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: 2.15% / B: 1.90% / C: 1.09% / D: 0.89% |
| 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 26.05.2023)
| 1 Month | 0.76% |
|---|---|
| 3 Months | 1.02% |
| 6 Months | 2.77% |
| YTD | 5.81% |
| 1yr | 1.28% |
| Since inception | -12.91% |
Performance of the past 12-month periods (as of 26.05.2023)
| On the day of launch (initial fee) | 3.85% |
|---|---|
| 26.05.2022 - 26.05.2023 | 1.28% |
Monthly performance (as of 26.05.2023)
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Jan | 3.85% | -6.21% | |
| Feb | -0.09% | -2.97% | |
| Mar | 0.91% | 1.66% | |
| Apr | 0.60% | -1.51% | |
| May | 0.45% | -3.78% | |
| Jun | -3.67% | ||
| Jul | 4.88% | ||
| Aug | -2.54% | ||
| Sep | -5.19% | ||
| Oct | 1.20% | ||
| Nov | 1.20% | -0.01% | |
| Dec | -2.50% | 0.74% | |
| YTD | 5.81% | -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: 30.04.2023
| Equity | ||
|---|---|---|
| Equities Europe | 16.47% | |
| Equities USA | 31.66% | |
| Equities EM | 3.58% | |
| Equities Asia/Other | 0.00% | |
| Bonds | ||
| Corp. Bonds IG | 15.01% | |
| Corp. Bonds HY/NR | 12.55% | |
| Gvt. Bonds DM | 8.29% | |
| Cov. Bonds | 0.00% | |
| Bonds EM | 4.72% | |
| Other | ||
| Other/Gold | 2.19% | |
| Cash | ||
| Cash | 5.53% | |
Key Facts Equity Portfolio
| # Holdings | 41 |
|---|---|
| MarketCap (EUR b) | 533,785 |
| Dividend Yield | 2,48% |
| PE | 17,5 |
Key Facts Bond Portfolio
| # Holdings (Issuers) | 88 (76) |
|---|---|
| Duration to Worst | 5,2 |
| Coupon | 2,72% |
| Yield to Maturity | 5,34% |
| Yield to Worst | 5,33% |
Top 10 Holdings
in % of total assets
| Microsoft | 3.68 % | |
|---|---|---|
| Allianz | 3.05 % | |
| Pl. Cat Bond | 2.97 % | |
| Thermo Fisher | 2.56 % | |
| LVMH | 2.46 % | |
| Alibaba | 2.42 % | |
| Unilever | 2.10 % | |
| Visa | 2.01 % | |
| Apple | 1.99 % | |
| BMW | 1.92 % |
Currencies
in % of total assets
| EUR | 58.04 % | |
|---|---|---|
| USD (net) | 32.16 % | |
| HKD | 3.16 % | |
| GBP | 3.12 % | |
| CHF | 1.50 % | |
| DKK | 1.07 % | |
| SEK | 0.95 % |
Sectors Equity Portfolio
in % of equity portfolio
| Health Care | 20.65 % | |
|---|---|---|
| Information Technology | 19.42 % | |
| Consumer Discretionary | 17.50 % | |
| Financials | 14.81 % | |
| Consumer Staples | 10.96 % | |
| Communication Services | 10.04 % | |
| Industrials | 6.61 % | |
| Materials | 0.00 % |
Sectors Bond Portfolio
in % of bond portfolio
| Government | 29.97 % | |
|---|---|---|
| Consumer Staples | 14.89 % | |
| Financials | 12.79 % | |
| Consumer Discretionary | 12.45 % | |
| Communication Services | 11.07 % | |
| Other | 7.32 % | |
| Information Technology | 3.99 % | |
| Utilities | 2.74 % | |
| Industrials | 2.07 % | |
| Materials | 1.75 % | |
| Energy | 0.96 % |
Countries Equity Portfolio
in % of equity portfolio
| United States of America | 57.47 % | |
|---|---|---|
| Germany | 14.70 % | |
| China | 6.92 % | |
| United Kingdom | 6.03 % | |
| France | 4.76 % | |
| Switzerland | 3.52 % | |
| Denmark | 2.07 % | |
| Netherlands | 1.84 % | |
| Sweden | 1.84 % | |
| Canada | 0.85 % | |
| Norway | 0.00 % | |
| Other | 0.00 % |
Countries Bond Portfolio
in % of bond portfolio
| United States of America | 42.05 % | |
|---|---|---|
| Other | 20.38 % | |
| France | 8.06 % | |
| Germany | 7.64 % | |
| United Kingdom | 5.69 % | |
| Sweden | 3.87 % | |
| Spain | 3.23 % | |
| Luxembourg | 3.20 % | |
| Australia | 2.37 % | |
| United Arab Emirates | 2.10 % | |
| Italy | 1.40 % |
Rating
in % of bond portfolio
| BBB | 35.77 % | |
|---|---|---|
| AAA | 21.86 % | |
| BB | 13.31 % | |
| NR | 12.10 % | |
| B | 9.37 % | |
| A | 5.13 % | |
| AA | 2.46 % |
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 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 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
Let's look through the lens of a time machine: Donald Trump, Republican nominee, wrestles with impeachments while aiming for the US presidency. In Turkey, Erdogan, the current president, is fighting a challenging election campaign. This is all happening under the dark cloud of a looming global recession, the aftershock of a banking crisis. And now, pinch yourself: It's actually 2023. And what's still impressive, companies like Microsoft, Alphabet (Google) and Meta (Facebook) remain the drivers of technological change, driven by their recent innovations in the Artificial Intelligence domain (ChatGPT, Bard, Llama) continue to set the pace of innovation.
The shadows of geopolitical risk, inflation and economic recovery continued to loom in April. But despite these challenges, the MSCI USA (+1.2%), MSCI Europe (+1.4%) and the MSCI Japan (+1.9%) were able to celebrate moderate success. In contrast, the MSCI China lost -5.2% (all price indices in local currency). Both European corporate bonds (MSCI EUR IG Corporate Bond Index +2.3%) and American corporate bonds (MSCI USD IG Corporate Bond Index +0.8%) showed a positive development, both of which recorded an increase in value.
Within our fund, the picture on the stock side was clear: Chinese giants such as Baidu and Alibaba, complemented by rising stars with a strong IT focus such as Zscaler and Lemonade, suffered the largest month-on-month falls. In contrast, insurance companies such as Kinsale and Allianz and pharmaceutical companies such as Roche and Crispr were able to shine with positive developments. We adjusted our positions by taking profits in stocks such as Baidu, LVMH, Kinsale, Microsoft and SAP. We bought US coffee chain Dutch Bros. Corporate bonds from players such as SPP Distribucia, Jaguar Land Rover and SES stood out positively, while Avis and Grupo Antolin saw the largest declines in this segment. Romania, Panama and Mexico stole the show on the government bond stage. Meanwhile, long-dated US Treasuries and Colombia (in the face of domestic political unrest) suffered losses.
Recognizing ongoing concerns about inflation and economic growth, we have proactively chosen a more conservative portfolio bias, aiming to manage our investors' capital prudently while still generating attractive returns.
The sudden collapse of some regional banks in the US and the meltdown at Credit Suisse led to great nervousness on the financial markets in March and ultimately forced the supervisory authorities to act. There was never any doubt about the economic dangers that rising interest rates pose for companies and national economies. Nevertheless, the speed and extent of the banking crisis surprised the capital markets and should therefore be regarded as a real "black swan", i.e. an unforeseeable event with essential effects on society and the economy.
Despite these general conditions, the stock exchanges were stable: US stocks rose by +3.4% in March, Chinese stocks by +4.5%. European (-0.5%) as well as Japanese stocks (+0.6%) stagnated. Both European (+1.1%) and US investment grade corporate bonds (+2.7%) gained. (Source: MSCI price indexes in local currency)
Amid the uncertainties of March and the challenging market conditions of the last 12 months, our active and fundamental-driven investment approach has clearly proven itself compared to its peer group (Illustr. 1) and in particular to passive multi-asset ETFs in the "balanced" category.
March delivered a volatile but positive performance in the equity portfolio. The biggest contributors were Microsoft, Apple and Meta. On the other hand, financial stocks such as Block, Allianz and Kinsale recorded a negative development. Positions in Thermo Fisher, Visa and Microsoft were increased. We sold all of Upstart, Twilio and Block. Opportunistic and small investments were made in a fund of European bank stocks (ex. Switzerland), but consistent risk management led to a quick sale with minor losses. On the bond side, corporate bonds in particular contributed positive results. Exceptions with a negative development here were some subordinated bonds and bonds from banks such as Commerzbank, Fifth Third Bancorp and UniCredit.
Concerns about inflation and economic growth remain in focus and imply continued prudent portfolio positioning.
Positive economic data is currently exerting negative pressure on the stock and bond markets. This seemingly logical contradiction makes sense on closer inspection, however, and is a well-known stock market paradox. Moderate wage growth in the USA and a strong labour market speaks for a robust economy on the one hand, but on the other hand prices remain high or even become more expensive. The central banks are therefore unlikely to find any reason to end their interest rate hikes quickly.
Under these conditions, the S&P 500 fell by -2.61% in February, the technology exchange Nasdaq by -0.49% and the Chinese CSI 300 by -2.10%. The Japanese Nikkei reported a positive performance with +0.43% and the STOXX Europe 600 with +1.74% (all indices in local currency).
With an overall mixed performance of the stock portfolio, cyclical stocks such as Alibaba and Shopify in particular suffered losses. Companies with positive management forecasts such as Meta or Kinsale were particularly convincing. Positions in Deutsche Post, Trade Desk, Twilio, BMW and AirBnB were increased. A new position was held in O'Reilly Automotive, one of the largest auto parts distributors in the United States. The bond portfolio recorded slight losses in February, but short-dated US government bonds and some high-yield bonds such as Avis or Grupo Antolin were able to stand out positively.
The fund allocation is currently 56.1% equities, 39.6% bonds (including 4% short-dated US Treasuries and 2.6% CAT bonds), 1.8% gold/commodities/CO2 emission rights and 2.5% cash.
Concerns about inflation and economic growth are not over yet and imply a continued prudent portfolio positioning.
The classic 60/40 portfolios in January 2023 must have felt a bit like the miracle bird phoenix. Although declared dead several times and despite simultaneous losses of stocks and bonds in 2022 - mixed funds had their best start to the year in decades. Lower inflation rates worldwide, the prospect of a "soft landing" in the USA and the expectation of a strengthening Chinese economy made the S&P 500 more expensive by +6.6% and the technology-heavy Nasdaq by as much as +11.6%. Both Europeans and Asians shared this optimism, with the Euro Stoxx 50 up +10.4% and the Chinese CSI 300 up +7.5%. At the same time, global bonds (Bloomberg Global Aggregate Bond Index) gained +3.3% (all indices in local currency).
In the BlackPoint Evolution Fund, disruptive tech and financial companies such as Upstart, Block and Lemonade recorded the strongest performance alongside Chinese stocks such as Alibaba or Baidu. We increased positions in Pfizer, Allianz, PayPal and Daqo. We sold Illinois Tool Works completely, and our investment in Novo Nordisk was reduced. In the bond portfolio, papers from airlines shone due to the renewed increase in travel activity and high-yield bonds. We bought government bonds from Croatia, Romania and the Ivory Coast at attractive levels. The fund allocation is currently 53.2% equities, 37.4% bonds (including 4% short-dated US Treasuries and 2.5% CAT bonds), 1.8% gold/commodities/CO2 emission rights and 7.6% cash.
Despite the brilliant start to the year, there are still many market and geopolitical upheavals to be overcome. While progress in this regard is reflected in the portfolio, we do not neglect an appropriate risk assessment. Because one swallow doesn't make a summer.
Especially at the turn of the year, Bill Murray likes to flicker across our living room screens in "Groundhog Day". Caught in a time warp, the film's hero relives the same day over and over again. Many market observers are likely to feel something similar now. They were just hoping for an endemic end to the pandemic, but the renewed fear of Corona from China is already spilling over to us again. Disrupted supply chains, higher inflation and lower economic growth: the issues are well known, as are the reactions on the financial markets.
December thus closes the most grueling year for stocks since the great financial market crisis and the bond year with the most losses since 1990 with discounts. The S&P 500 fell -5.9%, the Euro Stoxx 50 -4.3% and the Nasdaq tech exchange -9.1%. Only the Chinese CSI 300 reported a positive exception to the global downward trend and rose slightly by +0.5% (all indices in local currency).
Despite the apparently uncontrolled corona outbreak in China, our Chinese investments in Alibaba and Baidu proved to be robust and, alongside pharmaceutical stocks such as Novo Nordisk, made a positive contribution to performance. However, tech companies and disruptors such as Google, Apple, Lemonade and Upstart were not in demand and suffered losses. An initial investment in PayPal was done in December, existing positions in Alibaba, Baidu, ASML, Tradedesk, Vodafone, Kinsale, LVMH, Thermo Fisher and Visa were slightly increased from favourable levels. In return, we sold all commodities (CMCI ex-Agric. ETF) and partially our gold investment. The bond portfolio made a negative contribution due to the prevailing risk aversion, although some previously penalized issuers - for example from the US chemicals and real estate sector - were able to recover. The fund allocation is currently 54.7% equities, 39.1% bonds (including 6% short-dated US Treasuries and 2.7% CAT bonds), 2.3% gold/commodities/CO2 emission rights and 3.9% cash.
Even if the nervousness and the associated volatility on the financial markets is likely to persist at the beginning of the year, the first signs of a waning inflation panic are noticeable. We will react to a sustained stabilization of the stock exchanges with selective investments.
Who doesn't know the old stock market adage: "The markets are climbing up a wall of worries"? At first glance this might seem truism, but there is a lot of truth hidden in this statement. Throughout the year, investors defined criteria such as peak inflation or functioning supply chains as important factors for a sustainable recovery. However, a sustained improvement in sentiment, i.e., the mood on the stock exchanges, has not yet been identified, as new or recurring crisis scenarios are constantly being worked out.
Under these sometimes-erratic conditions, the S&P 500 held its own in November with a plus of +5.4%, the Euro Stoxx 50 rose by +9.6% and the Nasdaq technology exchange rose by +5.5%. Global bonds (Bloomberg Global Aggregate Bond Index) kept pace with equity markets and returned +4.7%. China equities (CSI 300) broke free from the oppressive Zero Covid sentiment in the country, returning +9.8% (all indices in local currency).
Depending on the share class, the BlackPoint Evolution Fund gained between +1.20% and +1.33% (-13.3% since the fund was launched on October 18, 2021). Not included here is the fund price increase of around +1.50% on December 1st. A slower rise in key inflation data, a modest softening in the US labour market and increasing signs of China's Covid policy easing supported markets despite a bearish overall sentiment. In addition to Chinese stocks such as Alibaba and Daqo, European companies scored well with a robust order situation (e.g., ASML, Allianz and LVMH). However, the tipping point had not yet come for our low-weight challengers and disruptors: Lemonade, Upstart, Crowdstrike, and Zscaler saw major falls. Deutsche Post and Twilio were added in November and the existing exposure in LVMH, Allianz, Assa Abloy and Salesforce was increased. We sold completely our investment in UCB. Bonds contributed to the good development due to significantly lower risk premiums, with corporate bonds and government bonds from emerging countries being particularly positive. An Indonesian government bond was sold and senior positions in Goldman Sachs and Caixabank were purchased. The fund allocation is currently 49% equities, 39% bonds (including 6% short-dated US Treasuries and 2.7% CAT bonds), 4% gold/commodities/CO2 emission rights and 8% cash.
The persistently high volatility on the financial markets means that we are acting cautiously towards the end of the year. However, opportunities could be taken in a well-measured manner through selective investments on the bond and stock markets.
Downloads
- Sales prospectus (German) BlackPoint Evolution Fund
- PRIIPs-KID (German) BlackPoint Evolution Fund A
- Sustainability-Related Disclosures (German) BlackPoint Evolution Fund
- Annual report (German) BlackPoint Evolution Fund
- Pre-contractual Info RTS Appendix 2/3 (German) BlackPoint Evolution Fund
- Semi-annual report (German) BlackPoint Evolution Fund
- Durable medium (German) BlackPoint Evolution Fund
MiFID II
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.
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