Investment Strategy
Ulrich Urbahn and Dr. Konstantin Ignatov 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
Fund data
| ISIN | LU1878856472 |
|---|---|
| WKN | A2N6AT |
| Inception date | 18.12.2018 |
| Issue price (05.03.2026) | 160.34 EUR |
| Redemption price (05.03.2026) | 160.34 EUR |
| Fund volume | 253.82 Mio. EUR |
| Share class volume | 169.93 Mio. EUR |
| Currency Fund / Share Class | EUR / EUR |
| Minimum investment | 500,000.00 EUR |
| Asset Manager | Joh. Berenberg, Gossler & Co. KG |
| Management company | Universal-Investment-Luxembourg S.A. |
| Custodian | BNP Paribas Luxembourg Branch |
| Use of income | Accumulating |
| End of financial year | 31.12. |
| Registration and Distribution | DE, AT, FR, CH, IT, LU, ES |
| SFDR Classification (Sustainable Finance Disclosure Regulation) | Article 8 |
Costs
| Issue surcharge | none |
|---|---|
| Flat-rate fee p.a. | 0.81% |
| Total Expense Ratio (TER) p.a. | 1.15% |
| Performance fee | 20 % of the performance above of the threshold value (cumulative 4% p.a.) with high watermark |
Chances and risks
| Chances | Risks |
|---|---|
| Attractive return potential over the medium to long term | High volatility of equities, riskier bonds and currencies, price losses possible |
| Above | Share value may fall below the purchase price at which the client acquired the share |
| average performance by exploiting investment opportunities across regions and asset classes, focusing on attractive market segments and structural investment themes | No guarantee of success due to active and opportunistic management |
| Possible additional returns through active and opportunistic management | Entering into index and currency futures to manage quotas may increase the risk of loss, at least temporarily |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | - | - | - | - | - | - | - | - | - | - | - | -1.14 | -1.14 |
| 2019 | 3.87 | 1.31 | 1.03 | 1.65 | -1.19 | -0.84 | 1.11 | -0.21 | 0.07 | 0.01 | 1.67 | 1.69 | 10.55 |
| 2020 | -0.66 | -0.70 | -4.98 | 7.98 | 2.01 | 1.52 | 2.32 | 2.12 | -0.58 | -0.78 | 3.77 | 2.66 | 15.08 |
| 2021 | 0.82 | 0.99 | 1.83 | 1.93 | 0.36 | 1.97 | -0.05 | 1.33 | -1.63 | 1.37 | -0.62 | 0.94 | 9.58 |
| 2022 | -6.35 | -1.74 | 2.55 | -3.12 | -2.64 | -4.43 | 4.53 | -1.08 | -5.43 | 2.42 | 2.88 | -2.33 | -14.40 |
| 2023 | 3.57 | -0.50 | -0.70 | -0.78 | 0.93 | -1.33 | 1.53 | -0.76 | -0.74 | -1.76 | 3.42 | 3.04 | 5.87 |
| 2024 | 1.06 | 0.79 | 2.28 | 0.12 | 0.83 | 1.44 | 0.86 | 0.33 | 0.93 | -0.19 | 2.38 | -0.59 | 10.70 |
| 2025 | 3.01 | -0.71 | -2.57 | -0.75 | 2.56 | 0.02 | 1.73 | 0.64 | 3.38 | 2.66 | 1.35 | 0.50 | 12.29 |
| 2026 | 2.39 | 2.58 | - | - | - | - | - | - | - | - | - | - | 3.28 |
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. As no issue surcharge is incurred for this share class the gross performance corresponds to the net performance. Additional charges can arise for individual investors (e.g. custody account fees, commissions and other fees). 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 | 15.24% |
|---|---|
| 3 years | 31.38% |
| 5 years | 25.12% |
| since inception | 60.34% |
| Max. Drawdown 5 years | -18.57% |
Source: Berenberg, Management company | State: 5 Mar 2026
Risk figures
| Volatility - 1 year | 7.06% |
|---|---|
| Volatility - 3 years | 5.69% |
| Sharpe Ratio - 3 years | 1.12 |
| Maximum Drawdown - since inception | -18.57% |
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
Global equity markets were characterised by significant sector and regional rotation in February. While US equities declined, most other regions posted gains. Japanese equities performed particularly well, rising by over 10%, supported by the clear election result. The MSCI World Index rose by 0.6% in USD (+1.1% in EUR). At the sector level, consumer goods, energy and telecommunications were in focus, while the technology sector fell by more than 3.5%. On the macroeconomic front, economic data took a back seat. US data presented a mixed picture, while the rotation out of US technology stocks and concerns about the possible disinflationary effects of AI led to a significant fall in government bond yields, particularly at the long end of the yield curve. In the credit sector, on the other hand, risk premiums on investment-grade and high-yield bonds widened in both EUR and USD. The US dollar appreciated slightly, while gold recovered significantly, rising by around 8% against the backdrop of geopolitical tensions. In this environment, Variato achieved a positive return thanks to its core investments in gold and a managed futures strategy, as well as thematic investments in electrification and automation, gold mining companies and commodity producers. Tactical investments in a Brazilian energy supplier and Japanese equities also made a positive contribution to performance. Overall, all three components of the core, thematic and tactical portfolios contributed positively to performance in February.
Portfolio Management
Ulrich Urbahn
Ulrich Urbahn is a CFA charterholder and, for many years, was part of one of the world’s top three multi-asset research teams in the renowned Extel survey. After earning degrees in economics and mathematics from Heidelberg University, he spent more than ten years at Commerzbank, where he worked, among other roles, as a Senior Cross-Asset Strategist. He has been with Berenberg since October 2017 and heads the Multi Asset Strategy & Research as well as the Portfolio Management Alternatives departments. In addition, he is a voting member of the Investment Committee and is responsible for capital markets communication.
