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 | DE000A1C0UM4 |
---|---|
WKN | A1C0UM |
Inception date | 20.07.2010 |
Issue price (27.03.2024) | 60.89 EUR |
Redemption price (27.03.2024) | 57.72 EUR |
Fund volume | 125.57 Mio. EUR |
Share class volume | 60.98 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, 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. | 1.36% |
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 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2014 | -0.74 | 1.80 | -0.14 | 0.39 | 1.06 | 0.21 | 0.06 | 1.12 | 0.21 | -0.34 | 0.67 | -0.27 | 4.10 |
2015 | 2.45 | 1.37 | 0.33 | -0.17 | 0.32 | -2.05 | 1.02 | -2.78 | -2.00 | 2.92 | 0.97 | -2.30 | -0.12 |
2016 | -2.63 | -0.04 | 0.83 | 0.41 | 1.43 | -0.64 | 1.48 | 0.27 | -0.17 | -0.58 | 0.04 | 1.93 | 2.29 |
2017 | -0.25 | 1.92 | 1.01 | 0.58 | 0.63 | -0.97 | -0.04 | -0.22 | 0.67 | 1.16 | -0.80 | 0.17 | 3.88 |
2018 | 0.33 | -1.68 | -1.12 | 1.21 | 0.30 | -0.99 | 0.94 | -0.19 | -0.34 | -2.61 | -0.50 | -2.40 | -6.90 |
2019 | 2.82 | 1.39 | 1.20 | 1.51 | -0.74 | 1.54 | 1.38 | 0.73 | 0.13 | -0.25 | 0.92 | 0.57 | 11.74 |
2020 | 1.37 | -1.69 | -6.96 | 3.64 | 1.28 | 1.28 | 1.00 | 1.24 | -0.25 | -1.08 | 1.94 | 1.53 | 2.92 |
2021 | 0.17 | 0.07 | 1.09 | 1.33 | 0.66 | 0.92 | 0.98 | 0.74 | -1.42 | 1.29 | -0.21 | 0.75 | 6.53 |
2022 | -3.12 | -1.34 | 0.63 | -1.10 | -1.82 | -2.99 | 3.06 | -1.84 | -2.80 | -0.07 | 2.16 | -1.78 | -10.66 |
2023 | 2.47 | -1.02 | 0.42 | 0.04 | -0.22 | -0.36 | 1.05 | -0.56 | -1.10 | -0.47 | 2.56 | 1.77 | 4.58 |
2024 | 0.70 | 0.24 | - | - | - | - | - | - | - | - | - | - | 2.86 |
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 | 6.30% |
---|---|
3 years | 1.25% |
5 years | 11.74% |
since inception | 22.80% |
Max. Drawdown 5 years | -13.56% |
Source: Berenberg, Management company | State: 27 Mar 2024
Risk figures
Volatility - 1 year | 3.20% |
---|---|
Volatility - 3 years | 4.07% |
Sharpe Ratio - 3 years | -0.20 |
Maximum Drawdown - since inception | -17.01% |
Currencies
Asset classes
Top Holdings
Equities - Sectors
Equities - Countries
Bonds - Sectors
Bonds - Countries
Monthly market comment
In February, risky asset classes once again outperformed the market with a strong performance. This was due to an improved economic outlook, a good Q4 reporting season, and continued excitement surrounding artificial intelligence. We increased the fund's equity allocation through the purchase of the railway company Canadian Pacific Kansas City Ltd. and the industrial company Sandvik AB. Our decision was based on our confidence in the long-term growth potential of these companies and our friendly approach to risk management. The latest hawkish comments from central banks in the US and Europe suggest that there is no intention of cutting rates at present. Yields on government bonds rose due to the improved economic outlook and surprising inflation data, while credit risk premiums on bonds narrowed significantly. Our decision to maintain a lower duration allocation allowed us to benefit from this development, and we used the rising yields to position ourselves duration-neutral. The price of gold rose compared to the previous month, which benefited the fund due to our overweight in gold.
Portfolio Management
Christoph Netopil
Christoph Netopil has been with Berenberg since 2014. Since 2016 he has been working as a portfolio manager in the area of multi-asset mandates. Besides being the portfolio manager of the multi-asset fund Berenberg Multi Asset Defensive, he is also responsible for total return strategies as well as special mandates with a focus on derivatives and portfolio protection. After graduating in business administration from Goethe University in Frankfurt am Main and working in account management at Allianz Global Investors, the certified stock exchange trader completed a trainee program at Sal. Oppenheim.
Tobias Schäfer
Tobias Schäfer has been with Berenberg since July 2018. As a portfolio manager in private asset management, he is responsible for the fund-heavy asset management core strategies. A further focus is on qualitative fund selection in the equities/bonds and alternative sectors as well as on ETF selection. Mr. Schäfer completed his apprenticeship as a bank clerk at Sparkasse Darmstadt in 2012, where he subsequently worked as an asset management consultant and completed his studies in Banking & Finance at FOM in 2015. During his Master of Finance at the Frankfurt School of Finance, he worked as a working student in institutional multi-asset portfolio management at Union Investment. There he was hired in 2017 after the successful completion of his studies and was responsible for institutional investors as junior portfolio manager in the advisory department.
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