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
Fund data
| ISIN | LU1878856043 |
|---|---|
| WKN | A2N6AQ |
| Inception date | 18.12.2018 |
| Issue price (26.06.2025) | 140.39 EUR |
| Redemption price (26.06.2025) | 133.70 EUR |
| Fund volume | 220.26 Mio. EUR |
| Share class volume | 25.83 Mio. EUR |
| Currency Fund / Share Class | EUR / EUR |
| Minimum investment | - |
| Asset Manager | Joh. Berenberg, Gossler & Co. KG |
| Management company | Universal-Investment-Gesellschaft mbH |
| Custodian | BNP Paribas S.A. Niederlassung Deutschland |
| Use of income | Accumulating |
| End of financial year | 31.12. |
| Registration and Distribution | DE, AT, CH, LU |
| SFDR Classification (Sustainable Finance Disclosure Regulation) | Article 8 |
Costs
| Issue surcharge | Up to 5.00% |
|---|---|
| Flat-rate fee p.a. | 1.56% |
| Total Expense Ratio (TER) p.a. | 1.88% |
| 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 | - | - | - | - | - | - | - | - | - | - | - | -1.17 | -1.17 |
| 2019 | 3.81 | 1.26 | 0.90 | 1.61 | -1.31 | -0.93 | 1.06 | -0.27 | 0.01 | -0.05 | 1.64 | 1.65 | 9.68 |
| 2020 | -0.75 | -0.78 | -5.05 | 7.98 | 1.96 | 1.48 | 2.27 | 2.02 | -0.58 | -0.81 | 3.66 | 2.62 | 14.35 |
| 2021 | 0.76 | 0.92 | 1.77 | 1.89 | 0.30 | 1.93 | -0.11 | 1.27 | -1.69 | 1.32 | -0.67 | 0.88 | 8.85 |
| 2022 | -6.40 | -1.81 | 2.49 | -3.19 | -2.71 | -4.49 | 4.46 | -1.15 | -5.50 | 2.36 | 2.83 | -2.40 | -15.05 |
| 2023 | 3.51 | -0.56 | -0.75 | -0.85 | 0.86 | -1.39 | 1.47 | -0.82 | -0.80 | -1.83 | 3.36 | 2.98 | 5.09 |
| 2024 | 1.00 | 0.72 | 2.23 | 0.06 | 0.77 | 1.38 | 0.80 | 0.27 | 0.88 | -0.26 | 2.49 | -0.69 | 10.03 |
| 2025 | 2.88 | -0.77 | -2.65 | -0.80 | 2.50 | - | - | - | - | - | - | - | 0.88 |
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. Additional charges can arise for individual investors (e.g. custody account fees, commissions and other fees). Model calculation (net): An investor wants to purchase fund units for EUR 1,000 EUR. Considering a max issue surcharge of 5.00% he has to payEUR 50.00 for the purchase. 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 | 4.39% |
|---|---|
| 3 years | 16.53% |
| 5 years | 18.27% |
| since inception | 33.70% |
| Max. Drawdown 5 years | -19.16% |
Source: Berenberg, Management company | State: 26 Jun 2025
Risk figures
| Volatility - 1 year | 7.24% |
|---|---|
| Volatility - 3 years | 6.08% |
| Sharpe Ratio - 3 years | 0.40 |
| Maximum Drawdown - since inception | -19.16% |
Currencies
Asset classes
Top Holdings
Equities - Sectors
Equities - Countries
Bonds - Sectors
Bonds - Countries
Monthly market comment
In May, the USA's tariff policy continued to dominate the headlines. Unlike the previous month, however, the headlines were much more positive: the US government concluded its first trade deal with the UK and eased up on China regarding customs policy. Despite the ongoing tariff uncertainty, US macroeconomic data continued to perform better than expected. The Q1 reporting season also surpassed expectations, particularly in the US. Consequently, global equity markets extended their gains, credit spreads tightened, and yields on government bonds in industrialised countries increased. Ultimately, global equities (MSCI World) ended May with a gain of just under 6%. Technology stocks were by far the strongest sector, driven by the better Q1 reporting season, with a gain of 10.5%. The increased risk appetite was also evident in the credit sector. High-yield spreads tightened sharply in both EUR and USD markets. The USD remained weak throughout the month, once again decoupling from interest rate differentials. However, the EUR/USD exchange rate ended the month virtually unchanged. The same applies to the gold price, which fluctuated considerably but closed near the level of the previous month. In this environment, Variato achieved a positive return thanks to core investments in European micro caps and thematic equity investments in gold miners, cyber security, and US technology. This further extends its positive performance since the start of the year. Tactical investments in Argentinian equities also contributed positively to performance. Overall, all three components of the core, thematic and tactical portfolios contributed positively to performance in May.
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.
