Video Call

Fund Reporting

Fund Reporting #6, 04/2022

April showers (may) bring May flowers


Not so long ago, investors were pilloried for buying stocks while a global pandemic shook the very foundations of economies. Now the opposite is happening: unsettled investors are selling stocks and bonds, although more optimistic earnings forecasts and stable economic data mean that a recession, at least in the USA, is still a long way off. The Fed consistently uses short phases of recovery on the markets to use its unyielding rhetoric to get investors in the mood for interest rate increases as a measure against high inflation. The mixture of fears of war, inflation and recession, fueled by renewed supply chain problems emanating from China, pushed the S&P 500 down -8.8% - the most negative April since 1970. The Nasdaq 100 suffered its biggest sell-off since -13.4% booked in 2008. The -2.6% of the Euro Stoxx 50 seems almost moderate. The pressure on the bond side is continuing unabated for the time being, and price falls due to rising interest rates are continuing. In addition, risk premiums for corporate bonds continued to rise, with negative effects on prices. In the US, an interest rate hike of 0.75% in May currently seems possible, certainly an indicator of the Fed's uncertainty.

April brought us a roller coaster ride of emotions, and not just in terms of the weather. So we can only hope that May will be a little friendlier. In view of the complex issues, we do not yet see a happy month, although the first silver linings can be seen on the horizon.


BlackPoint Evolution Fund


The BlackPoint Evolution Fund lost between -1.43% and -1.51% depending on the share class. The loss contribution from the equity portfolio outweighed the other asset classes. While high-earnings companies like Coca-Cola, Novo Nordisk, Novartis and Unilever made gains in April, growth stocks like Shopify, Block and Lemonade fell, as did tech stocks like Alphabet and ASML. Only a few titles such as Clarios Global, Sempra Energy, Unicredit or Western digital were able to assert themselves positively in the bond portfolio.

In April we again refined our more defensive positioning of the equity portfolio and replaced the inflation-sensitive Starbucks share with Target Corporation, a supermarket chain with strong demand. On the bond side, we invested free cash in short-dated US government bonds with maturities of up to 3 years. 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). The fund allocation (see fund details) is thus around 54% equities and 36% bonds (including ~4% short-dated US government bonds as cash substitutes and ~2.6% CAT bonds).


  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, 04/30/2022 | 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.