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
Asset classes
Top Holdings
Equities - Sectors
Equities - Countries
Bonds - Sectors
Bonds - Countries
Monthly market comment
Despite a significant correction in the technology and AI sectors, global equity markets performed well overall in November. The majority of sectors posted gains, with the MSCI World rising 0.2% in USD terms over the month (down 0.5% in EUR terms due to the appreciation of the euro). Japanese equities were once again among the strongest markets, while emerging markets declined due to weaker Asian technology stocks. Among the sectors, healthcare stood out positively, while technology came under significant pressure. Global government bond yields rose for the most part, with long-term US Treasuries declining slightly. While yields in Germany rose moderately across the curve, emerging market bonds continued to gain ground in both local currency and hard currency terms. In the credit segment, high-yield spreads in the US and Europe narrowed. The US dollar weakened, while gold recovered significantly, gaining around 6%. In this environment, Variato achieved a significantly positive return thanks to its core investment in gold and thematic equities from the gold mining, pharmaceutical and biotechnology sectors – including Wheaton Precious Metals and AstraZeneca – 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 November.
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.
