Halloween, the last day of October, could be a symbol of the current situation on the financial markets: uncertainty, ghostly fluctuations and unexpected surprises dominated the picture and put investors on edge. In particular, the disappointing quarterly results and gloomy prospects of several American technology stocks reinforced the gloomy mood and fuelled concerns about future economic growth. Like ghosts in the night, many risks remain elusive - especially in the run-up to the US elections, which bring additional uncertainty and whose outcome could have a decisive influence on future economic and monetary policy. "Trick or treat" - the motto of Halloween - could also apply to the coming months: the "sour" was the nervousness of the markets; the "sweet" could bring a clear election result that restores stability and draws more attention back to fundamental data, far away from political power games.
In these circumstances, the American market (MSCI USA) suffered moderate losses of -0.8% in October. Europe (MSCI Europe) recorded significant losses of -3.3% and China (MSCI China) -5.9%. Only Japan (MSCI Japan) was able to decouple from the global market trend and achieved a gain of +2.3% (all price indices in local currency). American corporate bonds fell by -2.4%, European ones by -0.7%.
The performance of our active investment approach has achieved top positions within its peer group and compared to passive, balanced multi-asset ETFs (Fig. 2).
| Fig. 1 Mo-end return as of October 31, 2024 |
|
|---|---|
| 1-mo | +/-0.0% |
| YTD | +9.4% |
| 1-yr | +17.3% |
| 2-yrs | +20.8% |
| Since launch (10/18/2021) | +3.3% |
| Rolling 12-mo | |
| On the day of launch (upfront fee) | 0.0% |
| Oct 31, 2023 - Oct 31, 2024 | +17.3% |
| Oct 31, 2022 - Oct 31, 2023 | +3.0% |
| Oct 31, 2021 - Oct 31, 2022 | -14.9% |
| Source: CleverSoft, October 31, 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** |
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|---|---|---|---|---|
| YTD | 2023 | 3-mo | 1-yr | 2-yrs |
| Top 23% | Top 10% | Top 12% | Top 30% | Top 16% |
| 1st quartile | 1st quintile | 1st quintile | 2nd quintile | 1st quintile |
| Source: Morningstar, October 31, 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 |
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The portfolio closed October almost unchanged. On the stock side, disruptive companies such as Upstart and Trade Desk performed particularly well, but technology groups such as Crowdstrike and Salesforce also recorded price gains. Chip manufacturers such as ASML and Super Micro Computers as well as Chinese stocks, on the other hand, suffered losses. In October, a temporary position in Home Depot was also built up and sold again due to Hurricane Milton, and the existing share position in Intel was increased. We sold the Super Micro Computers share completely. In the bond portfolio, bonds with higher risk premiums and short maturities were particularly in demand, while securities with longer maturities performed less well.
Geopolitical risks remain in focus and, together with uncertainty about the future economic policy of the USA, imply a more cautious orientation of the portfolio.
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