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Fund Reporting

Fund Reporting #25, 11/2023

What would Charlie say?


The late Charlie Munger – legendary investor and mastermind behind Warren Buffet – never held back in his opinions with his sharp tongue. How would Charlie have commented on the extreme market moves in November when, fuelled by speculation, the Federal Reserve ended its aggressive rate-hiking strategy and the S&P 500 rose nearly 9%? An event that has only occurred rarely since 1928. He would have pointed out soberly that when investing in stocks, times of suffering alternate with times of joy “and you have to learn to live with it.” Every investor should take to heart his favourite quote from Rudyard Kipling's poem “If”, which also stands as a reminder above the entrance to Center Court at Wimbledon: “If you can meet with Triumph and Disaster, and treat those two imposters just the same…".

The global financial markets were pulled along by the American train in November: the MSCI Europe rose by 6.3%, the Japanese MSCI by 5.9% and even the crisis-ridden Chinese index ended the month positively at +2.3%. The European corporate bonds (MSCI EUR IG Corporate Bond Index) with +5.6% and the American corporate bonds (MSCI US IG Corporate Bond Index) with +5.5% were hardly inferior.


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 11 8
Source: Morningstar, 11/30/2023 | 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


Our equity portfolio posted positive returns in November. Crispr Therapeutics led the gainers after approving the world's first gene-scissor drug. But other young growth companies such as Lemonade, Shopify, Crowdstrike and Zscaler are also benefiting from the current macro environment. However, stocks with China sales such as Alibaba, Daqo and Estée Lauder suffered losses. The bond portfolio also achieved an increase in value, with primarily positions with longer terms and higher risk premiums increasing. Short-term government bonds have recently been less in demand. In addition to the risk-induced reduction in Thermo Fisher Scientific, several positions were increased, most notably O’Reilly Automotive, Salesforce, Assa Abloy and ASML. On the bond side, US government bonds with short remaining terms were reduced and exchanged mainly for long-term French and American government bonds.

We view the tailwind on the financial markets as positive, but the ongoing macro risks imply a prudent asset allocation approach.


Portfolio and Performance Information: Fund Details

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