Prof. Dr. Bernd Meyer and Ulrich Urbahn 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
Further details on the opportunities and risks of this fund can be found in the sales prospectus.
Performance in 12-month periods
Equities - Sectors
Equities - Countries
Bonds - Sectors
Bonds - Countries
Monthly market comment
The stock markets initially started 2024 on a soft note, partly due to the fact that there was a countermovement in bond yields after the rapid downward trend. After all, the probability of a "higher for longer" scenario has increased with largely better-than-expected economic data. Nevertheless, the stock markets rose sharply from mid-January thanks to a better-than-expected reporting season - not least because earnings estimates had been significantly reduced in advance. Government bonds fell across the board as interest rates rose, while corporate and high-yield bonds benefited from falling risk premiums. Gold moved sideways as real interest rates stagnated, energy commodities rose in the wake of the attacks by the Houthi rebels in the Red Sea, while industrial metals suffered from negative signals from China. In this environment, the Variato continued to perform positively. The core portfolio and thematic investments in particular performed well thanks to the bullish trend in technology stocks. We repeatedly took profits here as the rally unfolded. Our focus on credit risks with a short duration also paid off. Tactical opportunities contributed slightly negatively due to the weak performance of gold mining stocks and European small caps. The overlay also came at a slight cost as markets rose.
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 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.