Video Call

Fund Reporting

Fund Reporting #7, 05/2022

Turning point


In Germany, the term “turning point” is currently associated with future defense spending. But an incomparably deeper turning point is changing the entire world before our very eyes: the age of plenty is now being followed by the age of scarcity. The galloping inflation is the measurable effect. Whether affordable energy, affordable housing, building materials, intermediate products and much more, the unusual scarcity inevitably causes prices to rise. The fragility of the global economy suddenly becomes apparent and calls for solutions that go far beyond controlling interest rates or the money supply. The nervousness of investors remained high in May and was reflected in strong daily fluctuations on the stock markets (fig. 1).


Fig. 1: YTD Total Return
  Min Max Current
STOXX 50 -18.2% +2.2% -11.9%
S&P 500 -17.7% +0.6% -12.8%
NASDAQ  -27.6% +1.1% -22.3%
Source: Morningstar, 05/31/2022


Despite all the imponderables, the respective key indices in local currencies remained stable over the month: the S&P 500 was able to gain slightly at +0.18%, as did the Euro Stoxx 50 at +1.34%. Selling pressure on technology stocks slowed in May, but caused the Nasdaq to fall again, down -1.53%. The Asian markets, on the other hand, were able to post a recovery and rose by +1.72% in Japan (Nikkei 225) and +4.88% in China (CSI 300).

The pressure on the bond side is continuing unabated for the time being, and price falls due to rising interest rates are continuing. In particular, the housing market, which is so important for the USA, is threatened with an interest rate-induced cooldown. The Fed is trying to calm things down with a more moderate choice of words but can only calm the market to a limited extent.

For the coming weeks and months, we continue to expect volatile markets and are maintaining our current defensive orientation. The much-vaunted resilience of quality companies now has to prove itself when dealing with scarcity of any kind. We are closely monitoring the adjustment responses of our elite Darwin portfolio companies and acting accordingly.


BlackPoint Evolution Fund


The BlackPoint Evolution Fund lost between -3.69% and -3.78% depending on the share class (-9.99% since fund launch on October 18, 2021). The loss contribution from the equity portfolio outweighed the other asset classes. While highly profitable companies like Pfizer, BMW, Illinois Tool Works, and Vodafone rallied in May, growth stocks had their ups and downs as stocks like CRISPR and Lemonade rallied, while Shopify and AirBnB came under pressure. Only a few titles in the bond portfolio were able to assert themselves positively, including Organon, EasyJet and Commerzbank, as well as government bonds from Colombia, the Dominican Republic and a short-duration paper government bond from the USA.

Our active risk management led to the sale of the Equifax share and the bank or bank and insurance ETFs from Europe and the USA in May. At the same time, we made an initial investment in Celsius Holdings and slightly increased our positions in Apple, Shopify and Target. On the bond side, investments were made in several US government bonds with short maturities. The fund allocation (see fund details) is thus around 50% equities and 38% bonds (including ~8% short duration US government bonds as cash substitutes and ~2.6% CAT bonds). There are also ~2.2% gold, ~2.4% in commodities (ex-agriculture) and around 7% cash.


  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, 05/31/2022 | 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

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.