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
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
Sectors
Countries
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Top Holdings
Monthly market comment
The positive trend on global financial markets continued in May. The MSCI World Index rose by 4.4% in USD (+4.9% in EUR), with all major equity markets posting gains. Emerging market equities once again performed particularly strongly, rising by 9.5%, driven mainly by technology stocks. Overall, market activity was shaped by continued AI optimism and a significant fall in energy prices. Whilst technology shares posted the strongest sector performance at +15.9%, energy and utility stocks came under pressure. The picture on the bond markets was mixed. In the US, yields rose across the entire yield curve, particularly as a result of a more hawkish tone at the US Federal Reserve meeting. In Germany and the UK, by contrast, yields fell, particularly at the short end. Risk premiums on investment-grade and high-yield bonds continued to narrow in both Europe and the US. The US dollar rose slightly, whilst Brent crude oil fell by just under 20%. Gold once again failed to benefit from geopolitical uncertainties and fell by 1.7% month-on-month. 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 cybersecurity, automation and technology sectors – including ASML, Keyence Corp. and Alphabet – and was able to further build on its positive performance since the start of the year. Tactical investments in a South African platinum mining operator and a US drone manufacturer also made a positive contribution to performance. Overall, all three components of the core, thematic and tactical portfolios thus contributed positively to performance in May.
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.
