Investment Strategy
Prof. Dr. Bernd Meyer, Ulrich Urbahn and Philina Kuhzarani are responsible for the Berenberg Variato, a flexible multi-asset fund focused on high potential individual ideas. Long term positions in niche capital market segments are supplemented by thematic investments and tactical opportunities. Investments are made across all asset classes and regions and are deliberately benchmark-agnostic. This flexible concept is thus not tied to any predefined asset weights or asset classes. The fund’s goal is to generate sustainable and attractive returns with reduced participation in strong drawdowns while tolerating short to medium-term fluctuations in value. With multi-level risk management it targets an above-average risk/return ratio.
- Flexible-opportunistic multi-asset concept with focus on capital market niches, megatrends and tactical ideas
- The fund is not managed with regards to a market benchmark.
- Target return min. 4% p.a. after costs over a medium-term period of five years
- Dynamic und flexible allocation based on the current market environment
- The investment universe comprises individual securities, 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
The positive trend in global risk assets continued in September. This time, the movement was driven primarily by large technology stocks, while political issues – particularly trade and fiscal policy in the US – had less influence on market activity. Instead, increasing concerns about the US labour market came into focus, leading to declining yields at the long end of the US yield curve. The MSCI World rose by 3.1% in USD (in EUR: +2.6%), while emerging markets gained around 7% (in USD) thanks to strong performance in China and the technology sector. All other major global stock markets also posted gains last month, with the British stock market lagging behind. From a sector perspective, technology stocks were the main drivers of gains, while defensive sectors such as telecommunications stocks and, above all, consumer goods stocks lost value month-on-month. The increased risk appetite was also reflected in the credit segment: risk premiums on high-yield bonds continued to narrow, particularly in the eurozone. Gold benefited significantly, reaching a new all-time high in September amid growing fiscal concerns and worries. In this environment, Variato achieved a significantly positive return thanks to its core investments in gold and Japanese equities, as well as thematic equities in the biotechnology, automation and technology sectors – including ASML, Alibaba and Alphabet – and was able to further extend its positive performance since the beginning of the year. Tactical investments in gold and platinum mining companies also made a positive contribution to performance. Overall, all three components of the core, thematic and tactical portfolios contributed positively to performance in September.
Portfolio Management
Prof. Dr. Bernd Meyer
Prof. Dr. Bernd Meyer has been Chief Investment Strategist at Berenberg Wealth and Asset Management since October 2017, where he is responsible for discretionary multi-asset strategies and wealth management mandates. Prof. Dr. Meyer was initially Head of European Equity Strategy at Deutsche Bank in Frankfurt and London and, from 2010, Head of Global Cross Asset Strategy Research at Commerzbank. In this role Prof. Dr. Meyer has received several awards. In the renowned Extel Survey from 2013 to 2017, he and his team ranked among the top three multi-asset research teams worldwide. Prof. Dr. Meyer is DVFA Investment Analyst, Chartered Financial Analyst (CFA) and guest lecturer for "Empirical Research in Finance" at the University of Trier. He has published numerous articles and two books and received three scientific awards.
Ulrich Urbahn
Ulrich Urbahn has been working for Berenberg since October 2017 and is responsible for quantitative analyses and the devel-opment of strategic and tactical allocation ideas, and is involved in capital market communications. He is a member of the Asset Allocation Committee and portfolio manager of the Berenberg Variato. After graduating in economics and mathematics from the University of Heidelberg, he worked for more than 10 years at Commerzbank, among others, as a senior cross asset strate-gist. Mr Urbahn is a CFA charterholder and was part of the three best multi-asset research teams worldwide in the renowned Extel survey for many years.
