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Fund Reporting

Fund Reporting #18, 04/2023

Back to the Future


Let's look through the lens of a time machine: Donald Trump, Republican nominee, wrestles with impeachments while aiming for the US presidency. In Turkey, Erdogan, the current president, is fighting a challenging election campaign. This is all happening under the dark cloud of a looming global recession, the aftershock of a banking crisis. And now, pinch yourself: It's actually 2023. And what's still impressive, companies like Microsoft, Alphabet (Google) and Meta (Facebook) remain the drivers of technological change, driven by their recent innovations in the Artificial Intelligence domain (ChatGPT, Bard, Llama) continue to set the pace of innovation.

The shadows of geopolitical risk, inflation and economic recovery continued to loom in April. But despite these challenges, the MSCI USA (+1.2%), MSCI Europe (+1.4%) and the MSCI Japan (+1.9%) were able to celebrate moderate success. In contrast, the MSCI China lost -5.2% (all price indices in local currency). Both European corporate bonds (MSCI EUR IG Corporate Bond Index +2.3%) and American corporate bonds (MSCI USD IG Corporate Bond Index +0.8%) showed a positive development, both of which recorded an increase in value.


BlackPoint Evolution Fund


Despite the uncertainties that have materialized since the beginning of the year and the difficult market conditions we have experienced over the past twelve months, our active and fundamentally-led investment approach has performed exceptionally well. Compared to its peer group (Figure 1), and in particular to passive multi-asset ETFs in the "balanced" category, our approach has impressively demonstrated its superiority.


Figure 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 5 11 3 16 45
Source: Morningstar, 04/30/2023 
* For example, a percentile ranking of 20 means that 80% of the funds in the peer group underperformed and 20% 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 .


Within our fund, the picture on the stock side was clear: Chinese giants such as Baidu and Alibaba, complemented by rising stars with a strong IT focus such as Zscaler and Lemonade, suffered the largest month-on-month falls. In contrast, insurance companies such as Kinsale and Allianz and pharmaceutical companies such as Roche and Crispr were able to shine with positive developments. We adjusted our positions by taking profits in stocks such as Baidu, LVMH, Kinsale, Microsoft and SAP. We bought US coffee chain Dutch Bros. Corporate bonds from players such as SPP Distribucia, Jaguar Land Rover and SES stood out positively, while Avis and Grupo Antolin saw the largest declines in this segment. Romania, Panama and Mexico stole the show on the government bond stage. Meanwhile, long-dated US Treasuries and Colombia (in the face of domestic political unrest) suffered losses.

Recognizing ongoing concerns about inflation and economic growth, we have proactively chosen a more conservative portfolio bias, aiming to manage our investors' capital prudently while still generating attractive returns.


Portfolio and Performance Information: Fund Details

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