Newsletter
Video Call

Fund Reporting

Fund Reporting #9, 07/2022

The big question

 

While many analysts - supported by the news and media - keep creating new horror scenarios about the economic consequences of inflation or the Ukraine war, the global financial markets responded with a remarkable upswing in July (illustration 1). After the worst half-year since 1962, the S&P 500 was up +9.11%, the Euro Stoxx 50 +7.33%, the Nikkei 225 was up +5.34% and the Nasdaq technology stock exchange was even up +12.55%. At the same time, global bonds (Bloomberg Global Aggregate Bond Index) also gained +2.13%. Only Chinese stocks lagged, falling -7.02% (all indices in local currency).

 

Illustration 1:
YTD returns in % (stock and bond markets)
Stock markets July YTD
S&P 500 9.11 -13.34
Nasdaq-100 12.55 -20.66
EURO STOXX 50 7.33 -13.89
CSI 300 -7.02 -15.26
Bond markets*    
€ Gvt. Bond 7-10 yr 4.63 -8.78
$ Treasury Bond 7-10yr (USD) 3.04 -7.98
iBoxx EUR Corp Bond 5.05 -10.29
US Corp 5-7yr (USD) 3.00 -8.05
Source: Morningstar, Bloomberg, 07/31/2022 / * ETFs

 

The crucial question is now: Will the recovery on the stock exchanges continue despite inflation, the energy crisis and the risk of recession? As is usual with questions of this type, the core of the issue is clear, but the answer is complex. Excellent arguments could be made both for and against a longer-term upward scenario. Heterogeneity remains the keyword for the individual regions regarding the economic perspective. As during the pandemic, Europe is proving to be more fragile compared to the USA, which is once again adapting more quickly to imponderables such as inflation.

The anti-cyclical orientation of our investment philosophy currently supports the selective purchase of attractive stocks, but at the same time does not neglect an appropriate risk assessment in our asset allocation.

 

BlackPoint Evolution Fund

 

Depending on the share class, the BlackPoint Evolution Fund gained between +4.88% and +4.96% (-8.92% since the fund was launched on October 18, 2021). The largest contributor was the equity portfolio, particularly challengers Celsius, Crispr and Block. But established values ​​such as AirBnB and Intuit were also able to convince investors. Our bond portfolio also made a respectable positive contribution to value. Government bonds from the Dominican Republic and Colombia stood out here, while Anheuser-Busch, Volkswagen, but also Organon and Avis shone in the corporate bond segment.

Due to geopolitical risk considerations, we sold BASF completely. We invested cash inflows and parts of the free cash assets primarily in stocks from the technology and financial sectors. We also decided to make initial investments in Amazon and Daqo (a Chinese renewable energy company). The fund allocation (see fund details) is thus approx. 52% equities, 39% bonds (including ~8% short-dated US government bonds and 2.7% CAT bonds), 3.6% gold/commodities and 5.4% 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, 07/31/2022 | 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.