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: 0.52% / 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 11.10.2024)
| 1 Month | 3.65% |
|---|---|
| 3 Months | 3.25% |
| 6 Months | 5.35% |
| YTD | 9.95% |
| 1yr | 14.36% |
| Since inception | 3.85% |
Performance of the past 12-month periods (as of 11.10.2024)
| On the day of launch (initial fee) | 0.00% |
|---|---|
| 11.10.2023 - 11.10.2024 | 14.36% |
| 11.10.2022 - 11.10.2023 | 7.90% |
Monthly performance (as of 11.10.2024)
| 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|
| Jan | 2.21% | 4.00% | -6.12% | |
| Feb | 1.25% | 0.02% | -2.90% | |
| Mar | 1.82% | 1.05% | 1.75% | |
| Apr | -1.81% | 0.71% | -1.43% | |
| May | 0.07% | 1.30% | -3.69% | |
| Jun | 2.55% | 0.87% | -3.59% | |
| Jul | 0.13% | 2.23% | 4.96% | |
| Aug | 0.89% | -1.61% | -2.40% | |
| Sep | 2.00% | -2.17% | -5.06% | |
| Oct | 0.49% | -2.12% | 1.33% | 0.47% |
| Nov | 3.89% | 1.33% | 0.86% | |
| Dec | 3.18% | -2.38% | 0.89% | |
| YTD | 9.95% | 11.66% | -17.26% | 2.23% |
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: 30.09.2024
| Equity | ||
|---|---|---|
| Equities Europe | 19.31% | |
| Equities USA | 37.67% | |
| Equities EM | 3.35% | |
| Equities Asia/Other | 0.00% | |
| Bonds | ||
| Corp. Bonds IG | 14.03% | |
| Corp. Bonds HY/NR | 9.27% | |
| Gvt. Bonds DM | 6.11% | |
| Cov. Bonds | 0.00% | |
| Bonds EM | 4.82% | |
| Other | ||
| Other/Gold | 2.18% | |
| Cash | ||
| Cash | 3.26% | |
Key Facts Equity Portfolio
| # Holdings | 41 |
|---|---|
| MarketCap (EUR b) | 489,540 |
| Dividend Yield | 1,93% |
| PE | 18,3 |
Key Facts Bond Portfolio
| # Holdings (Issuers) | 71 (64) |
|---|---|
| Duration to Worst | 6,9 |
| Coupon | 2,84% |
| Yield to Maturity | 4,70% |
| Yield to Worst | 4,54% |
Top 10 Holdings
in % of total assets
| Allianz | 4.22 % | |
|---|---|---|
| Cat Bond (Fund) | 3.27 % | |
| Visa | 2.93 % | |
| Alibaba | 2.76 % | |
| Alphabet | 2.74 % | |
| LVMH | 2.52 % | |
| Meta | 2.40 % | |
| Unilever | 2.24 % | |
| Thermo Fisher | 2.15 % | |
| Microsoft | 1.98 % |
Currencies
in % of total assets
| EUR | 51.60 % | |
|---|---|---|
| USD (net) | 36.07 % | |
| GBP | 4.08 % | |
| HKD | 3.35 % | |
| SEK | 1.94 % | |
| CHF | 1.55 % | |
| DKK | 1.41 % |
Sectors Equity Portfolio
in % of equity portfolio
| Information Technology | 23.07 % | |
|---|---|---|
| Financials | 20.80 % | |
| Health Care | 18.32 % | |
| Consumer Discretionary | 14.69 % | |
| Communication Services | 11.60 % | |
| Consumer Staples | 8.30 % | |
| Industrials | 3.22 % | |
| Materials | 0.00 % |
Sectors Bond Portfolio
in % of bond portfolio
| Government | 31.05 % | |
|---|---|---|
| Financials | 24.80 % | |
| Consumer Staples | 12.21 % | |
| Consumer Discretionary | 10.34 % | |
| Communication Services | 9.26 % | |
| Information Technology | 4.62 % | |
| Utilities | 3.24 % | |
| Materials | 1.96 % | |
| Industrials | 1.43 % | |
| Energy | 1.08 % | |
| Other | 0.00 % |
Countries Equity Portfolio
in % of equity portfolio
| United States of America | 61.56 % | |
|---|---|---|
| Germany | 13.34 % | |
| United Kingdom | 6.76 % | |
| China | 5.55 % | |
| France | 4.18 % | |
| Sweden | 3.22 % | |
| Denmark | 2.34 % | |
| Netherlands | 1.71 % | |
| Canada | 0.88 % | |
| Switzerland | 0.46 % | |
| Norway | 0.00 % | |
| Other | 0.00 % |
Countries Bond Portfolio
in % of bond portfolio
| United States of America | 42.04 % | |
|---|---|---|
| France | 15.66 % | |
| Other | 13.96 % | |
| Germany | 8.85 % | |
| United Kingdom | 4.09 % | |
| Sweden | 3.86 % | |
| Luxembourg | 2.86 % | |
| Spain | 2.72 % | |
| United Arab Emirates | 2.48 % | |
| Australia | 1.84 % | |
| Côte d'Ivoire | 1.64 % |
Rating
in % of bond portfolio
| BBB | 39.41 % | |
|---|---|---|
| NR/Other | 23.20 % | |
| BB | 13.15 % | |
| AA | 9.44 % | |
| A | 8.33 % | |
| B | 5.64 % | |
| AAA | 0.85 % |
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 15 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
This apt aphorism by Wilhelm Busch may have come to mind for many investors in August. Instead of "dolce far niente", this summer month was characterized by turbulence, stock market crashes and subsequent recoveries. Global economic concerns repeatedly drove up volatility on the stock markets. In the first three trading days of the month, the Japanese Nikkei lost almost -20%. Memories of 1987 were awakened when the Nikkei closed with a loss of -12.4% on Monday, August 5, triggering panic selling on the European and American stock markets. However, the markets recovered significantly over the course of the week. Positive impulses came from Jerome Powell, the chairman of the American Federal Reserve, during his speech in Jackson Hole. Although the financial markets were already expecting an easing of monetary policy, Powell confirmed these expectations by saying that "the time has come". He welcomed recent progress in fighting inflation and stressed that economic growth remains on a solid path. His emphasis on the "cooling labour market" is seen as an indication that the Fed will do everything it can to prevent a significant slowdown in economic growth.
In a hectic month, the MSCI USA rose by +2.27% and the MSCI Europe by +1.39%. The MSCI Japan managed to limit its at times devastating losses to -2.76% and the MSCI China posted a gain of +0.78%. US corporate bonds rose by +1.57% (MSCI USD Investment Grade Corporate Bond Index), while their European counterparts gained +0.43% (MSCI EUR Investment Grade Corporate Bond Index).
The equity portfolio developed positively in August. As part of active risk management, at the beginning of the month we reduced mainly technology stocks such as Apple, ASML, Microsoft, SAP, Alphabet, Salesforce and Super Micro. As the markets calmed down, we increased the equity exposure again and added three new stocks to the portfolio: Intel, Broadcom and Roper. We completely sold our position in DHL. In addition, we sold bonds from Transurban Finance, Caixabank and Emirates Telecom Group in favour of increasing our equity exposure.
The economic conditions remain robust and support our moderate overweighting of the equity quota.
Germany vs. Spain is not a delayed report on the European Football Championship, but the biggest challenge for the ECB now: After cutting interest rates by 25 basis points to 3.75% in June, the ECB stressed that a further cut would not necessarily follow at the meeting on 12 September. Too aggressive easing carries the risk of reigniting the still high inflation in the services sector. Designing monetary policy for 20 nations is difficult even under the best of conditions; given the current economic divergences, for example between Germany and Spain, it is almost impossible. While Spain is showing promising growth, Germany has been stagnating for two years, and the Ifo business climate index for July is even approaching lockdown lows. The ECB as referee is faced with the dilemma of having to make interest rate decisions for the benefit of one side while the other suffers. Which brings us back to the parallel of the football match a few weeks ago.
In a turbulent month, the MSCI USA rose by +1.17% and the MSCI Europe by +1.11%, although technology stocks performed weaker in July (MSCI World IT Index -2.09%). The Japanese MSCI lost -1.05%, the Chinese MSCI -2.19%. American corporate bonds rose by +2.38%, European ones by +2.04%.
The equity portfolio developed positively in July. Companies such as Kinsale, Upstart, Roche and PayPal performed well. On the other hand, Crowdstrike (due to a serious software error) and ASML and Super Micro Computers from the semiconductor industry posted losses. The bond portfolio also made gains, particularly in securities with longer maturities or attractive risk premiums. Shares in Meta, Visa, 3I Group and Crowdstrike were purchased, and the position in SAP was profitably reduced. On the bond side, we sold covered bonds from ASB Finance, Sveriges Säkerställda Obligationer AB and DZ Hyp AG with comparatively low yields.
The economic conditions remain robust and support our first overweighting of the equity allocation this year.
"History doesn't repeat itself, but it rhymes." This often-quoted aphorism is attributed (probably mistakenly) to Mark Twain and succinctly describes the fact that human nature remains largely constant over the years. Reactions to certain situations are therefore similar, provided that the initial conditions are the same. Fears that the current stock market rally shows parallels to the dotcom bubble are understandable, but so far do not fulfil the postulate of similar initial conditions in two key points: firstly, the enormous profitability of the current big tech companies and secondly, the generally calm level of stock volatility. However, it must also be noted in this context that at the time of the dotcom bubble, many technology companies were still in their infancy and can now build on decades of experience, provided they have survived to this day (survivorship bias).
Under these conditions, the MSCI USA rose by 3.45%, driven by IT companies, which consequently also caused the MSCI World IT Index to rise by 8.72%. The Japanese MSCI followed with slightly less strength at 1.54%. The MSCI Europe was unable to participate in the global upward trend at -1.12%, nor was the MSCI China at -2.84%. Both American corporate bonds at -0.49% and European corporate bonds at -1.21% suffered losses.
The equity portfolio developed positively in June. In particular, dynamic companies such as Shopify and Crowdstrike showed strong performance alongside established companies such as ASML, SAP and Novo Nordisk. In contrast, companies in the consumer goods sector such as Target and LVMH and financial groups such as PayPal and Visa suffered losses. The bond portfolio also increased in value; government bonds were demand, while corporate bonds with higher risk premiums were weaker. In June, shares in Merck & Co., Super Micro Computer, ASML, Meta and Salesforce were purchased. On the bond side, short-term US Treasuries and an Indonesian government bond were sold, and long-term French government bonds were added.
With our almost neutral equity position and the overweight in interest-bearing securities, we see ourselves as constructively positioned from a risk-return perspective.
How much truth is there in stock market wisdom? The old stock market rule "Sell in May and go away" gained popularity due to its hit rate. This year, it might be worth changing your perspective with the motto: Buy in May and stay away. Because anyone who did not invest in May this year according to the traditional rule missed out on amazing developments. Major leading indices such as the S&P 500 held on to record levels and confirmed a broad upward trend, driven by positive corporate figures from the technology sector. Even if inflation in Europe and the USA has not recently fallen at the desired rate, reaching the 2% target seems increasingly possible. The long-awaited interest rate cuts have therefore only been postponed and have been positively anticipated by many bond markets.
Under these conditions, the MSCI USA rose by 4.6% in May. The Japanese MSCI followed with slightly less strength at 1.1%, the MSCI Europe at 2.5% and the MSCI China at 2.1%. The undisputed leader was once again the MSCI World IT Index at 8.5%. US corporate bonds gained 1.9%, while European corporate bonds were unchanged.
In May, the equity portfolio developed slightly positively. Dynamic companies such as Dutch Brothers and Trade Desk performed well. In contrast, companies in the discretionary consumer goods sector such as AirBnB and the tech companies Shopify and Salesforce suffered losses. The bond portfolio also increased in value. Corporate bonds with higher risk premiums were particularly in demand, while long-term government bonds were weaker. Shares in Merck & Co., Kinsale, Meta and Microsoft were purchased. On the bond side, securities from Takeda Pharmaceutical, Stellantis and Mondelez were sold, and a subordinated UniCredit security was bought back from the issuer.
We are maintaining the overweight in interest-bearing securities, but are selectively increasing our equity exposure, considering the valuation levels and imponderables.
Cognitive dissonance – this is a term used by behavioural economics to describe the internal conflict that investors experience when trying to reconcile two contradictory beliefs. For example, the valuations of many technology stocks are currently ambitious, while at the same time the long-term profit prospects for AI-focused companies remain extremely high. Similar dissonances are also visible in the American economy: persistently high inflation and a strong labour market are forcing the Fed to delay the interest rate cut long-awaited by the markets. In addition, the weak economic forecast for the USA and falling consumer confidence indicate that interest rate cuts would be appropriate soon. In this difficult situation, the Fed's position is not to be envied, as it finds itself between two chairs. How are investors reacting? They practice cherry-picking: rationalizing decisions by focusing on information that supports the original decision while ignoring contradictory facts. However, the cognitive dissonance does not disappear, it just becomes more bearable. A saying by the popular comedian Karl Valentin fits the current situation of central banks and investors: "I would have wanted to, but I didn't dare."
Under these circumstances, the European market (MSCI Europe) suffered moderate losses of -1.5% in August, followed by Japan (MSCI Japan) with -1.1%. The USA (MSCI USA) experienced significant discounts at -4.2%. Only China (MSCI China) was able to decouple from the global market trend and recorded a gain of +6.4%. (All price indices in local currency). According to Bloomberg indices, better quality US corporate bonds posted losses of -2.5%, as did their European counterparts of -0.9%.
The stock portfolio suffered losses in April. Profit-taking in companies such as Kinsale and Meta, as well as weakness in dynamic companies such as Upstart and Dutch Bros, contributed to the development. The result was mitigated, among other things, by gains in tech stocks such as Alphabet, Alibaba, and Baidu as well as financial service providers such as Lemonade and PayPal. ASML shares were added to the portfolio again, while Zoetis and Zscaler shares were sold. The position in Meta was reduced due to profit taking. The bond portfolio also recorded a decline, with interest-sensitive securities such as long-term government bonds in particular suffering from the uncertainty surrounding future central bank policy. Only bonds with a short remaining term or higher risk premiums were able to gain. A buyback offer from Techem was accepted and a long-term French government bond was purchased.
We are currently maintaining an overweight in interest-bearing sources, with an overall considered portfolio orientation. This reflects current valuation levels and uncertainties.
The decision seems to have been made for the stock market. With all-time highs continuing, markets – and therefore investors – are increasingly assessing the likelihood of a recession in the next 12 months as less. According to a survey by Absolute Strategy Research, 225 fund managers who collectively manage $8 trillion in assets predict a gentle slowdown in the US economy. The US bond market, however, paints a contrasting picture: the persistently strong inversion of the yield curve, in which long-term bonds have lower returns than short-term ones, continues to signal an expected recession. The Federal Reserve Bank of New York regularly publishes the implied probability of recession derived from yield curve analysis. The sobering conclusion is that an impending recession is still to be expected. Here I stand, poor fool that I am, no wiser than before.
The dynamics of the global stock markets developed almost synchronously in March: The MSCI USA rose by +3.1%, closely followed by the Japanese MSCI with +2.9%, the MSCI China with +2.8% and the MSCI Europe with +3.5%. US corporate bonds posted a total gain of +1.3%, comparable to European corporate bonds which gained +1.08%.
In March, the stock portfolio recorded further growth. Consumer goods companies such as Target and Dutch Brothers as well as the payment service provider PayPal topped the list of winners. However, shares in companies such as Zscaler, Crispr Therapeutics and Zoetis in particular suffered losses. Shares from Upstart, Visa, Novo Nordisk, SAP and Microsoft were once again purchased. The bond portfolio also achieved further increases in value; positions with higher risk premiums or long maturities were particularly in demand. Only a Swedish covered bond, medium-term US government bonds and a bond from the telecommunications company Altice saw lower demand. Intermediate-term US Treasury bonds were sold in March.
We are currently concentrating on the controlled expansion of our equity positions, with the demanding valuations suggesting at least a cautious approach.
Downloads
- Sales prospectus (German) BlackPoint Evolution Fund
- PRIIPs-KID (German) BlackPoint Evolution Fund D
- 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
- Regular Information RTS Appendix 4/5 (German) BlackPoint Evolution Fund
- Performance scenario (shareclass D) BlackPoint Evolution Fund D
- Performance (shareclass D) BlackPoint Evolution Fund D
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.
Opportunities
-
- High investment diversification effects through flexible investment in different asset classes, regions and sectors
- Focus on asset preservation and growth without reference to conventional market indices
- Good balance between risk and return
Risks
-
- Market, sector and company-related exchange rate fluctuations
- Exchange rate fluctuations
- The unit value can fall below the purchase price at which the investor acquired the unit.
- Due to its composition / the techniques used by the fund management, the investment fund is more volatile, i.e. the unit prices can also be subject to greater fluctuations, upwards or downwards, even within short periods of time.
This is a marketing communication. Please refer to the prospectus and the key information document (PRIIPs KID) before making any final investment decisions.
This also contains detailed informations on opportunities and risks. A current version of the aforementioned documents and reports is available free of charge in German from the registered office of the management company IPConcept (Luxemburg) SA, 4, rue Thomas Edison, L-1445 Strassen, Luxembourg, on the homepage (www.ipconcept.com), from DZ PRIVATBANK S.A., 4, rue Thomas Edison, L-1445 Strassen, Luxembourg, and the German sales office BlackPoint Asset Management GmbH, Herrnstr. 44, 80539 Munich. Further information on investor rights is available in English on the management company's website at https://www.ipconcept.com/ipc/en/investor-information.html. The management company may decide to terminate the arrangements made for the marketing of this collective investment undertaking in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU. All information published here is for your information only, is subject to change and does not constitute investment advice or any other recommendation. The sole binding basis for the acquisition of the fund is the above-mentioned documents in conjunction with the associated annual report and/or the semi-annual report. The statements contained in this document reflect the current assessment of BlackPoint Asset Management GmbH. The opinions expressed may change at any time without prior notice. All information in this overview has been provided with due care in accordance with the state of knowledge at the time of preparation. However, no guarantee or liability can be assumed for the correctness and completeness.
The gross performance (BVI method) takes into account all costs incurred at fund level (e.g. management fee), the net performance also includes the issue surcharge; further costs may arise at investor level (e.g. custody account costs), which are not taken into account in the illustration. Past performance is not a reliable indicator of future performance. The sales prospectus contains more detailed tax information.
The units issued in this fund may only be offered for purchase or sold in jurisdictions in which such an offer or such a sale is permissible. The units of this fund may not be offered for sale or sold to or for sale within the USA or to or for the account of US citizens or US persons resident in the USA. This document / this section of the website and the information it contains may not be distributed in the USA. The distribution and publication of this document as well as the offer or sale of the shares may also be subject to restrictions in other legal systems.
* The Investment Tax Act in the version applicable from 1.1.2018 defines mixed funds as follows: Mixed funds are investment funds that continuously invest at least 25 percent of their value in equity investments in accordance with the investment conditions.
The investment tax law was changed by the law to avoid sales tax losses when trading goods on the Internet and to change other tax regulations of 11.12.2018. Mixed funds are now defined as follows: Mixed funds are investment funds which, in accordance with the investment conditions, continuously invest at least 25 percent of their assets in equity investments. The amount of the assets is determined by the value of the assets of the investment fund without taking into account the liabilities of the investment fund. Instead of the assets, the investment conditions may be based on the value of the investment fund. When determining the amount of assets invested in equity investments, in these cases the loans are to be deducted in accordance with the share of equity investments in the value of all assets.
For more informations: https://www.bvi.de/faq/faq-besteuerung-von-investmentfonds/
(Source: BVI Bundesverband Investment und Asset Management e.V.)
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