Video Call

Fund Reporting

Fund Reporting #11, 09/2022

Tina or Tara - who is the most beautiful of them all?


The 2008 global financial crisis had a big winner: TINA (There Is No Alternative). Low interest rates, low inflation and an expansive financial and fiscal policy formed the ideal breeding ground for the global upward trend on the stock markets in recent years. The pandemic abruptly ended the dream of ever-rising markets. Galloping inflation, driven by destroyed supply chains and war in Ukraine, has since forced global central banks to synchronize interest rate hikes. While the sharp rise in yields caused bond markets to fall, they also reduced the relative attractiveness of equities, based on the risk premium. In short: for the first time since the great financial crisis, bonds are again appearing more attractive than stocks. The new fairest of them all seems to be TARA (There Are Reasonable Alternatives). So, trends come and go, but a long-term strategy based on diversification seems timeless.

Global markets were unanimous on the direction of the trend last month: S&P 500 fell -9.34%, STOXX Europe 600 -6.57%, Nasdaq -10.60%, Japan's Nikkei 225 -7.67% and China CSI 300 -6.72% (all indices in local currency).


Illustration 1:
YTD returns in % (stock and bond markets)
Stock markets September YTD
S&P 500 -9,34 -24,77
Nasdaq-100 -10,60 -32,77
EURO STOXX 50 -5,66 -22,94
CSI 300 -6,72 -22,98
Bond markets*    
€ Gvt. Bond 7-10 yr -4,57 -18,06
$ Treasury Bond 7-10yr (USD) -4,70 -15,67
iBoxx EUR Corp Bond -4,24 -17,64
US Corp 5-7yr (USD) -4,18 -14,13
Source: Morningstar, Bloomberg, 09/30/2022 / * ETFs


BlackPoint Evolution Fund


Depending on the share class, the BlackPoint Evolution Fund lost between -5.06% and -5.19% (-15.6% since the fund was launched on October 18, 2021). Dynamic financial service providers such as Upstart or Block in particular made a negative contribution to the value of the equity portfolio, as did the British company Vodafone. Zscaler, Kinsale and the pharmaceutical companies Roche, UCB and Pfizer made a positive contribution. Bond investments had also come under pressure but lost less than the equity markets. Short-dated US government bonds and CAT bonds made a positive contribution in these turbulent times. August's focus on de-risking resulted in the following adjustments: Decreasing holdings in Assa Abloy, Intuit, Apple and Estée Lauder. Kering and AirBnB were sold. In addition, we established a first position in European CO2 emission allowances (carbon credits). The fund allocation is therefore 49% equities, 39% bonds (including 6% short-dated US government bonds and 3% CAT bonds), 4% gold/commodities/carbon credits rights and 8% cash (see fund details).

As long as the high volatility on the financial markets persists, we will act cautiously and, if necessary, selectively adjust the proportion of equities in the portfolio from time to time. 


  BlackPoint Evolution Fund
Morningstar Peer Group**
  Return* Volatility Return* Volatility
1 month





3 months




6 months





1 year




Since inception***




* 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, 09/30/2022 | 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..

BlackPoint Evolution Fund

Wealth Management Strategy

Currency: EUR
Ongoing charges:
See fund details


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.

Willkommen bei BlackPoint Asset Management
Welcome to BlackPoint Asset Management

Um Ihnen maßgeschneiderte Informationen anzeigen zu können, bitten wir Sie Folgendes einzugeben:
In order to be able to show you tailor-made information, we ask you to enter the following:


Die Informationen und Inhalte dieser Website stellen weder ein öffentliches Angebot noch eine Aufforderung zur Abgabe eines Angebotes zum Erwerb von Wertpapieren, Fondsanteilen oder Finanzinstrumenten dar.

Eine Investmententscheidung bezüglich der hier dargestellten Produkte sollte nur auf Grundlage der einschlägigen Verkaufsdokumente (Verkaufsprospekt, wesentliche Anlegerinformationen, Halbjahres- und Jahresbericht) erfolgen und nicht auf der Grundlage dieser Website. Die auf dieser Website beschriebenen Produkte dürfen nicht in allen Ländern zum Verkauf angeboten werden und sind in jedem Fall dem Investorenkreis vorbehalten, der zum Kauf der Produkte berechtigt ist. Die Informationen und Inhalte dieser Website richten sich daher nicht an natürliche oder juristische Personen, deren Wohn- bzw. Geschäftssitz einer Rechtsordnung unterliegt, die für die Verbreitung derartiger Informationen Beschränkungen vorsieht.

Die enthaltenen Informationen auf dieser Website sind nicht für die USA bestimmt. US-Bürgern gemäß Definition in Regulation S des US-Securities Act von 1933 und in den USA ansässigen Rechtssubjekten ist der Zugriff auf diese Website untersagt. Auch dürfen auf diesen Webseiten bereitgestellte Informationen nicht in den USA verbreitet oder weitergegeben werden. Die hier aufgeführten Produkte sind und werden nicht gemäß dem US-Securities Act aus dem Jahre 1933 registriert und dürfen nicht in den USA, an US-Bürger oder in den USA ansässige Rechtssubjekte
verkauft oder diesen angeboten werden.

Terms of use

The information and content provided on this website constitute neither a public offer nor a solicitation of an offer to purchase securities, shares in funds, or financial instruments..

No decision to invest in any of the products presented here should be made on the basis of this website; rather, any decision to so invest should be made solely on the basis of the relevant sales documents (pro-spectus, key investor information, semi-annual and annual report). The products described herein may not be offered for sale in all countries and are reserved, without exception, for the group of investors who are authorized to purchase the products. For this reason, neither the information nor the content provided on this website is in-tended for natural or legal persons resident or registered in any jurisdiction that imposes restrictions on the distribution of such information.

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.