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
ENG President Trump's tariff announcements in the wake of ‘Liberation Day’ on 2 April made for a volatile April. Global equity markets fell by more than 10% in the days that followed, driven by US growth concerns. However, the announcement of a temporary 90-day pause in customs duties then led to a recovery in risk assets. Ultimately, global equities (MSCI World) ended April down 4.1% (in euros). The USD suffered from growing US recession worries, strong European currencies and burgeoning speculation about the greenback's status as a global reserve currency. EUR-USD surged by 4.7% over the course of the month. The price of gold rose sharply again, closing around 5.3% higher than in March. In this environment, the Variato was able to limit losses despite the weak market phase thanks to the significant reduction in the equity allocation through sales and hedging even before the ‘Liberation Day’. The high gold position in the core portfolio and thematic investments in gold mining stocks also made a positive contribution to performance. The equity market hedge and the partial USD hedge in the overlay made a positive contribution to performance in this difficult environment. By contrast, negative performance contributions in April came in particular from investments in copper, commodity companies and small cap stocks.
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.
Philina Kuhzarani
Philina Kuhzarani has been working as an analyst in the Berenberg Multi Asset Strategy & Research team since January 2022. Her responsibilities include the generation of multi-asset investment ideas and the preparation of capital market publications and analyses to support investment decisions. Her focus is particularly on the commodities sector. After completing her BSc in Economics at Maastricht University, she gained market experience in the treasury and M&A department of a Dax-40 company before completing her Master of Science in Investment and Wealth Management at Imperial College London with merit. Philina Kuhzarani joined Berenberg Bank in October 2020 as part of the Investment Banking Graduate Programme in London. As part of the programme, she completed assigments in ECM, Economics and Equity Research, Equity Sales and Equities and Multi-Asset Asset Management and completed the CISI Level 3 certifications in Securities and Financial Regulation.
