Fund Reporting

The best ever

Unfortunately, bad events such as wars, hunger or pandemics are constant companions for many people. And yet a significant portion of humanity lives in the best of times. While technical and medical progress gradually increased the quality of life, the tech boom made comfort and lifestyle possible. Apps like Booking, Uber or Gorillas – fast, cheap, anytime. Increasing customer numbers also attracted new investors for loss-making business models, often supported by wage dumping, cheap energy and cheap loans. Global inflation puts a brutal end to this development and now requires companies to be profitable and efficient. This is where the wheat is separated from the chaff, and only the most adaptable organizations will rise to the complex challenges.

Fuelled by fears of a recession, important stock markets not only had their worst first half of the year in five decades (Fig. 1), but also slid into a bear market. The S&P 500 was down -8.4% in June, the Euro Stoxx 50 was down -8.8% and the Nasdaq 100 was down -9.0%. Only the Chinese CSI 300 reported a positive exception to the global downward trend and rose by +9.6% (all indices in local currency). The extreme volatility is also keeping the global bond markets in suspense (Fig. 1). Any statement by the Fed or ECB on inflation or economic growth is immediately interpreted by the market. Gradually, however, increasing confidence in the bond markets can be observed again.

Will our society lose prosperity soon? Probably. But the elite companies that have made it into the DARWIN portfolio by demonstrating their adaptability will bring better products or services to the market through new technologies with great efficiency and thus continue to increase prosperity for many people.

BlackPoint Evolution Fund

The BlackPoint Evolution Fund lost between -3.59% and -3.67% depending on the share class (-13.22% since the fund was launched on October 18, 2021). The loss contributions from the equity and bond portfolio balanced each other out. In a challenging month, stocks that occupy a hot topic such as cyber security (Crowdstrike and Zscaler) were able to make gains. Most stocks came under pressure, led by growth stocks like Upstart, Block or AirBnB. In the bond portfolio, only American government bonds were able to assert themselves positively.

As part of strategic risk considerations, in this case specific to sustainability, we parted with the 3M share in June. We also emphasized a more defensive stance for the fund, reducing the more volatile stocks AirBnB, Apple and Trade Desk and increasing our gold position. On the bond side, we invested in short-dated US Treasuries. The fund allocation (see fund details) at the end of June is 46.6% equities, 37.3% bonds (including ~8% short-dated US Treasuries and 2.8% CAT bonds), 5.6% gold/commodities and 10.5% cash. 

^{* 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, 06/30/2022 | 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..}