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Fund Reporting

Fund Reporting #19, 05/2023

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The journey through the year on the financial markets is reminiscent of a flight: despite predominantly positive price developments, quiet phases alternate with market, macro and geopolitical storm zones. The settlement of the US debt ceiling dispute follows warnings of inflation and a strong labour market from the Fed, underscored by the ECB and complemented by concerns about housing markets. The danger of a recession due to interest rate hikes remains present, like an elephant in the room.

For the most part, markets continued to rise in May. MSCI USA (+0.5%) and MSCI Japan (+4.5%) posted gains, while MSCI Europe fell by -3.2% (all price indices in local currency). The US IT sector shone with a +8.2% increase in value. European corporate bonds (MSCI EUR IG Corporate Bond) remained stable (+0.3%), US corporate bonds (MSCI USD IG Corporate Bond) lost -1.2%.


BlackPoint Evolution Fund


Despite the uncertainties that have emerged 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 constantly outperformed. Compared to its peer group (Figure 1), and 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 4 17 5 3 9
Source: Morningstar, 05/31/2023 
* 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 .


Young, dynamic companies such as Lemonade, Zscaler and Crowdstrike scored well in our portfolio. Companies such as Estée Lauder and Vodafone experienced downward movements, as did an Allianz subordinated bond, which has a longer term and had to accept discounts due to interest rate speculation. But the bond portfolio shone overall, with high yield names like Grupo Antolin and IAG leading the way.

The uncertain general weather situation requires us to buckle up: we remain cautiously optimistic and remain unchanged in our positions, attentive to the further development of the markets. No portfolio changes were made in May.


Portfolio and Performance Information: Fund Details

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