Newsletter
Video Call

Fund Reporting

Fund Reporting #5, 03/2022

The perfect storm

 

When Russia launched a war of aggression against Ukraine at the end of February, the international financial markets had been under heavy pressure for some time. The extreme war-related price increases of important raw materials such as oil, gas or wheat also boosted inflation. Anyone who now thought that further price declines across the board were essential was amazed to see the resilience of the stock markets. In the interplay of war, fear of recession and inflation, companies in particular that generate predictably strong cash earnings stabilized the stock exchanges.

Under these conditions, the American stock market (S&P 500) rose by +5.46% and the European stock market (Euro Stoxx 50) by +3.63%. Emerging market equities (MSCI EM -2.71%), on the other hand, had to face some challenges in the last few weeks: the important segment China (MSCI China), for example, corrected by -8.45% and Russia was de-listed at a price of zero and reclassified to “Standalone Markets”. On the bond side, the risk premiums for both government and corporate bonds continued to increase, with negative effects on prices. Most recently, the Fed indicated a larger rate hike of +50 bps. open in May, which should put additional pressure on bonds.

 

 
BlackPoint Evolution Fund

 

Depending on the share class, the BlackPoint Evolution Fund gained between +1.66% and +1.75% (since the fund was launched -5.18% in the oldest share class). The largest contribution came from the equity portfolio. The focus was primarily on high-yield established companies such as Apple, Thermo Fisher, Pfizer and Alphabet. On the other hand, there were price losses for growth stocks from the technology sector such as Upstart or Trade Desk, but also for companies that constantly suffer from supply chain problems such as BMW. Only a few titles such as Clarios Global, Avis or Unicredit were able to assert themselves positively in the bond portfolio.

The perfect storm of war, inflation, fears of recession and then renewed hope must not lead to erratic action, but requires a cool head coupled with the consistent implementation of the defined strategy. We are convinced that in the current environment there will be incorrect valuations due to undifferentiated price corrections across entire segments, industries and indices. With our focus on selecting individual stocks, we want to seize opportunities in a targeted and measured manner and invest in stocks that convince us and now appear cheaper in the long-term context. Based on this, we have been making new investments since mid-January, after a difficult start to the year, but we have also further increased the diversification in our portfolio and focused on a more robust composition. On the one hand, we were able to significantly reduce the short-term equity market sensitivity of our fund and, on the other hand, ensure that we can continue to participate adequately in phases of market recovery (see also Facts #1).

Aiming for a slightly more defensive equity portfolio, we followed our contrarian investment philosophy and took advantage of the combination of cheap prices and positive momentum to selectively add to stocks in Apple, LVMH, Microsoft, Intuit, Coca-Cola, Unilever, Marriott and Alphabet. On the bond side, we only invested some cash in short-dated US government bonds. The fund allocation is thus around 57% equities and 36% bonds (including 2.5% CAT bonds and 6% short-dated US government bonds as a cash substitute).

 

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

+0,86

./.

-0,15

./.

3 months

./.

./.

-0,10

./.

6 months

./.

./.

+2,94

./.

1 year

./.

./.

+8,93

6,3
Since inception***

+1,33

./.

+0,55

./.

* 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, 03/31/2022 | 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

ISIN:
Currency: EUR
Ongoing charges:
See fund details

PERFORMANCE CHART

 
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:

NUTZUNGSBEDINGUNGEN

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.