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
Risk sentiment on global financial markets remained positive in August. Macroeconomic data was predominantly positive in both the US and Europe, with the exception of weaker US labour market figures. Politically, discussions about the independence of the US Federal Reserve and the US-Russia summit dominated the headlines. Global equity markets (MSCI World) continued to gain ground compared with the previous month, buoyed by broader earnings growth and a strong US reporting season. Japan in particular continued to benefit from the momentum of the trade agreement with the US, while European stocks lagged behind. Among the sectors, commodities and telecommunications were among the winners, while technology and utilities declined slightly. On the bond side, yields developed unevenly: in the US, long-term interest rates rose slightly, while short-term yields fell significantly. Curves also steepened in Europe and the UK. Emerging market bonds continued to gain, supported by the weakness of the US dollar. In the credit sector, risk premiums remained virtually unchanged for both high yield and investment grade. The US dollar came under pressure and lost around 2.4% against the euro, while gold benefited with an increase of just under 5% (calculated in USD). 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 healthcare, biotechnology and technology sectors – including Alibaba and Alphabet – and was able to further extend its positive performance since the beginning of the year. Tactical investments in gold 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 August.
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.