At the beginning of November, the world was looking forward to the showdown of the American presidential election. In Europe, concerns have probably deepened since then. Even before Donald Trump's election victory, the general conditions were challenging: a nervous stock market, a weakening currency, political uncertainty and a stagnating economy. With the election result, new problems are coming into focus: looming trade tariffs are hitting Europe's leading companies, while planned tax relief and deregulation in the USA are attracting capital and investment. Added to this are the uncertainties surrounding the upcoming elections in Germany, political instability in France and escalating tensions with Russia. But the USA is unimpressed: the American stock market continues its upward trend unabated.
In November, the MSCI USA rose by an impressive +4.2%, while the MSCI Europe stagnated with a loss of -0.3%. China's market (MSCI China), on the other hand, reacted much more negatively to the US election and lost -5.0%, while the MSCI Japan fell by -1.3%. A positive development was observed in the bond sector: American corporate bonds rose by +1.2%, European ones even by +1.9%.
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 November 30, 2024 |
|
|---|---|
| 1-mo | +2.1% |
| YTD | +11.7% |
| 1-yr | +15.6% |
| 2-yrs | +22.0% |
| Since launch (10/18/2021) | +5.5% |
| Rolling 12-mo | |
| On the day of launch (upfront fee) | 0.0% |
| Nov 30, 2023 - Nov 30, 2024 | +15.6% |
| Nov 30, 2022 - Nov 30, 2023 | +5.6% |
| Nov 30, 2021 - Nov 30, 2022 | -13.8% |
| Source: CleverSoft, November 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** |
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|---|---|---|---|---|
| YTD | 2023 | 6-mo | 1-yr | 2-yrs |
| Top 23% | Top 10% | Top 12% | Top 25% | Top 11% |
| 1st quartile | 1st quintile | 1st quintile | 1st quartile | 1st quintile |
| Source: Morningstar, November 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 |
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Our equity portfolio held its ground again in November. The biggest winners included technology companies such as Shopify and Upstart, the specialty insurer Kinsale and the coffeehouse chain Dutch Bros Inc. The Chinese companies Alibaba and Baidu, on the other hand, recorded losses. The bond portfolio also developed positively - both in government and corporate bonds. (Fig. 1)
In the run-up to the US elections, we selectively reduced our exposure to technology and healthcare stocks. However, after Trump's re-election, optimism returned to the markets, which prompted us to raise the equity quota back to its original level. As part of our ESG strategy, we swapped Coca-Cola for PepsiCo. On the bond side, we sold securities from the Luxembourg satellite operator SES.
The optimism that is currently driving the American markets is having a positive effect on sentiment worldwide. We will accompany this development with a constructive and opportunistic portfolio orientation and make targeted use of the opportunities that arise in the coming weeks.
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