Marketing Communication
Does Donald Trump want to re-measure trade relations with the ruler – or rather punish them? Already at the beginning of his first term in 2017, he relied on aggressive negotiating tactics, for example, in the renegotiation of the NAFTA agreement with Mexico and Canada. Even then, the "America First" mantra dominated: protectionist rhetoric, national interests at the forefront, and escalation as a deliberate negotiating strategy. Although negotiations were only conducted with two countries, the bumpy talks dragged on for almost four years.
Trump's current push to introduce so-called reciprocal tariffs would have a significantly greater scope and complexity. This would affect large swathes of global trade – from the EU to Japan to China. Such a step would likely not only violate WTO rules but could also trigger a new spiral of escalation in global trade – with corresponding consequences: increasing uncertainty and sustained volatility in the financial markets, possibly for an extended period.
Financial markets were correspondingly nervous in March: The MSCI USA lost 6.0%, Europe declined 4.4%, and Japan lost 1.5%. China, on the other hand, was able to decouple itself again, gaining 2.0%. Corporate bonds performed weaker – with a loss of 0.3% in the US and 1.5% in Europe (all figures 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 March 31, 2025 (%) |
|
|---|---|
| 1-mo | -4.5 |
| YTD | -1.4 |
| 1-yr | +5.4 |
| 2-yrs | +18.0 |
| 3-yrs p.a. | +3.4 |
| 2024 | +12.6 |
| 2023 | +11.7 |
| Since launch (10/18/2021) | +4.9 |
| Rolling 12-mo | |
| On the day of launch (upfront fee) | 0.0 |
| Mar 31, 2024 - Mar 31, 2025 | +5.4 |
| Mar 31, 2023 - Mar 31, 2024 | +11.9 |
| Mar 31, 2022 - Mar 31, 2023 | -6.2 |
| Source: CleverSoft, March 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** |
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|---|---|---|---|---|---|
| 6-mo | 1-yr | 2-yrs | 3-yrs | 2024 | 2023 |
| Top 14% | Top 11% | Top 13% | Top 17% | Top 14% | Top 12% |
| 1st quintile | 1st quintile | 1st quintile | 1st quintile | 1st quintile | 1st quintile |
| Source: Morningstar, March 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 |
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The equity portfolio also recorded declines – impacted, among others, by Novo Nordisk, LVMH, and US tech stocks such as Broadcom, Meta, Alphabet, and Amazon. Positive impulses, however, came from insurers such as Allianz and Kinsale Capital, as well as defensive consumer stocks such as Unilever and Nestlé. The bond portfolio suffered from rising yields in the US and Europe; long-term government and corporate bonds declined.
On the transaction side within our bond portfolio a French long-term bond, a Dominican government bond, as well as Cheniere and Sempra Energy were sold. New purchases to the portfolio included subordinated bonds from Oldenburgische Landesbank, as well as Romanian and Hungarian government bonds. On the equity side, positions in Visa, Meta, Salesforce, LVMH, Alphabet, and Broadcom were reduced, while Crowdstrike and Blackstone were sold entirely. New investments were made in Mercedes-Benz and Siemens.
We remain cautiously constructive and, with a view to the European financial market, are committed to a broadly diversified portfolio.
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