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Fund Reporting

Fund Reporting #17, 03/2023

Black Swan


The sudden collapse of some regional banks in the US and the meltdown at Credit Suisse led to great nervousness on the financial markets in March and ultimately forced the supervisory authorities to act. There was never any doubt about the economic dangers that rising interest rates pose for companies and national economies. Nevertheless, the speed and extent of the banking crisis surprised the capital markets and should therefore be regarded as a real "black swan", i.e. an unforeseeable event with essential effects on society and the economy.

Despite these general conditions, the stock exchanges were stable: US stocks rose by +3.4% in March, Chinese stocks by +4.5%. European (-0.5%) as well as Japanese stocks (+0.6%) stagnated. Both European (+1.1%) and US investment grade corporate bonds (+2.7%) gained. (Source: MSCI price indexes in local currency)


BlackPoint Evolution Fund


Amid the uncertainties of March and the challenging market conditions of the last 12 months, our active and fundamental-driven investment approach has clearly proven itself compared to its peer group (Illustr. 1) and in particular to passive multi-asset ETFs in the "balanced" category.


Illustration 1:
Percentile rank* in % for return within peer group** (as of month-end)
  YTD  1-mo 3-mo 6-mo 1-yr
BlackPoint Evolution Fund D 4 9 4 26 39
Source: Morningstar, 03/31/2023 
* For example, a percentile ranking of 4 means that 96% of the funds in the peer group underperformed and 4% performed equal to or better than the BlackPoint Evolution Fund D.
** EAA Fund EUR Moderate Allocation - Global
Due to longest history and largest volume, we are showing data for share class D .


March delivered a volatile but positive performance in the equity portfolio. The biggest contributors were Microsoft, Apple and Meta. On the other hand, financial stocks such as Block, Allianz and Kinsale recorded a negative development. Positions in Thermo Fisher, Visa and Microsoft were increased. We sold all of Upstart, Twilio and Block. Opportunistic and small investments were made in a fund of European bank stocks (ex. Switzerland), but consistent risk management led to a quick sale with minor losses. On the bond side, corporate bonds in particular contributed positive results. Exceptions with a negative development here were some subordinated bonds and bonds from banks such as Commerzbank, Fifth Third Bancorp and UniCredit.

Concerns about inflation and economic growth remain in focus and imply continued prudent portfolio positioning.


Portfolio and Performance Information: Fund Details

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