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BlackPoint Evolution Fund A
ISIN: LU2369268425 / WKN: A3CVWB
Issue price
96.49 €
23.02.2024
Redemption price
92.78 €
23.02.2024
Fund assets
238,536,143.70 €
23.02.2024
Category
Multi-Asset
Currency
EUR
Risk Indicator (SRI)
3

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 (first NAV) 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: 2.19% / B: 1.31% / C: 1.08% / D: 0.92%
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 (SRI) 3
Risk profile[4] Growth oriented
Recommended Holding Period 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.

Return

Performance Chart

Performance (as of 23.02.2024)

1 Month2.75%
3 Months6.42%
6 Months7.11%
YTD3.39%
1yr9.14%
Since inception-6.29%

Performance of the past 12-month periods (as of 23.02.2024)

On the day of launch (initial fee)3.85%
23.02.2023 - 23.02.20249.14%
23.02.2022 - 23.02.2023-5.58%
 2024202320222021
Jan2.11%3.85%-6.21%
Feb1.26%-0.09%-2.97%
Mar0.91%1.66%
Apr0.60%-1.51%
May1.15%-3.78%
Jun0.71%-3.67%
Jul2.12%4.88%
Aug-1.71%-2.54%
Sep-2.27%-5.19%
Oct-2.23%1.20%
Nov3.80%1.20%-0.01%
Dec3.08%-2.50%0.74%
YTD3.39%10.12%-18.29%0.73%

The performance information in the past 12-month periods refers to the specified 12-month periods. On days that fall on a public holiday or a weekend, the rate of the previous day or the last available rate will be used, as it is not possible to determine the rate on these days. Past performance is not a reliable indicator of future performance. Assumption: An investor wants to buy shares for 1000 euros. With a maximum front-end load of 4.00%, he must spend EUR 1,040.00.

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.

Portfolio

Portfolio structure

As of: 31.01.2024

Equity
Equities Europe16.31%
Equities USA31.19%
Equities EM2.81%
Equities Asia/Other0.00%
Bonds
Corp. Bonds IG15.30%
Corp. Bonds HY/NR12.24%
Gvt. Bonds DM10.02%
Cov. Bonds0.00%
Bonds EM6.20%
Other
Other/Gold3.86%
Cash
Cash2.07%

Key Facts Equity Portfolio

# Holdings38
MarketCap (EUR b)454,196
Dividend Yield2,41%
PE18,8

Key Facts Bond Portfolio

# Holdings (Issuers)92 (77)
Duration to Worst6,1
Coupon2,73%
Yield to Maturity4,83%
Yield to Worst4,71%

Top 10 Holdings

in % of total assets

Allianz3.69 %
Pl. Cat Bond3.21 %
Visa2.33 %
Alphabet2.26 %
SAP2.20 %
LVMH2.10 %
Microsoft2.07 %
Thermo Fisher2.02 %
Alibaba2.00 %
Physical Gold2.00 %

Currencies

in % of total assets

EUR59.13 %
USD (net)30.58 %
HKD2.64 %
GBP2.50 %
SEK1.96 %
DKK1.70 %
CHF1.49 %

Sectors Equity Portfolio

in % of equity portfolio

Health Care22.04 %
Financials19.80 %
Information Technology18.72 %
Consumer Discretionary13.87 %
Communication Services11.47 %
Consumer Staples8.63 %
Industrials5.47 %
Materials0.00 %

Sectors Bond Portfolio

in % of bond portfolio

Government34.41 %
Financials20.96 %
Consumer Staples13.87 %
Consumer Discretionary10.63 %
Communication Services9.46 %
Information Technology3.75 %
Utilities2.56 %
Industrials1.90 %
Materials1.58 %
Energy0.89 %
Other0.00 %

Countries Equity Portfolio

in % of equity portfolio

United States of America61.26 %
Germany15.70 %
China5.59 %
United Kingdom4.97 %
France4.17 %
Sweden3.40 %
Denmark3.38 %
Switzerland0.80 %
Canada0.74 %
Netherlands0.00 %
Norway0.00 %
Other0.00 %

Countries Bond Portfolio

in % of bond portfolio

United States of America38.21 %
Other22.01 %
France12.98 %
Germany8.39 %
Sweden4.25 %
United Kingdom3.24 %
Spain3.13 %
Luxembourg2.31 %
Australia2.22 %
United Arab Emirates1.99 %
Italy1.28 %

Rating

in % of bond portfolio

BBB33.62 %
AA19.49 %
NR17.76 %
BB13.30 %
B7.20 %
A6.99 %
AAA1.65 %

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 v1
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 v4
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
Waiting for Godot

The situation is reminiscent of the play “Waiting for Godot”: For weeks, the financial markets have been waiting for stimulus from an interest rate cut or at least for a reliable signal from the central banks as to when that might happen. So far in vain. In a deliberately non-committal central bank manner, the Fed states that although inflation has fallen faster than expected, it is not sure whether this trend can be sustained. However, this would be the prerequisite for a timely interest rate cut. Although the interest rates went up in the elevator, they took the stairs on the way down.

Investors must continue to be patient and can, for the time being, stick to the old stock market adage "Like January, like the year." Since 1938, this has been proven right in 74% of cases for the American market. The MSCI USA rose by +1.4% in January, the MSCI Europe also rose by +1.5%, outperformed by the Japanese MSCI with +8.5%. China remains in crisis mode and is fighting not only a real estate crisis but also deflation. As a result, the MSCI China fell by -10.5%. While American corporate bonds (MSCI US IG Corporate Bond Index) remained unchanged, their European counterparts (MSCI EUR IG Corporate Bond Index) suffered discounts of -1.5%.

Our stock portfolio was once again impressive in January. Technology companies such as Crowdstrike, SAP and Meta as well as specialist insurer Kinsale topped the list of winners. However, losses were recorded in dynamic stocks such as Upstart and Dutch Brothers as well as in companies with a business focus in China, namely Alibaba, Baidu, Estée Lauder and Daqo. The bond portfolio also recorded an increase in value. Positions with higher risk premiums and short maturities enjoyed strong demand. Long-term government bonds struggled with weaker demand due to fluctuations in interest rate expectations. We bought shares in Deutsche Börse and sold shares in Estée Lauder. On the bond side, in addition to US government bonds, we also purchased Croatian, Hungarian and Brazilian government bonds.

While we are still taking a wait-and-see approach on the equity side, we are much more constructive on the bond side and are building up positions.

Let's Dance

Everyone knows this process: As the year comes to an end, thoughts of how to celebrate New Year's Eve become more and more urgent. Regardless of whether you are a host or a guest, experience shows: the higher the expectations of a party, the more disappointing it often is and vice versa. A similar phenomenon can be observed on the financial markets: Which investor doesn't secretly hope for a year-end rally that, at best, extends well into January? This year, however, was a little different. After an overall strong year with the usual corrections, the stock markets already experienced an anticipated year-end rally in November. Investors who were more cautious heading into the new year were caught off guard.

In December, both the stock and bond markets were in good spirits and in a party mood. Driven by the boom in artificial intelligence, aggressive positioning and the “fear of missing out,” the MSCI USA rose +4.4% and the MSCI Europe rose +3.6% in December. Meanwhile, Asian markets were weaker: Japan's MSCI contained losses at -0.6%, while China's MSCI fell -2.6%. European corporate bonds (MSCI EUR IG Corporate Bond Index) performed well at +2.3%, while their American counterparts (MSCI US IG Corporate Bond Index) even performed excellently at +4.1%.

Our equity portfolio also posted positive returns in December. Some dynamic growth companies, most notably Upstart and Dutch Bros, topped the list of winners alongside titles with a strong connection to China such as Estée Lauder and Daqo. However, companies such as Lemonade and Crispr, which suffered from profit-taking, suffered losses. European stocks such as SAP, Novo Nordisk and Allianz were purchased, while we carried out partial sales of Microsoft and Apple.

The bond portfolio also achieved strong growth in value, with positions with longer maturities and higher risk premiums once again increasing. Short-term government bonds continued to face weaker demand. We expanded the portfolio to include long-term French government bonds.

After a positive overall year in 2023, but ongoing macro risks, we are starting the new year with a prudent portfolio orientation.

What would Charlie say?

The late Charlie Munger – legendary investor and mastermind behind Warren Buffet – never held back in his opinions with his sharp tongue. How would Charlie have commented on the extreme market moves in November when, fuelled by speculation, the Federal Reserve ended its aggressive rate-hiking strategy and the S&P 500 rose nearly 9%? An event that has only occurred rarely since 1928. He would have pointed out soberly that when investing in stocks, times of suffering alternate with times of joy “and you have to learn to live with it.” Every investor should take to heart his favourite quote from Rudyard Kipling's poem “If”, which also stands as a reminder above the entrance to Center Court at Wimbledon: “If you can meet with Triumph and Disaster, and treat those two imposters just the same…".

The global financial markets were pulled along by the American train in November: the MSCI Europe rose by 6.3%, the Japanese MSCI by 5.9% and even the crisis-ridden Chinese index ended the month positively at +2.3%. The European corporate bonds (MSCI EUR IG Corporate Bond Index) with +5.6% and the American corporate bonds (MSCI US IG Corporate Bond Index) with +5.5% were hardly inferior.

Despite challenging market conditions, our active, fundamentals-based investment concept outperformed the peer group and passive, balanced multi-asset ETFs over the past 12 months and particularly since the beginning of the year.

Our equity portfolio posted positive returns in November. Crispr Therapeutics led the gainers after approving the world's first gene-scissor drug. But other young growth companies such as Lemonade, Shopify, Crowdstrike and Zscaler are also benefiting from the current macro environment. However, stocks with China sales such as Alibaba, Daqo and Estée Lauder suffered losses. The bond portfolio also achieved an increase in value, with primarily positions with longer terms and higher risk premiums increasing. Short-term government bonds have recently been less in demand. In addition to the risk-induced reduction in Thermo Fisher Scientific, several positions were increased, most notably O’Reilly Automotive, Salesforce, Assa Abloy and ASML. On the bond side, US government bonds with short remaining terms were reduced and exchanged mainly for long-term French and American government bonds.

We view the tailwind on the financial markets as positive, but the ongoing macro risks imply a prudent asset allocation approach.

Not a golden October

The persistent presence of violence and military unrest in the news is alarming, particularly since the Ukrainian conflict captured global attention in February 2022. Now, with the October 7th assault on Israel, the world’s gaze shifts to the Middle East. The financial markets, sensitive to geopolitical and economic tremors, respond accordingly. A key concern in these tensions is oil prices, which surged by 10%, and despite a recent drop, fears of regional escalation loom over the financial sector. This anxiety cast a shadow over October's financial mood in Europe and the USA. Growth uncertainties, compounded by the U.S. government's escalated borrowing, have precipitated a bond market decline, driving yields to a peak unseen since 2007.

Amidst this backdrop, major indices have universally logged a downturn over the month: MSCI China contracted by 4.4%, MSCI Europe by 3.6%, and MSCI USA by 2.4%. The Japanese MSCI, too, reflected this trend, receding by 3.1% (all indices in local currencies).

Despite tumultuous markets, our proactive, fundamentals-driven investment strategy has outperformed its peers, particularly eclipsing passive balanced multi-asset ETFs over the past year and notably so in the year-to-date.

October witnessed a downturn in our stock portfolio. Performers like Kinsale and Upstart, which had shown strong annual gains, experienced corrections alongside Chinese firms Baidu and Daqo. However, stalwarts like Microsoft and Novo Nordisk, and growth names such as Dutch Bros, managed to distinguish themselves positively. Our bond holdings, while also down, fared slightly better. Positive contributions from short-term government securities were offset by underperformance in long-term and corporate bonds. Strategic profit-taking led to partial divestitures in Kinsale, Salesforce, Microsoft, and DHL, along with a complete exit from BMW, consequently lowering our equity exposure. On the bond front, risk mitigation entailed the disposal of two long-dated U.S. government bonds. Additionally, we capitalized on Jaguar Land Rover's buyback offer at an advantageous rate for our position.

Mindful of the ongoing geopolitical tensions and macroeconomic uncertainties, we maintain a cautious stance in our portfolio management.

The Cheyenne Social Club

Right now, it feels like we're playing a part in a scene from an American Western movie. Like the film " The Cheyenne Social Club", politics seems to be narrowed down to a specific deadline or turning point. The recurrent US budget dispute takes on a predictably dramatic flavor. Just in the nick of time, the US Congress prevented a government shutdown this past Sunday, shortly before midnight. Chuck Schumer, the Senate Majority Leader of the Democrats, referred to this day as a "good day for America". There were emotional moments in the House of Representatives. Both Congressional chambers approved a temporary budget plan which will finance the government until mid-November. Surprisingly, this plan provides more funds for natural disasters and fewer social cuts than the Republicans initially proposed. However, support for Ukraine was left out. Some Republican forces ensured the deferral of this decision, leaving the US's financial support for Ukraine in limbo.

Currently, guidelines are being set by the US budget, global growth concerns, interest rate risks, and predictions of a "soft landing" in the US. The Chinese stock market (MSCI China) dropped by 3.1%, while the MSCI USA decreased by 4.8% and the MSCI Europe lost 1.6%. In contrast, Japan (MSCI Japan) recorded only minimal losses of 0.4% (all price indices in local currency).

Despite the challenging market conditions, our active and fundamentals-led investment approach has demonstrated outperformance compared to its peer group and in particular to passive balanced multi-asset ETFs over the last 12 months and particularly year-to-date.

In September, nevertheless, the stock portfolio faced further losses. Stocks from companies such as LVMH, Thermo Fisher, DHL, Apple, and Target were under pressure. On the other hand, companies with positive prospects or a resilient business environment, like Kinsale, Meta, and AirBnB, showed strength. The bond portfolio contributed only a slightly negative factor. Long-term corporate bonds couldn't attract investors, while short-term government bonds from the USA and emerging markets showed gains. The equity ratio was reduced in September due to partial sales in Meta and Trade Desk. Additionally, short and long-term US government bonds were acquired for the bond portfolio.

Concerns about inflation and economic growth are waning, but they remain present. Hence, a cautious portfolio alignment remains crucial.

Outside the box

Anyone in Germany who currently turns on the television or opens a major daily newspaper is inundated with negative information: economic crisis - deindustrialization - migration crisis - education crisis - construction crisis, etc. The extent to which communication is overloaded, regardless of the direction, is not to be discussed at this point. The fact is, however, that the economy is largely determined by psychology and basic trust. As globally oriented investors, we must try to detach ourselves from the destructive mood in Germany and to develop an image of the global economic outlook that is as objective as possible. Inflation – apart from China – of course remains a burden and continues to keep the central banks in a state of alarm. Nevertheless, the global economy has proven to be robust this year and only Germany is the only western industrialized country to report negative growth. Concerns about growth in China and interest rate risks in Europe and the USA are fuelling nervousness on the financial markets.

Under these conditions, the Chinese equity market (MSCI China) lost -8.5% in August, followed by MSCI Europe at -2.7% and MSCI USA at -1.9%. Only Japan (MSCI Japan) ended the month unchanged (all price indices in local currency).

Despite the difficult market conditions, our active and fundamentally guided investment approach has outperformed. Compared to its peer group and compared to passive multi-asset ETFs in the "balanced" category, our approach has impressively demonstrated its superiority.

Nevertheless, our equity portfolio also suffered a decline in August. Both cyclicals and technology companies such as Upstart, Lemonade and PayPal fell in price. On the other hand, the positive outlook for individual companies such as Novo Nordisk, Kinsale and Verisk made a positive contribution to performance. The bond portfolio recorded a slightly negative performance over the month. While corporate bonds and emerging market bonds largely weakened due to rising risk premiums, US government bonds enjoyed positive returns. During the period under review, we invested in an Aareal Bank bond and increased the proportion of US government bonds with short and long maturities.

Concerns about inflation and economic growth are slowly cooling down but keep flaring up. A prudent portfolio positioning therefore still seems appropriate.

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, KID) 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 KID). 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.

Willkommen bei BlackPoint Asset Management
Welcome to BlackPoint Asset Management

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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.