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
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 July, U.S. policy—both trade and fiscal—continued to play a key role in shaping market activity. New trade agreements, including with the EU and Japan, another fiscal package, and a strong U.S. earnings season provided positive momentum: the S&P 500 gained 2.2%, and the Nasdaq rose by 2.4% in USD, driven by continued strength in the technology sector. In Europe, the increase was more moderate, with the Stoxx Europe 50 up by 0.4%. Within the portfolio, the position in London Stock Exchange was reduced. In addition, the position in industrial gases producer Linde was increased, and the defensive North American waste management company Waste Connections was sold. U.S. economic data remained mixed in light of trade policy uncertainties. Yields rose on both sides of the Atlantic—10-year U.S. Treasuries by 15 basis points and German Bunds by 9 basis points. Risk appetite increased, as reflected in narrower spreads on European corporate bonds (–13 basis points). The gold price declined slightly over the course of the month, falling by 0.4%.
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.
