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
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 September, geopolitical tensions in the Middle East and the associated risks of energy-induced inflation influenced the market environment. Despite temporary hopes of de-escalation, Brent crude prices remained elevated at approximately 100 USD per barrel. US equities recorded minor losses (S&P 500: -0.4%), while tech stocks in the NASDAQ-100 proved resilient (+3.3%), supported by positive momentum in the AI sector. European equities declined more significantly due to interest rate and energy price risks (MSCI Europe: -2.4%). In bond markets, the global surge in yields accelerated substantially. The 10-year US Treasury yield rose by 53 basis points (bps) to 5.28% over the course of the month, marking its highest level since 2007. The 10-year German Bund yield increased by 32 bps, touching 3.59% at times. The primary drivers behind this dynamic at the long end of the curve were growing concerns over rising US national debt on one hand, and robust economic growth coupled with further accelerating inflation rates on the other. At the short end, the Federal Reserve confirmed its restrictive monetary policy. Under the leadership of Kevin Warsh, the Fed raised its benchmark interest rate for the first time since 2023 by 25 bps to a target range of 3.75%–4.00%. Against this backdrop, European corporate bonds fell by an average of 1.4%, while European government bonds declined by 1.5%, while the US dollar appreciated by 2.4% against the euro. Due to higher opportunity costs associated with the elevated real yield level, gold corrected by 6.3% over the month, reversing a major portion of its August gains.
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.
