Investment Strategy
The Berenberg Sustainable Stiftung fund is a sustainable and distribution-orientated multi-asset fund that takes foundation-specific aspects into account at limited risk. The objective of the defensively oriented portfolio is to exploit opportunities and generate earnings potential in order to ensure long-term real capital preservation and the generation of steady returns. This especially includes the active management of investment ratios, the capital commitment period as well as regional and sectoral allocation. Due to the focus on the inclusion of Berenberg’s sustainability criteria in the selection process, the strategy is especially suitable for investors with social commitments or high moral and ethical standards.
- Sustainable multi-asset solution with distribution focus
- Active management within fixed ranges per asset class
- Active positioning against a mixed market benchmark
- Maximum equity allocation of 35%
- The investment universe comprises mainly single securities
Learn more about our Berenberg Multi Asset investment philosophy
Fund data
| ISIN | DE000A0RE972 |
|---|---|
| WKN | A0RE97 |
| Inception date | 04.05.2009 |
| Issue price (11.06.2026) | 52.63 EUR |
| Redemption price (11.06.2026) | 49.89 EUR |
| Fund volume | 142.59 Mio. EUR |
| Share class volume | 105.49 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. | 1.16% |
| Total Expense Ratio (TER) p.a. | 1.17% |
| Performance fee | none |
Chances and risks
| Chances | Risks |
|---|---|
| Asset preservation, primarily achieved through interest income, but also through dividends and price gains | Moderate fluctuations in value due to interest rate risks and a low equity component |
| Stabilization of assets in negative capital market phases through professional risk management and intelligent diversification | Price losses possible in individual stock market years |
| Improvement of the risk/return profile through active management across all asset classes | Currency losses due to exchange rate fluctuations |
| Promotion of sustainable management by taking sustainability criteria into account | Limited participation in positive performance of individual asset classes due to broad diversification and negative selection effects in the selection of individual securities and funds |
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 | -1.49 | -0.44 | 0.73 | 0.09 | 1.00 | -0.30 | 1.10 | 0.14 | -0.15 | -0.74 | -0.70 | 1.24 | 0.46 |
| 2017 | -0.25 | 1.53 | 0.44 | 0.61 | 0.71 | -1.15 | 0.21 | 0.15 | 0.36 | 0.96 | -0.37 | -0.02 | 3.17 |
| 2018 | 0.27 | -0.76 | -0.65 | 0.89 | 0.29 | -0.54 | 0.82 | 0.23 | -0.38 | -1.79 | -0.47 | -1.81 | -3.87 |
| 2019 | 2.15 | 1.31 | 1.26 | 1.49 | -0.91 | 1.55 | 1.09 | 0.55 | 0.12 | 0.12 | 0.69 | 0.61 | 10.47 |
| 2020 | 0.94 | -1.79 | -6.96 | 3.43 | 1.51 | 1.80 | 1.15 | 1.14 | -0.26 | -0.63 | 2.15 | 0.84 | 2.97 |
| 2021 | -0.04 | -0.38 | 1.58 | 1.04 | 0.49 | 1.24 | 1.28 | 0.94 | -1.59 | 1.46 | -0.12 | 0.85 | 6.90 |
| 2022 | -3.85 | -2.32 | 0.06 | -1.85 | -2.15 | -3.23 | 3.82 | -3.01 | -3.70 | 0.14 | 2.75 | -2.17 | -14.74 |
| 2023 | 2.74 | -0.75 | 0.59 | -0.02 | 0.27 | -0.07 | 1.05 | -0.32 | -1.26 | -0.50 | 2.75 | 2.19 | 6.77 |
| 2024 | 0.76 | 0.07 | 1.75 | -0.64 | 0.69 | 0.79 | 1.30 | 0.77 | 0.80 | -0.61 | 1.31 | -0.52 | 6.63 |
| 2025 | 1.99 | 0.62 | -1.94 | 0.48 | 1.36 | -0.37 | 0.85 | 0.27 | 1.27 | 1.42 | 0.85 | 0.76 | 7.77 |
| 2026 | 1.67 | 1.41 | -4.08 | 1.90 | 1.08 | - | - | - | - | - | - | - | 0.96 |
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 | 5.92% |
|---|---|
| 3 years | 20.33% |
| 5 years | 9.10% |
| since inception | 38.78% |
| Max. Drawdown 5 years | -16.98% |
Source: Berenberg, Management company | State: 11 Jun 2026
Risk figures
| Volatility - 1 year | 4.80% |
|---|---|
| Volatility - 3 years | 4.10% |
| Sharpe Ratio - 3 years | 0.83 |
| Maximum Drawdown - since inception | -16.98% |
Currencies
Asset classes
Top Holdings
Equities - Sectors
Equities - Countries
Bonds - Sectors
Bonds - Countries
Monthly market comment
In May, risk assets continued their upward trend. The conflict between the US and Iran remained the dominant market driver. Whilst concerns about further escalation pushed up oil prices, bond yields and the US dollar in the middle of the month, hopes of a ceasefire towards the end of the month bolstered investors’ appetite for risk. US equities once again maintained their relative strength against European stocks, buoyed by the ongoing AI euphoria and the associated positive earnings outlook in the technology sector. The MSCI Europe rose by 3.3% over the month, whilst the S&P 500 climbed by 5.3%. In the bond markets, yields on US government bonds rose across the entire yield curve, with the US Federal Reserve’s more hawkish signals in particular fuelling the rise in yields. In Europe, however, yields fell, with 10-year German government bonds closing the month around 10 basis points (bps) lower. The recovery in risk assets was also reflected in the corporate bond market, where the spreads on European investment-grade bonds narrowed by 2 bps and those on high-yield bonds by 7 bps. Despite ongoing geopolitical uncertainty, gold was unable to capitalise on its role as a safe haven and recorded a decline of 1.7% over the month.
Portfolio Management
Oliver Brunner
Oliver Brunner has been with Berenberg since 2007 and heads the Multi Asset Income & ESG Portfolio Management division. In addition, the graduate industrial engineer manages strategies and funds for foundations. He has many years of experience and particular expertise in managing large special mandates and special funds for foundations, ecclesiastical and public institutions, as well as private clients with specific requirements. He completed his studies at the Karlsruhe Institute of Technology (formerly the Technical University of Karlsruhe) in the late 1990s and obtained the Certified International Investment Analyst (CIIA) qualification alongside his professional career in 2006. Prior to joining Berenberg, he worked from 2000 to 2007 as a portfolio manager and equity analyst at Baden-Württembergische Bank AG in Stuttgart.
Christian Saalfrank
Christian Saalfrank has been with Berenberg since May 2023. As co-fund manager of the Berenberg Sustainable Foundation mutual fund, he is responsible for sustainable and high-dividend strategies in the Multi Asset Income & ESG division in Frankfurt. He has many years of experience and particular expertise in the management of large special funds for savings banks, companies and municipalities. After completing a banking apprenticeship at Stadtsparkasse Nürnberg, he studied business administration at the University of Erlangen-Nuremberg in the mid-1990s. After graduating, he began his career as a junior fund manager at SEB Invest. In 2001, he passed the part-time Certified European Investment Analyst (CEFA) exam. From 2001 to 2021, he worked as a Senior Fund Manager Multi Asset/Equities for institutional clients at Helaba Invest. Most recently, he worked as Head of Equities at LeanVal Asset Management AG.
CO₂-Intensity
The fund does not actively manage its carbon footprint, however, emissions data such as CO2 intensity are relevant parameters which can be used to assess the efficient management of a company and the extent of transition risks.
ESG Score
The data provider MSCI ESG uses an ESG score of 0 to 10 to assess the management of material ESG risks of portfolio holdings compared to competitors.
ESG Controversies Screen
Investments in the fund are monitored for ESG controversies and, with the help of MSCI ESG data, flagged according their severity. Thereby, potential ESG risks of investments are identified. In the case of an orange flag (severe controversy), we enter into an active exchange with the company. In the case of a red flag (very severe controversy), the company is excluded.
