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BlackPoint Evolution Fund A
ISIN: LU2369268425 / WKN: A3CVWB
Issue price
88.15 €
01.07.2022
Redemption price
84.76 €
01.07.2022
Fund assets
205,205,331.98 €
01.07.2022
Category
Multi-Asset
Currency
EUR
Risk / reward profile
5 of 7

Overview & Key Facts

Investment Strategy

The BlackPoint Evolution Fund follows a balanced wealth management approach and is actively managed and therefore does not use indexes as a benchmark. The flexible investment in equities and bonds, in connection with the continuous tactical adjustment of the portfolio, aims to achieve an appropriate participation in rising markets, combined with capital protection in falling markets.

In his strategic asset allocation, the majority is invested worldwide in equities and around a third in bonds. The basis for this is a equities portfolio that combines established and dynamic elite companies - the "DARWIN portfolio". While the established ones are already generating strong earnings in a predictable manner, the potential for higher growth for the dynamic ones often lies in disruptive new business models. This robust combination brings together the resilience and adaptability of these companies. Characteristics that are crucial for successfully surviving different market phases. The consideration of sustainability criteria and the support of the 10 principles of the UN Global Compact Pillars in the areas of human rights, labor standards, environment and corruption prevention are also part of the investment policy.


Possible significant risks of funds in this risk class

Higher price risks in the areas of equities, interest rates and currencies as well as credit risks that can lead to possible capital losses.


Risk Notice: Due to its composition/the techniques used by the fund management, the investment fund has increased volatility, i.e. the unit prices can be subject to greater upward or downward fluctuations within short periods of time.

Key Facts

Category Multi-Asset
Fund domicile/type Luxemburg / FCP UCITS V
Fund currency EUR
Inception date Share classes A, B und C: 03.11.2021, Share class D: 18.10.2021
Fiscal year 01.01. - 31.12.
Administration IPConcept (Luxemburg) S.A.
Custodian DZ PRIVATBANK S.A.
Fund manager BlackPoint Asset Management GmbH
Sales approval DE, AT, LU
Trade daily (cut off: 2:00 p.m. CET)
Min. initial inv. Share classes A and B: none, Share class C: 5.0 Mil. €, Share class D: 50.0 Mil. € (closed)
Use of income distributing
Target fund eligible yes
Partial exemption[1] 15% (private investors)

Costs

Upfront fee[2] Share class A: max. 4%, Share classes B, C and D: none
Ongoing chargesp.a. Share class A: 1.68%, Share class B: 1.08% and Share classes C and D: 0.83%
Performance fee none

Target Market[3]

Investor type Private/Professional clients / Eligible counterparty
Knowledge Basic knowledge and/or experience with financial products
Investment goals General wealth formation / Wealth optimization
Loss-Bearing Capacity The investor can bear losses (up to the complete loss of the invested capital).
Risk indicator (PRIIPs/UCITS) 3 / 5
Risk profile[4] Growth oriented
Inv. Horizon Long term (> 5 yrs)
SFDR Sustainability, ESG/Green Investment (Art. 8)

[1] The partial exemption serves to offset certain taxes already levied at the fund level. The fund's taxable income, e.g. in the case of a distribution, is therefore tax-free up to the stated percentage. For more information on this: https://www.bvi.de/faq/faq-besteuerung-von-investmentfonds/ (Source: BVI Bundesverband Investment und Asset Management e.V.)

[2] In favor of the respective intermediary

[3] There is no negative target market classified for this fund. The gray target market is not represented on this website.

[4] The BlackPoint Evolution Fund sub-fund managed by the management company is assigned to the “growth-oriented” risk profile. The risk profile description was prepared on the assumption of normally functioning markets. In unforeseen market situations or market disruptions due to non-functioning markets, more extensive risks than those mentioned in the risk profile can arise. The sub-fund is suitable for growth-oriented investors. Due to the composition of the net sub-fund assets, there is a high overall risk, which is offset by high income opportunities. The risks can consist in particular of currency, credit and price risks, as well as risks resulting from changes in market interest rates.

Returns

According to the EU directive MiFID (Markets in Financial Instruments Directive) and its implementation in national law, information on the performance of private customers may only be shown if it extends over a period of at least 12 months.

[1] The performance information relates to the specified 12-month periods. On days that fall on a public holiday or a weekend, the unit price of the previous day or the last available price will be used, as it is not possible to determine the unit price on these days.

Explanations and model calculation: The information is historical data and does not guarantee future developments. The gross performance (BVI method) takes into account all costs incurred at fund level, the net performance also includes the front-end load; further costs may be incurred at investor level (e.g. custody account costs). Since the front-end load is only incurred in the first year, the gross/net presentation only differs in this year. Past performance is not a reliable indicator of future performance. Please refer to the charge details presented in this section of the website to determine the Sub-Fund's share class maximum sales charge.

Exemplary model calculation (net) assuming a maximum front-end load of 4%: An investor would like to buy shares for EUR 1,000. With a maximum front-end load of 4%, he has to spend EUR 40.00 on purchase.

Portfolio

Portfolio structure

As of: 31.05.2022

Equity
Equities Europe18.18%
Equities USA30.61%
Equities EM1.15%
Equities Asia/Other0.00%
Bonds
Corp. Bonds IG12.10%
Corp. Bonds HY/NR11.30%
Gvt. Bonds DM10.86%
Cov. Bonds0.85%
Bonds EM3.18%
Other
Other/Gold4.61%
Cash
Cash7.16%

Key Facts Equity Portfolio

# Holdings44
MarketCap (EUR b)466.8910
Dividend Yield2,35%
PE18,0

Key Facts Bond Portfolio

# Holdings (Issuers)82 (62)
Duration to Worst4,9
Coupon2,48%
Yield to Maturity3,73%
Yield to Worst3,72%

Top 10 Holdings

in % of total assets

Apple2.75 %
Pl. Cat Bond2.60 %
Coca-Cola2.59 %
Microsoft2.55 %
ETF CMCI ex-Agriculture2.42 %
Alphabet2.38 %
U.S. Treasury2.20 %
Physical Gold ETC2.18 %
Thermo Fisher1.96 %
Unilever1.96 %

Currencies

in % of total assets

EUR49.28 %
USD (net)41.20 %
CHF3.21 %
GBP2.89 %
DKK1.76 %
SEK1.66 %

Sectors Equity Portfolio

in % of equity portfolio

Information Technology24.01 %
Health Care22.47 %
Consumer Discretionary14.14 %
Consumer Staples12.09 %
Industrials10.81 %
Communication Services8.87 %
Financials6.19 %
Materials1.42 %

Sectors Bond Portfolio

in % of bond portfolio

Government35.82 %
Consumer Discretionary13.81 %
Financials12.66 %
Other8.80 %
Communication Services6.95 %
Health Care5.74 %
Industrials5.72 %
Information Technology3.19 %
Utilities3.19 %
Consumer Staples3.00 %
Energy1.12 %

Countries Equity Portfolio

in % of equity portfolio

United States of America60.75 %
Germany10.53 %
Switzerland7.25 %
United Kingdom5.79 %
Denmark3.52 %
Sweden3.32 %
France2.68 %
China2.30 %
Netherlands2.16 %
Belgium1.12 %
Canada0.56 %
Other0.00 %

Countries Bond Portfolio

in % of bond portfolio

United States of America50.70 %
Other18.17 %
Germany6.08 %
France5.54 %
United Kingdom4.57 %
Sweden3.47 %
Luxembourg2.98 %
Australia2.74 %
Spain2.64 %
Italy1.67 %
Japan1.44 %

Rating

in % of bond portfolio

BBB33.53 %
AAA30.09 %
NR12.38 %
BB10.94 %
B10.05 %
AA1.80 %
A1.20 %

Data as a percentage of the fund volume, unless otherwise stated. You can obtain the complete composition of the portfolio structure from BlackPoint Asset Management GmbH, Herrnstr. 44, 80539 Munich and at the fund administration company of BlackPoint Evolution Funds, IPConcept (Luxemburg) S.A., 4, rue Thomas Edison, L-1445 Strassen, Luxembourg.

Management

Alexander Pirpamer / Managing Director, Portfolio Management

Alexander Pirpamer worked for Reimann Investors Asset Management between 2010 and 2021, most recently as Managing Director and Head of Asset Allocation and Research.

Previously, as a senior fund manager at Activest, later Pioneer Investments, he was responsible for various equity, mixed and fund of funds, also as part of the asset management of HypoVereinsbank with a volume of several billion euros. In this role, Alexander Pirpamer developed a number of proprietary asset allocation and single stock selection models that have been used successfully to manage multiple mutual funds and institutional mandates.

He studied economics at the University of Augsburg and later obtained his Masters in Business Administration from the European University in Montreux, Switzerland.

Marcel Huber / Senior Portfolio Manager

Marcel Huber can look back on more than 10 years of experience in fund management at the Munich Re Group, most recently as senior portfolio manager in the multi-asset team and before that in the fixed income credit team at MEAG.

In this function he was responsible for the management of flagship funds for the Munich Re Group, both in the form of special funds and institutional mandates and in the form of several successful mutual funds. The total volume responsible for all stations was over one billion euros.

He successfully completed his studies in economics at the Fernuniversität Hagen and later obtained his Masters in Business Administration with distinction at Bradford University and the Toulouse Business School in Bradford, Toulouse and Dubai.

Monthly Comments
The best ever

Unfortunately, bad events such as wars, hunger or pandemics are constant companions for many people. And yet a significant portion of humanity lives in the best of times. While technical and medical progress gradually increased the quality of life, the tech boom made comfort and lifestyle possible. Apps like Booking, Uber or Gorillas – fast, cheap, anytime. Increasing customer numbers also attracted new investors for loss-making business models, often supported by wage dumping, cheap energy and cheap loans. Global inflation puts a brutal end to this development and now requires companies to be profitable and efficient. This is where the wheat is separated from the chaff, and only the most adaptable organizations will rise to the complex challenges.

Fuelled by fears of a recession, key stock markets not only had their worst first half of the year in five decades, but also slid into a bear market. The S&P 500 was down -8.4% in June, the Euro Stoxx 50 was down -8.8% and the Nasdaq 100 was down -9.0%. Only the Chinese CSI 300 reported a positive exception to the global downward trend and rose by +9.6% (all indices in local currency). The extreme volatility is also keeping the global bond markets in suspense. Any statement by the Fed or ECB on inflation or economic growth is immediately interpreted by the market. Gradually, however, increasing confidence in the bond markets can be observed again.

Will our society lose prosperity soon? Probably. But the elite companies that have made it into the DARWIN portfolio by demonstrating their adaptability will bring better products or services to the market through new technologies with great efficiency and thus continue to increase prosperity for many people.

The BlackPoint Evolution Fund lost between -3.59% and -3.67% depending on the share class (-13.22% since the fund was launched on October 18, 2021). The loss contributions from the equity and bond portfolio balanced each other out. In a challenging month, stocks that occupy a hot topic such as cyber security (Crowdstrike and Zscaler) were able to make gains. Most stocks came under pressure, led by growth stocks like Upstart, Block or AirBnB. In the bond portfolio, only American government bonds were able to assert themselves positively.

As part of strategic risk considerations, in this case specific to sustainability, we parted with the 3M share in June and increased our gold position. We also emphasized a more defensive stance for the fund by trimming the more volatile stocks AirBnB, Apple and Trade Desk. On the bond side, we invested in short-dated US Treasuries. The fund allocation at the end of June was 46.6% equities, 37.3% bonds (including ~8% short-dated US government bonds and 2.8% CAT bonds), 5.6% gold/commodities and 10.5% cash.

Turning point

In Germany, the term “turning point” is currently associated with future defense spending. But an incomparably deeper turning point is changing the entire world before our very eyes: the age of plenty is now being followed by the age of scarcity. The galloping inflation is the measurable effect. Whether affordable energy, affordable housing, building materials, intermediate products and much more, the unusual scarcity inevitably causes prices to rise. The fragility of the global economy suddenly becomes apparent and calls for solutions that go far beyond controlling interest rates or the money supply. The nervousness of investors remained high in May and was reflected in strong daily fluctuations on the stock markets. Despite all the imponderables, the respective key indices in local currencies remained stable over the month: the S&P 500 was able to gain slightly at +0.18%, as did the Euro Stoxx 50 at +1.34%. Selling pressure on technology stocks slowed in May, but caused the Nasdaq to fall again, down -1.53%. The Asian markets, on the other hand, were able to post a recovery and rose by +1.72% in Japan (Nikkei 225) and +4.88% in China (CSI 300).

The pressure on the bond side is continuing unabated for the time being, and price falls due to rising interest rates are continuing. In particular, the housing market, which is so important for the USA, is threatened with an interest rate-induced cooldown. The Fed is trying to calm things down with a more moderate choice of words but can only calm the market to a limited extent.

For the coming weeks and months, we continue to expect volatile markets and are maintaining our current defensive orientation. The much-vaunted resilience of quality companies now has to prove itself when dealing with scarcity of any kind. We are closely monitoring the adjustment responses of our elite Darwin portfolio companies and acting accordingly.

The BlackPoint Evolution Fund lost between -3.69% and -3.78% depending on the share class (-10.0% since fund launch on October 18, 2021). The loss contribution from the equity portfolio outweighed the other asset classes. While highly profitable companies like Pfizer, BMW, Illinois Tool Works, and Vodafone rallied in May, growth stocks had their ups and downs as stocks like CRISPR and Lemonade rallied, while Shopify and AirBnB came under pressure. Only a few titles in the bond portfolio were able to assert themselves positively, including Organon, EasyJet and Commerzbank, as well as government bonds from Colombia, the Dominican Republic and a short duration US government bond.

Our active risk management led to the sale of the Equifax share and the bank or bank and insurance ETFs from Europe and the USA in May. At the same time, we made an initial investment in Celsius Holdings and slightly increased our positions in Apple, Shopify and Target. On the bond side, investments were made in several US government bonds with short maturities. The fund allocation is thus around 50% equities and 38% bonds (including ~8% short duration US government bonds as cash substitutes and ~2.6% CAT bonds). There are also ~2.2% gold, ~2.4% in commodities (ex-agriculture) and around 7% cash.

April showers (may) bring May flowers

Not so long ago, investors were pilloried for buying stocks while a global pandemic shook the very foundations of economies. Now the opposite is happening: unsettled investors are selling stocks and bonds, although more optimistic earnings forecasts and stable economic data mean that a recession, at least in the USA, is still a long way off. The Fed consistently uses short phases of recovery on the markets to use its unyielding rhetoric to get investors in the mood for interest rate increases as a measure against high inflation. The mixture of fears of war, inflation and recession, fueled by renewed supply chain problems emanating from China, pushed the S&P 500 down -8.8% - the most negative April since 1970. The Nasdaq 100 suffered its biggest sell-off since -13.4% booked in 2008. The -2.6% of the Euro Stoxx 50 seems almost moderate. The pressure on the bond side is continuing unabated for the time being, and price falls due to rising interest rates are continuing. In addition, risk premiums for corporate bonds continued to rise, with negative effects on prices. In the US, an interest rate hike of 0.75% in May currently seems possible, certainly an indicator of the Fed's uncertainty.

April brought us a roller coaster ride of emotions, and not just in terms of the weather. So we can only hope that May will be a little friendlier. In view of the complex issues, we do not yet see a happy month, although the first silver linings can be seen on the horizon.

The BlackPoint Evolution Fund lost between -1.43% and -1.51% depending on the share class. The loss contribution from the equity portfolio outweighed the other asset classes. While high-earnings companies like Coca-Cola, Novo Nordisk, Novartis and Unilever made gains in April, growth stocks like Shopify, Block and Lemonade fell, as did tech stocks like Alphabet and ASML. Only a few titles such as Clarios Global, Sempra Energy, Unicredit or Western digital were able to assert themselves positively in the bond portfolio.

In April we again refined our more defensive positioning of the equity portfolio and replaced the inflation-sensitive Starbucks share with Target Corporation, a supermarket chain with strong demand. On the bond side, we invested free cash in short-dated US government bonds with maturities of up to 3 years. On the one hand, we were able to significantly reduce the short-term equity market sensitivity of our fund and, on the other hand, ensure that we can continue to participate adequately in phases of market recovery (see also Facts #1). The fund allocation (see fund details) is thus around 54% equities and 36% bonds (including ~4% short-dated US government bonds as cash substitutes and ~2.6% CAT bonds).

The perfect storm

When Russia launched a war of aggression against Ukraine at the end of February, the international financial markets had been under heavy pressure for some time. The extreme war-related price increases of important raw materials such as oil, gas or wheat also boosted inflation. Anyone who now thought that further price declines across the board were essential was amazed to see the resilience of the stock markets. In the interplay of war, fear of recession and inflation, companies in particular that generate predictably strong cash earnings stabilized the stock exchanges.

Under these conditions, the American stock market (S&P 500) rose by +5.46% and the European stock market (Euro Stoxx 50) by +3.63%. Emerging market equities (MSCI EM -2.71%), on the other hand, had to face some challenges in the last few weeks: the important segment China (MSCI China), for example, corrected by -8.45% and Russia was de-listed at a price of zero and reclassified to “Standalone Markets”. On the bond side, the risk premiums for both government and corporate bonds continued to increase, with negative effects on prices. Most recently, the Fed indicated a larger rate hike of +50 bps. open in May, which should put additional pressure on bonds.

Depending on the share class, the BlackPoint Evolution Fund gained between +1.66% and +1.75% (since the fund was launched -5.18% in the oldest share class). The largest contribution came from the equity portfolio. The focus was primarily on high-yield established companies such as Apple, Thermo Fisher, Pfizer and Alphabet. On the other hand, there were price losses for growth stocks from the technology sector such as Upstart or Trade Desk, but also for companies that constantly suffer from supply chain problems such as BMW. Only a few titles such as Clarios Global, Avis or Unicredit were able to assert themselves positively in the bond portfolio.

The perfect storm of war, inflation, fears of recession and then renewed hope must not lead to erratic action, but requires a cool head coupled with the consistent implementation of the defined strategy. We are convinced that in the current environment there will be incorrect valuations due to undifferentiated price corrections across entire segments, industries and indices. With our focus on selecting individual stocks, we want to seize opportunities in a targeted and measured manner and invest in stocks that convince us and now appear cheaper in the long-term context. Based on this, we have been making new investments since mid-January, after a difficult start to the year, but we have also further increased the diversification in our portfolio and focused on a more robust composition. On the one hand, we were able to significantly reduce the short-term equity market sensitivity of our fund and, on the other hand, ensure that we can continue to participate adequately in phases of market recovery (see also Facts #1).

Aiming for a slightly more defensive equity portfolio, we followed our contrarian investment philosophy and took advantage of the combination of cheap prices and positive momentum to selectively add to stocks in Apple, LVMH, Microsoft, Intuit, Coca-Cola, Unilever, Marriott and Alphabet. On the bond side, we only invested some cash in short-dated US government bonds. The fund allocation is thus around 57% equities and 36% bonds (including 2.5% CAT bonds and 6% short-dated US government bonds as a cash substitute).

Buy when the cannons roar.

Few investors would have expected to be confronted with such a nightmare scenario in such a short time. Now war, destruction and - worst of all - human tragedy are happening, in the middle of Europe, near us. The stock exchanges reflect the situation with rigorous openness. With the Russian attack on Ukraine, stock prices initially fell as the flight to safe havens set in and hopes of more moderate rate hikes faded. Due to rising energy prices, some analysts are now assuming up to nine interest rate hikes in the USA within the next year. The development of the US stock markets was correspondingly weak: the S&P500 lost -3% (like the MSCI Emerging Markets), the Nasdaq even lost -3.35%. And in Europe, which is more severely affected by the Ukraine crisis, the Stoxx Europe 600 corrected by -3.23%.

Due to the daily horror reports from the Ukrainian crisis area and the dynamic situation regarding sanctions and punitive measures, we expect the markets to remain volatile. The selective expansion of the defensive part of the portfolio will therefore be the focus for the time being. We assume that the consequences of the conflict on the global economy and central bank policy in the US and Europe will become clear in the coming weeks. Uncertainty on the stock exchanges should then gradually decrease, although rising energy prices could weigh on growth. In this environment, well-measured opportunities should be seized for the portfolio without losing sight of the overall risk.

The BlackPoint Evolution Fund lost between -2.72% and -2.79% depending on the share class. The main positive contributors were growth-oriented stocks such as Upstart and Trade Desk, as well as stocks benefiting from decreasing corona restrictions such as Marriott and Stryker. On the other hand, there were price losses for IT companies such as Meta (Facebook) and ZScaler as well as for some disruptive business models such as Shopify and Lemonade, which are represented with smaller weights in the fund. The bond side was influenced by the volatile interest rate level but has so far acted as an important safety anchor in the current crisis. Positive contributions came from short-maturities US government bonds, as well as bonds from energy group Cheniere Energy and auto parts supplier Clarios Global. Bonds with medium and longer maturities initially had to accept losses but have recently been able to make up ground again due to the flight to safe havens. The portfolio of insurance and reinsurance risks (CAT bonds) was not negatively affected by the storms in Central Europe and was also able to make a positive contribution.

Taking advantage of cheap entry levels, we invested in robust stocks (Unilever and Vodafone), growing travel activity (AirBnB) and companies that can pass higher prices on to customers (LVMH and Kering). The positions in Microsoft, Apple and Meta (Facebook), which are still classified as valuable, were also increased. In addition to these equities, exposures in commodities (gold and a broad commodities index) and in insurance and reinsurance risks (CAT bonds) were expanded. To avoid negative interest rates on cash, US government bonds with very short maturities were added to our portfolio. Exposure to European financials was managed dynamically, while holdings in chemicals group BASF were reduced on the back of rising commodity prices.

The US stock market had its worst start to the year since the global financial crisis.

In general, the "health" of the financial markets can be measured with the intensity of the fluctuations in stock market prices. In the past few months, the pandemic in particular has repeatedly sapped the substance. Despite increased inflation, the US economy recorded its strongest growth since 1984 in 2021. The US Federal Reserve now sees sufficient scope in the strong economic development to raise the key interest rate several times this year without jeopardizing progress, e.g. on the labor market. In such a restrictive monetary policy, investors tend to see the risk of slowing down growth and a headwind for high valuation levels. As a result, the US stock market in particular had its worst start to the year since the global financial crisis (S&P 500: -5.26%, Nasdaq -8.98%). The threat of rising interest rates, a possible slowdown in corporate earnings growth and geopolitical tensions first sent American growth stocks plummeting, followed later by European stock markets (Stoxx Europe 600: -3.88%).

In an environment of rising interest rates, the bond markets could only contribute to the stability of mixed portfolios to a limited extent. Towards the end of January, it was again the American tech stocks that heralded a partial recovery.

The “patient” financial market is likely to be accompanied by bouts of fever (volatility) again and again over a longer period of time, but can continue to rely on the robust overall constitution. It remains to be seen whether the Fed will be so aggressive in fighting inflation with several interest rate hikes and at the same time curbing its bond purchases more quickly. The portfolio should continue to be positioned slightly defensively for the coming weeks, but volatility surges should be used to increase the equity allocation to attractive levels. The fund's equity allocation will remain below 60% in the short term.

Growth stocks and tech stocks in particular were reduced in the portfolio, so the equity exposure has meanwhile been reduced from around 63% to around 45%. Towards the end of the month, Vodafone, among others, was bought, and some previously sold stocks were restocked at favorable levels. Investments were also made in financial stocks (USA and EU with an ESG focus) via ETFs. The equity exposure (including ETFs) was around 50% at the end of the month.

The BlackPoint Evolution Fund lost between -6.12% and -6.19% on a monthly basis, depending on the share class. Positive contributions came from defensive stocks such as Visa and Coca Cola as well as cyclical European stocks such as Bayer, Allianz and BMW. On the other hand, disruptive, dynamic growth companies with digital business models such as Upstart, Shopify, Lemonade, Block or Trade Desk suffered price losses. On the bond side, titles from UniCredit, the aviation group IAG and the battery manufacturer Clarios scored well. Due to the rise in interest rates - especially in the USA - bonds with medium and longer terms in particular suffered price losses. Commodity investments and the portfolio of insurance and reinsurance risks (CAT bonds) shone in the area of new investment ideas.

MiFID II

MiFID II Product Information

Since January 3, 2018, investment services firms offering investment services under Directive 2014/65/EU (Markets in Financial Instruments Directive – “MiFID II”) have had to meet certain new requirements regarding the distribution of investment funds under of the respective implementing laws in the individual member states of the European Union.

According to these rules, investment services companies are obliged to determine or check and more precisely determine the target market for each financial instrument they sell. This means they must specify the type(s) of clients with whose needs, characteristics and objectives the financial instrument is compatible. Furthermore, MiFID II introduces new disclosure requirements with regard to costs, which are aimed at increasing cost transparency for investors on both a quantitative and qualitative level. Accordingly, investment services companies must disclose all relevant costs to the customer, i. H. both in terms of investment services and in terms of the product. These costs must be summarized and made available both ex ante (i.e. before the customer purchases a product) and sometimes also ex post during the holding period on at least an annual basis.

The capital management company of the BlackPoint Evolution Fund, IPConcept (Luxembourg), supports this process by providing the relevant data to the investment services companies in order to enable them to fulfill their new legal obligations.

Important instructions

In the interest of increased transparency, the target market information and essential information on the product costs under MiFID II are also given above in the "Overview" area for the investment fund in question. These are provided on a voluntary basis and are to be taken on their own, without further explanations and additional information, i. H. in particular, the information contained in the relevant sales documents of the investment fund (e.g. sales prospectus, key investor information) may not be sufficient or appropriate to assist a potential investor in making an informed investment decision. It is therefore recommended that investors also carefully read the sales documents before making any investment decision and, especially if they have any questions, consult their investment advisor.

The information on the ongoing product costs may differ from the information on costs in the relevant sales documents of the investment fund (e.g. the key investor information). This is because the requirements to disclose ongoing charges and fees at product level under the new MiFID II rules on the existing disclosure requirements that asset management companies have under their respective regulatory frameworks (i.e. the UCITS Directive and their respective national implementing laws ) apply, go out. For example, the estimated transaction costs of an investment fund are not part of the ongoing charges description in the key investor information document prepared by the management company. However, under MiFID II, an investment services enterprise must disclose such costs as part of the cost of the product well in advance of a potential investor making an investment decision. As such, the ongoing charges relating to the product shown above as “Total Ongoing Charges of the Product” may differ from the Fund's sales documentation due to differences in calculation and disclosure methodology.

BlackPoint Asset Management GmbH assumes no responsibility or liability with regard to the data, except in the case of gross negligence or willful misconduct.

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The information contained on this website is not intended for the United States of Ameri-ca. U.S. persons as defined in Regulation S of the American Securities Act of 1933 and legal entities located in the United States may not access this website. Nor may any information provided on this website be distributed or shared within the United States. The products set forth herein are not and shall not be registered under the Amer-ican Securities Act of 1933 and may not be sold or offered in the United States, either to U.S. persons or to legal entities located in the United States.

Important Information

You can invest in the BlackPoint Evolution Fund directly and securely online and always keep an eye on your investment thanks to daily transparency. This works with just a few clicks via BlackPoint digital, a service offered by FINTEXLAB, a brand of WMD Capital GmbH (HRB 226421 Commercial Register Munich), in cooperation with BlackPoint Asset Management GmbH.