solid Q2 earnings supported broader equity market gains. Emerging market equities fell the most with -3.0%, while MSCI Europe closed at +1.0% and the S&P 500 posted -1.0% (in EUR). At the sector level, energy and financial equities were particularly sought-after, whereas technology stocks recorded the steepest losses. In the portfolio, the overweight in the financial sector was increased through the purchase of Banco Bilbao Vizcaya Argentaria (BBVA). Government bond yields rose significantly across the curve as a result of sharply higher energy prices and a more hawkish US Federal Reserve meeting, while risk spreads in the investment-grade and high-yield segments widened only marginally over the course of the month. The 10-year yield on German Bunds rose by 35 basis points to 3.2%, reaching a new 15-year high. The broad USD index declined 1.3% month-over-month, while gold managed to stabilize and gained approximately 1.0% in July.
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.