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Fund Reporting #39, 01/2025

Between power and markets: January 20, 2025 

Marketing Communication

When we look back on January 20, 2025, one day, it may seem like a turning point - a day that divided the world into a time before and after. While Donald Trump began his second term in office and threatened punitive tariffs against the EU, a quiet revolution took place in China: Prime Minister Li Qiang received the previously unknown Liang Wenfeng. A few days later, his company Deepseek shook the technological dominance of the USA. An update of its AI was able to keep up with the best models of Western tech giants - with drastically lower computing power and lower costs. In addition, Deepseek currently offers the use of its R1 model almost free of charge and consistently publishes the program code as open source - i.e. freely accessible to anyone interested, including competitors. This opens up the opportunity for European companies to break US dominance and trigger a wave of innovation. Was January 20th Trump's triumph - or the first day on which the supposedly limitless American dominance began to crumble?

So, it is hardly surprising that the markets were volatile in January, but ended the month positively overall: the American market (MSCI USA) rose by 2.5%, the European market (MSCI Europe) by 7.0%, China (MSCI China) by 0.8% and Japan (MSCI Japan) by 0.1%. American corporate bonds rose by 0.6%, European ones remained unchanged (all indices in local currency).

 

BlackPoint Evolution Fund

 

Our active investment approach has proven itself over various time periods in recent years (Fig. 1) and has achieved top positions within its fund peer group (Morningstar moderate allocation Global, Fig. 2) – both in the overall comparison and in direct competition with passive, balanced multi-asset ETFs (60/40).

Fig. 1
Mo-end return as of January 31, 2025
1-mo +2.8%
YTD +2.8%
1-yr +13.3%
2-yrs +24.3%
3-yrs p.a. +4.5%
Since launch (10/18/2021) +9.4%
Rolling 12-mo   
On the day of launch (upfront fee) 0.0%
Jan 31, 2024 - Jan 31, 2025 +13.3%
Jan 31, 2023 - Jan 31, 2024 +9.7%
Jan 31, 2022 - Jan 31, 2023 -8.3%
Source: CleverSoft, January 31, 2025. 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  2024 2023 1-yr 2-yrs 3-yrs
Top 10% Top 14% Top 12% Top 14% Top 9% Top 16%
1st quintile 1st quintile 1st quintile  1st quintile 1st quintile 1st quintile
Source: Morningstar, January 31, 2025. 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 developed positively in January, led by Dutch Bros., Meta, Crowdstrike, SAP and Thermo Fisher. Chip manufacturers such as Intel and Broadcom as well as Apple and Kinsale recorded losses. The bond portfolio closed slightly in the red, as long-term bonds in particular suffered price losses. Short-term corporate bonds and emerging market government bonds, on the other hand, benefited from the market environment.

Profits from redemptions were reinvested in government bonds of different maturities, countries and currencies. In addition, the position in Novo Nordisk was increased and new investments were made in EQT, Monolithic Power Systems and Nestlé. Holdings in Shopify, Alphabet and Upstart were reduced, and Intel and Target were sold completely.

We will continue to stick to our carefully coordinated, but nevertheless constructive portfolio strategy in the coming weeks.

 

Portfolio and Performance Information: Fund Details


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