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
Asset classes
Top Holdings
Monthly market comment
Global financial markets showed mixed performance in June. The MSCI World index fell by 0.8% in US dollars, but rose by 1.4% in euros due to the stronger US dollar. European equities performed significantly better than other regions, rising by 4.6%, whilst emerging markets (-1.7%) and US equities came under pressure. Growing concerns about the AI sector were a particular drag, whilst the renewed fall in oil prices (Brent: –21%) provided only limited support to the markets. At sector level, healthcare and financials were among the gainers, whilst telecommunications, base metals and energy fell sharply. Divergence continued in the bond markets: US government bond yields rose across the entire yield curve following more hawkish communication from the Fed, whilst yields in Germany and the UK fell slightly. Gold came under pressure as a result of the stronger dollar and higher US yields, losing just under 12% month-on-month. In this environment, the Variato managed to limit losses despite the difficult market conditions. This was achieved by reducing the gold allocation through sales prior to the sharp correction in precious metal prices, as well as through active hedging of our US equity exposure. Within the core portfolio, our gold investment was the main drag on performance, whilst the managed futures strategy and our exposure to European investment-grade and high-yield bonds provided a positive contribution. Our thematic investments in equities from the technology, biotechnology and electrification sectors – including ASML, Schneider Electric and TSMC – made a positive contribution to performance, whilst our tactical positions in oil (shares) and commodity producers weighed on performance. Overall, the Variato has maintained its positive performance since the start of the year.
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.
