"It is not important how big the first step is, but in which direction it goes." These words do not come from Christine Lagarde, the President of the European Central Bank, but from popular wisdom - but they fit perfectly with the current situation of the ECB. In October 2022, the inflation rate in the eurozone was above 10% and the ECB's 2% target seemed unattainable. But in September 2024, the inflation rate fell to 1.8%, the lowest level in three years, and is thus below the target for the first time. Stable inflation, together with a recovery in the labour market, is strengthening the purchasing power of households. Nevertheless, the structural weakness of European industry remains a concern, which is why Lagarde hinted at a possible interest rate cut for October. Unfortunately, tensions in the Middle East have been escalating for weeks, especially between Iran and Israel. This could have a significant negative impact on global financial markets.
In a month dominated by monetary policy, the MSCI USA rose by 2.0%. The MSCI Europe fell by 0.5%, the Japanese MSCI by 3.1%. The Chinese MSCI recorded an impressive gain of 23.1%. American corporate bonds rose by 1.8%, European ones by 1.2%.
Our active investment approach has achieved top positions within its peer group and compared to passive, balanced multi-asset ETFs over the past 24 months (Fig. 2).
| Fig. 1 Mo-end return as of September 30, 2024 |
|
|---|---|
| 1-mo | +2.0% |
| YTD | +9.4% |
| 1-yr | +14.8% |
| 2-yrs | +22.5% |
| Since launch (10/18/2021) | +3.3% |
| Rolling 12-mo | |
| On the day of launch (upfront fee) | 0.0% |
| Sep 30, 2023 - Sep 30, 2024 | +14.8% |
| Sep 30, 2022 - Sep 30, 2023 | +6.7% |
| Source: CleverSoft, September 30, 2024. Due to the longest history and largest volume, we show the data for share class D here (other share classes). The information is historical data and does not represent an indicator of future developments. The management and custodian bank fees as well as all other costs charged to the fund are included in the calculation. |
|
| Fig. 2 Percentile rank* for fund peer group** |
||
|---|---|---|
| YTD | 2023 | 2-yrs |
| Top 20% | Top 12% | Top 24% |
| 1nd quintile | 1st quintile | 1nd quartile |
| Source: Morningstar, September 30, 2024. 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 |
||
The equity portfolio recorded a positive development in September. The Chinese companies Alibaba and Baidu in particular achieved strong increases in value, while tech giants such as Meta and Salesforce also performed well. In contrast, pharmaceutical companies such as Novo Nordisk and Roche suffered losses. The bond portfolio also benefited, with bonds with higher risk premiums being in demand, while French government bonds performed weaker. Over the course of the month, positions in Meta, SAP, Novo Nordisk and Microsoft were reduced at a profit. In addition, the Upstart share package was partially sold, and Lemonade was completely sold. BMW shares were newly added to the portfolio. On the bond side, a bond from the Emirates Telecom Group was sold and a repurchase offer from the issuer for the subordinated bond of the Accor Group was accepted.
Geopolitical risks are once again coming into focus and imply a more cautious portfolio orientation.
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:
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.