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 (20.11.2025) | 151.16 EUR |
| Redemption price (20.11.2025) | 143.96 EUR |
| Fund volume | 241.41 Mio. EUR |
| Share class volume | 26.78 Mio. EUR |
| Currency Fund / Share Class | EUR / EUR |
| Minimum investment | - |
| 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, 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 | -0.04 | 1.67 | 0.58 | 3.32 | 2.68 | - | - | 8.62 |
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 | 9.10% |
|---|---|
| 3 years | 24.15% |
| 5 years | 19.03% |
| since inception | 43.96% |
| Max. Drawdown 5 years | -19.16% |
Source: Berenberg, Management company | State: 20 Nov 2025
Risk figures
| Volatility - 1 year | 6.70% |
|---|---|
| Volatility - 3 years | 5.56% |
| Sharpe Ratio - 3 years | 0.79 |
| Maximum Drawdown - since inception | -19.16% |
Currencies
Asset classes
Top Holdings
Equities - Sectors
Equities - Countries
Bonds - Sectors
Bonds - Countries
Monthly market comment
The positive trend in global risk assets continued in October. As in the previous month, large technology stocks in particular provided tailwinds for the equity markets. Political issues such as the US government shutdown and renewed trade conflicts between the US and China had little impact on market activity. Global equities (MSCI World) rose by 1.9% in USD and 4.0% in EUR. Japanese stocks performed particularly well, gaining around 6% on growing hopes of additional economic stimulus measures from the new government. Emerging market equities also recorded strong gains of over 4%, driven by China and the technology sector. Global government bond yields continued to fall. In the UK, they declined particularly sharply in light of lower inflation data and cautious statements from the Bank of England. Long-term yields also fell in the US and the eurozone. Emerging market bonds benefited once again from this environment. In the credit segment, risk appetite cooled slightly, leading to a moderate widening of high-yield spreads. The US dollar appreciated, while gold ended the month at around USD 4,000 after posting high gains in the interim. In this environment, Variato achieved a significantly positive return thanks to its core investments in gold and Japanese equities, as well as thematic equities from the biotechnology, automation and technology sectors – including ASML, Amazon and Alphabet – and was able to further extend its positive performance since the beginning of the year. Tactical investments in an Argentine energy supplier and a Latin American fintech company also made a positive contribution to performance. Overall, all three components of the core, thematic and tactical portfolios contributed positively to performance in October.
Portfolio Management
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.
