Video Call

Fund Reporting

Fund Reporting #24, 10/2023

Not a golden October


The persistent presence of violence and military unrest in the news is alarming, particularly since the Ukrainian conflict captured global attention in February 2022. Now, with the October 7th assault on Israel, the world’s gaze shifts to the Middle East. The financial markets, sensitive to geopolitical and economic tremors, respond accordingly. A key concern in these tensions is oil prices, which surged by 10%, and despite a recent drop, fears of regional escalation loom over the financial sector. This anxiety cast a shadow over October's financial mood in Europe and the USA. Growth uncertainties, compounded by the U.S. government's escalated borrowing, have precipitated a bond market decline, driving yields to a peak unseen since 2007.

Amidst this backdrop, major indices have universally logged a downturn over the month: MSCI China contracted by 4.4%, MSCI Europe by 3.6%, and MSCI USA by 2.4%. The Japanese MSCI, too, reflected this trend, receding by 3.1% (all indices in local currencies).


BlackPoint Evolution Fund


Despite tumultuous markets, our proactive, fundamentals-driven investment strategy has outperformed its peers (fig. 1), particularly eclipsing passive balanced multi-asset ETFs over the past year and notably so in the year-to-date.

Figure 1:
Percentile rank* for fund peer group** in %
  YTD  1-yr
BlackPoint Evolution Fund D 7 15
Source: Morningstar, 10/31/2023 | 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


October witnessed a downturn in our stock portfolio. Performers like Kinsale and Upstart, which had shown strong annual gains, experienced corrections alongside Chinese firms Baidu and Daqo. However, stalwarts like Microsoft and Novo Nordisk, and growth names such as Dutch Bros, managed to distinguish themselves positively. Our bond holdings, while also down, fared slightly better. Positive contributions from short-term government securities were offset by underperformance in long-term and corporate bonds. Strategic profit-taking led to partial divestitures in Kinsale, Salesforce, Microsoft, and DHL, along with a complete exit from BMW, consequently lowering our equity exposure. On the bond front, risk mitigation entailed the disposal of two long-dated U.S. government bonds. Additionally, we capitalized on Jaguar Land Rover's buyback offer at an advantageous rate for our position.

Mindful of the ongoing geopolitical tensions and macroeconomic uncertainties, we maintain a cautious stance in our portfolio management.


Portfolio and Performance Information: Fund Details

> See Legal Notice

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:


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.