Marketing Communication
The early praise could hardly have been greater: Donald Trump's election victory prompted many investors to call him the most stock market-friendly president ever. But the initial rally lost momentum as markets reacted to the uncertainties surrounding Trump's key economic policies - most notably his aggressive tariff policy. Trumponomics 2.0 caused considerable confusion, for example by constantly changing the dates of his tariffs. And if there is one key word that financial markets fear, it is "uncertainty". Against this backdrop, it seems almost ironic that US stock markets fell sharply in February, while China and Germany - the countries Trump wanted to hit - closed with gains.
The US stock market lost 1.7% last month, while Europe rose 3.5% and China even gained 11.5%. Japan was weak by global standards, losing 4.0%. Corporate bonds performed positively: US stocks rose by 2.0%, European stocks by 0.7%. (All MSCI indices in local currency).
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 February 28, 2025 |
|
|---|---|
| 1-mo | +0.5% |
| YTD | +3.3% |
| 1-yr | +12.4% |
| 2-yrs | +24.8% |
| 3-yrs p.a. | +5.6% |
| Since launch (10/18/2021) | +9.4% |
| Rolling 12-mo | |
| On the day of launch (upfront fee) | 0.0% |
| Feb 28, 2024 - Feb 28, 2025 | +12.2% |
| Feb 28, 2023 - Feb 28, 2024 | +11.3% |
| Feb 28, 2022 - Feb 28, 2023 | -5.6% |
| Source: CleverSoft, February 28, 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 15% | Top 14% | Top 12% | Top 8% | Top 8% | Top 12% |
| 1st quintile | 1st quintile | 1st quintile | 1st quintile | 1st quintile | 1st quintile |
| Source: Morningstar, February 28, 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 |
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The equity portfolio performed positively in January, led by the Chinese tech group Alibaba and the European heavyweights Allianz and Nestlé. In contrast, US tech companies such as Alphabet, Salesforce and Broadcom as well as the payment service provider PayPal posted losses.
The bond portfolio also performed positively, helped by a significant decline in interest rates across almost all maturities of US government bonds. Long-term bonds and government bonds from emerging markets benefited, while in the automotive sector bonds from Volkswagen and Avis weighed on performance.
Proceeds from the sale of corporate bonds were reinvested in government bonds from Poland and the United Kingdom. In addition, the equity position in Novo Nordisk was increased and new investments in Blackstone and Lonza were established. Holdings in Apple, Meta, PayPal and Pfizer were reduced, and the BMW position was completely sold. The gold exposure in the portfolio was increased.
We remain cautiously optimistic and are focusing on a more broadly diversified portfolio with a view to the European financial market.
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