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 (11.12.2025) | 65.90 EUR |
| Redemption price (11.12.2025) | 62.46 EUR |
| Fund volume | 118.27 Mio. EUR |
| Share class volume | 57.79 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, 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. | 1.43% |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 2.10 | -0.43 | 0.69 | 0.98 | 0.99 | 0.52 | 0.77 | -0.32 | 1.96 | -0.74 | 7.70 |
| 2025 | 2.63 | 0.24 | -2.10 | -0.66 | 1.18 | -0.61 | 0.87 | 0.49 | 1.97 | 2.03 | 0.89 | - | 7.00 |
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 | 5.12% |
|---|---|
| 3 years | 18.69% |
| 5 years | 15.87% |
| since inception | 37.59% |
| Max. Drawdown 5 years | -12.45% |
Source: Berenberg, Management company | State: 11 Dec 2025
Risk figures
| Volatility - 1 year | 4.75% |
|---|---|
| Volatility - 3 years | 4.03% |
| Sharpe Ratio - 3 years | 0.70 |
| Maximum Drawdown - since inception | -17.01% |
Currencies
Asset classes
Top Holdings
Equities - Sectors
Equities - Countries
Bonds - Sectors
Bonds - Countries
Monthly market comment
In November, global risk assets continued their upward trend. However, doubts about elevated valuations in the technology sector and concerns that the U.S. Federal Reserve might refrain from another rate cut in December temporarily led to a pullback in global equity markets. The technology sector in particular came under pressure: the tech-heavy Nasdaq recorded a decline of 1.6% over the course of the month. The STOXX 50 gained around 1.3%, while the S&P 500, due to the stronger euro, posted only a modest increase of 0.3%. Emerging market equities fell by more than 2.6%, mainly due to weaker Asian technology stocks. Overall, most equity sectors advanced, with the healthcare sector performing particularly strongly. Within the portfolio, exposure to financial stocks was increased through purchases of UniCredit and Banco Santander. Novo Nordisk was sold for risk management reasons. Despite ongoing risk aversion, yields on global government bonds mostly rose. Only long-term U.S. Treasury yields declined slightly. In corporate bonds, credit spreads widened by 6 basis points in both the European investment-grade and high-yield segments. The gold price recovered after a volatile October and rose by nearly 5.9%.
Portfolio Management
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.
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.
