Investment Strategy
Prof. Dr. Bernd Meyer, Ulrich Urbahn and Karsten Schneider 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
In December, the November recovery rally was almost priced out. The restrictive tones of the central banks caught the markets on the wrong foot, which had partially priced in a turnaround in monetary policy. The equity markets fell sharply and German bond yields saw new 2022 highs. On the other hand, China's exit from 0-COVID offered a glimmer of hope. Our China exposure was thus a stabiliser in the portfolio, alongside our defensive orientation and our hedges via options. With the opening of China, emerging markets should offer significant catch-up potential in 2023, from which our commodity-related and emerging market positions should benefit disproportionately. We also see increased opportunity in the bond market, thanks to higher carry and increased risk premiums.
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.
Karsten Schneider
Karsten Schneider, CFA, joined Berenberg in 2017 and works in the Multi Asset Strategy & Research team. His focus is on performing analysis to support investment decisions and generating investment ideas as well as acting as portfolio manager of the Berenberg Variato. Prior to joining Berenberg, he completed his Master's degree in Business Administration at Goethe University in Frankfurt and worked at Capco and Deutsche Bank.
