Video Call

Fund Reporting

Fund Reporting #26, 12/2023

Let's Dance


Everyone knows this process: As the year comes to an end, thoughts of how to celebrate New Year's Eve become more and more urgent. Regardless of whether you are a host or a guest, experience shows: the higher the expectations of a party, the more disappointing it often is and vice versa. A similar phenomenon can be observed on the financial markets: Which investor doesn't secretly hope for a year-end rally that, at best, extends well into January? This year, however, was a little different. After an overall strong year with the usual corrections, the stock markets already experienced an anticipated year-end rally in November. Investors who were more cautious heading into the new year were caught off guard.

In December, both the stock and bond markets were in good spirits and in a party mood. Driven by the boom in artificial intelligence, aggressive positioning and the “fear of missing out,” the MSCI USA rose +4.4% and the MSCI Europe rose +3.6% in December. Meanwhile, Asian markets were weaker: Japan's MSCI contained losses at -0.6%, while China's MSCI fell -2.6%. European corporate bonds (MSCI EUR IG Corporate Bond Index) performed well at +2.3%, while their American counterparts (MSCI US IG Corporate Bond Index) even performed excellently at +4.1%.


BlackPoint Evolution Fund


Despite challenging market conditions, our active investment concept outperformed the peer group (fig. 1) and particularly passive, balanced multi-asset ETFs over the past 18 months and especially since the beginning of the year.

Fig. 1:
Percentile rank* for fund peer group** in %
  YTD  1-yr
BlackPoint Evolution Fund D 12 12
Source: Morningstar, 12/31/2023 | 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


Our equity portfolio also posted positive returns in December. Some dynamic growth companies, most notably Upstart and Dutch Bros, topped the list of winners alongside titles with a strong connection to China such as Estée Lauder and Daqo. However, companies such as Lemonade and Crispr, which suffered from profit-taking, suffered losses. European stocks such as SAP, Novo Nordisk and Allianz were purchased, while we carried out partial sales of Microsoft and Apple.

The bond portfolio also achieved strong growth in value, with positions with longer maturities and higher risk premiums once again increasing. Short-term government bonds continued to face weaker demand. We expanded the portfolio to include long-term French government bonds.

After a positive overall year in 2023, but ongoing macro risks, we are starting the new year with a prudent portfolio orientation.


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.