Fund reporting

November was marked by increasing uncertainties on the capital markets.

Rising inflation concerns, ongoing supply chain problems and swelling infection rates repeatedly put investors on alert. But it was only the sudden appearance of the new virus mutation Omikron that led to a significant correction in the global stock markets.

On a monthly basis, the US stock market (S&P 500) was almost unchanged at -0.83%, European stocks (Euro Stoxx 50) and stocks from emerging markets (MSCI EM) corrected although significantly with -4.0% and -4.14% due to the weaker economic recovery and the restrictions caused by the pandemic environment. The risk premiums on the bond side also increased, with a negative impact on prices, especially for subordinated and high-yield papers. European government bonds, on the other hand, have recently been in greater demand as safe investments. This caused interest rates to drop somewhat in November, which had a stabilizing effect on the bond market. The interest rate level of US government bonds hardly changed in the period under review.

The two topics of inflation and pandemic environment will also determine the market dynamics in the coming weeks. Fed Chairman Powell is now moving away from the postulate of merely temporary inflation and is thus signaling a possibly faster pace of bond buybacks. Should the omicron variant prove to be dangerous for those who have been vaccinated or recovered, a flare-up pandemic would further fuel inflation. However, equity investments continue to support intact framework conditions.

BlackPoint Evolution Fund

The BlackPoint Evolution Fund had a fund volume of € 224.1 million at the end of November. In accordance with our investment strategy, our asset allocation is global, broadly diversified and balanced. The equity component - our DARWIN portfolio - is the basis for this and currently makes up 62% of the total portfolio, while our bond portfolio, which follows a core / satellite approach and consists of government and corporate bonds, makes up around a third of the total portfolio.

The largest contributor to performance so far has come from the equity portfolio, primarily from Apple, Kinsale Capital Group, Microsoft, Pfizer and Zscaler. On the other hand, there were price losses at Upstart and Alibaba. Corporate bonds such as General Electric or Broadcom and American government bonds particularly shone in the bond portfolio. But the AT1 bonds from UniCredit and Commerzbank AG and other selected subordinated bonds also set positive accents. The equity portfolio consists of 42 positions and is overweighted invested in selected pharmaceutical and technology companies with a total of around 60% of the equity stake. The bond portfolio invests in US government bonds, government bonds from emerging countries, European covered bonds (around 20% share) as well as in American and European corporate bonds (around 80% share), mainly from investment grade, but also from high yield Spectrum (average rating BBB).

^{* The European Financial Markets Directive MiFID (Markets in Financial Instruments Directive) prohibits the disclosure of performance data for funds with a track record of less than 12 months.}

_{** Morningstar EAA EUR moderate allocation - global
*** 10/18/2021}

_{Source: Morningstar, 11/30/2021 | Calculation based on monthly values. The specified performance * is the calculated net asset value in% in the fund currency after costs and without taking into account any subscription fees. The information is historical and does not represent a guarantee for future developments..}