Frank Sinatra's wonderful song "It Was a Very Good Year", which celebrates the individual phases of a man's life, can be seen as a metaphor for the quarters of the 2024 stock market year: a year that began with optimism, reached highs amid geopolitical tensions and macroeconomic challenges, and finally ended in a phase of consolidation and reflection. The US economy confirmed its role as a driving force and grew steadily, but was unable to fully cover the many challenges ahead for 2025. First and foremost are stubborn inflation and the reaction of the Federal Reserve, which signalled that fewer interest rate cuts are to be expected in the future. Another key question remains how the growth-oriented policies of President-elect Donald Trump will affect consumer prices and public finances.
Against this backdrop, the mood at the turn of the year clouded somewhat: the American market (MSCI USA) fell by -2.5%, the European market (MSCI Europe) by -0.5%. Only the Asian markets were able to decouple from the global trend, recording growth of +2.5% in China (MSCI China) and +4.2% in Japan (MSCI Japan). American corporate bonds fell by -1.9%, European ones by -1.0% (all price indices in local currency).
The performance of our active investment approach (Fig. 1) 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 December 31, 2024 |
|
|---|---|
| 1-mo | +0.8% |
| YTD | +12.6% |
| 1-yr | +12.6% |
| 2-yrs | +25.8% |
| 3-yrs | +4.1% |
| Since launch (10/18/2021) | +6.4% |
| Rolling 12-mo | |
| On the day of launch (upfront fee) | 0.0% |
| Dec 31, 2023 - Dec 31, 2024 | +12.6% |
| Dec 31, 2022 - Dec 31, 2023 | +11.7% |
| Dec 31, 2021 - Dec 31, 2022 | -17.3% |
| Source: CleverSoft, December 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 | 6-mo | 1-yr | 2-yrs | 3-yrs |
| Top 14% | Top 10% | Top 5% | Top 14% | Top 10% | Top 39% |
| 1st quintile | 1st quintile | 1st quintile | 1st quintile | 1st quintile | 2nd quintile |
| Source: Morningstar, December 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 equity portfolio developed positively in December, led by technology stocks such as Broadcom, Alphabet and Apple as well as European stocks such as BMW and LVMH. High-growth companies such as Upstart and Shopify as well as pharmaceutical stocks such as Crispr and Novo Nordisk, however, suffered losses. The bond portfolio weighed on overall performance, as long-term bonds in particular suffered price losses. Short-term bonds and government bonds from emerging markets, on the other hand, benefited from the market environment.
Proceeds from short-term bonds sold were reinvested in bank bonds and medium-term government bonds. In addition, a position was built up in Amazon, while holdings in SAP, Meta, Alphabet, Visa and Allianz were reduced and the position in Vodafone was sold completely. The gold share in the portfolio was further increased.
We are starting the new year with a carefully coordinated yet constructive portfolio strategy.
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