Wanderlust! After a long, strenuous drive on holiday - you almost think you've reached your destination - the navigation system points to the right, the signs to the left and the co-pilot insists on going straight. The ECB is likely to feel similarly now. In Germany, inflation of 6.8 percent is reported for June, in Spain only 1.6 percent. Even if the difference can largely be explained by base effects, the ECB is in a communication dilemma. How do you convey to the Spaniards that further interest rate hikes are necessary and at the same time convince the Germans of the effectiveness of monetary policy? And when did we reach our goal?
Financial markets picked up again in June, with MSCI USA (+6.5%) and MSCI Japan (+7.6%) at the top, followed by MSCI Europe (+2.2%) and MSCI China (+3.4%). (All price indices in local currency). European corporate bonds (MSCI EUR IG Corporate Bond Index) rose by +1.9%, American corporate bonds (MSCI USD IG Corporate Bond Index) by a moderate +0.3%.
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: Peer group percentile rank* in % for month-end return |
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|---|---|---|---|---|
| YTD | 3-mo | 6-mo | 1-yr | |
| BlackPoint Evolution Fund D | 4 | 9 | 4 | 17 |
| Source: Morningstar, 06/30/2023 | Due to longest history and largest volume, we are showing data for share class D * 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 |
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In the equity portfolio, the specialty insurer Kinsale was able to shine alongside Baidu, AirBnB and Shopify. Pharma stocks such as Pfizer and Roche were particularly disappointing, as were some tech stocks such as Salesforce and Crowdstrike. Unfortunately, the bond portfolio was unable to make a positive contribution in June. The change in interest rate expectations in the USA weighed on US government bonds. In June, the equity exposure was reduced, due to profit-taking in cyclical stocks and tech stocks. Some of the cash released in this way were invested in short-dated US government bonds at attractive yield.
The detailed analysis of relevant risk parameters underpins our rather conservative portfolio approach. This relies on the advantages of diversification: the reduction of individual investment risks and the improvement of return opportunities through investments in different sectors and regions, among other things. In this way, we continue to achieve a balanced relationship between risk minimization and positive returns.
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