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 (08.05.2026) | 164.71 EUR |
| Redemption price (08.05.2026) | 164.71 EUR |
| Fund volume | 270.18 Mio. EUR |
| Share class volume | 185.07 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 | -3.73 | 3.54 | - | - | - | - | - | - | - | - | 6.09 |
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 | 18.87% |
|---|---|
| 3 years | 36.21% |
| 5 years | 24.42% |
| since inception | 64.71% |
| Max. Drawdown 5 years | -18.57% |
Source: Berenberg, Management company | State: 8 May 2026
Risk figures
| Volatility - 1 year | 5.90% |
|---|---|
| Volatility - 3 years | 5.89% |
| Sharpe Ratio - 3 years | 1.33 |
| Maximum Drawdown - since inception | -18.57% |
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
Following significant losses in March, global risk assets rebounded strongly in April. The announcement of a ceasefire on 8 April, along with hopes of a final agreement, provided support. Global equities rose sharply: the MSCI World Index gained 9.4% in USD (+8.3% in EUR). Emerging market equities rose particularly sharply, by +14.5%, supported by the weaker US dollar and initially lower oil prices. US and Asian equity markets benefited in particular from improved earnings prospects in the technology and AI sectors. European equity markets, by contrast, lagged somewhat behind. Global government bond yields changed only slightly over the month. The US dollar depreciated slightly, whilst gold fell by 1.1%. In this environment, the Variato achieved a significantly positive return thanks to core investments in US large-caps and European micro-caps, as well as in thematic equities from the electrification, automation and technology sectors – including Schneider Electric, Keyence Corp., Amazon and Alphabet – and was able to further build on its positive performance since the start of the year. Tactical investments in the US software provider Synopsys and a fertiliser manufacturer from Latin America also delivered a positive contribution to performance. Overall, all three components of the core, thematic and tactical portfolios thus contributed positively to performance in April.
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.
