Marketing Communication
In physics, chaos theory shows how minimal disruptions can destabilize complex and large systems. Donald Trump's economic policy follows the same principle – but intentionally. Tariffs are imposed overnight, alliances are questioned via tweet, and central bank governors are publicly defamed. The chaos is not collateral damage, but strategy. Trump creates uncertainty to gain dominance – often successfully in the short term. Companies, markets, and governments remain on alert while he resets the course daily.
Capital markets reacted sensitively in April. The mere announcement of new tariffs caused stock prices to collapse worldwide – a 90-day suspension a few days later was enough for a rapid countermovement. Such a climate of permanent unpredictability increasingly strains confidence: investments are postponed, international cooperation becomes fragile. Markets fear uncertainty – and reflected this development.
The MSCI USA fell 1.0% in April, while European stock markets fell an average of 2.4%. Japan remained stable at +0.2%, while China showed significant weakness at -5.5%. Corporate bonds performed unevenly: US corporate bonds lost 0.3%, while European bonds gained 1.4% (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 April 30, 2025 (%) |
|
|---|---|
| 1-mo | -2.7 |
| YTD | -4.1 |
| 1-yr | +5.4 |
| 2-yrs | +14.0 |
| 3-yrs | +9.2 |
| 2024 | +12.6 |
| 2023 | +11.7 |
| Since launch (10/18/2021) | +2.1 |
| Rolling 12-mo | |
| On the day of launch (upfront fee) | 0.0 |
| Apr 30, 2024 - Apr 30, 2025 | +4.4 |
| Apr 30, 2023 - Apr 30, 2024 | +9.2 |
| Apr 30, 2022 - Apr 30, 2023 | -4.2 |
| Source: CleverSoft, April 30, 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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|---|---|---|---|---|
| 1-yr | 2-yrs | 3-yrs | 2024 | 2023 |
| Top 20% | Top 24% | Top 29% | Top 14% | Top 12% |
| 1st quintile | 2nd quintile | 2nd quintile | 1st quintile | 1st quintile |
| Source: Morningstar, April 30, 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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Our equity portfolio also recorded declines – particularly in Alibaba, LVMH, Thermo Fisher, and PepsiCo. Positive momentum came from Broadcom, 3i Group, Lonza, and Deutsche Börse. The bond portfolio remained stable. On the transaction side, we invested in Rakuten's corporate bond and increased our position in subordinated bonds from Oldenburgische Landesbank.
On the equity side, we reduced positions in Johnson & Johnson, Merck & Co., Stryker, and LVMH. Gains were realized in Allianz and gold, among others. We sold completely AirBnB, EQT AB, and Monolithic Power. We built up new positions in UniCredit, Nvidia, TSMC, Motorola Solutions, and Mercado Libre.
We remain cautiously constructive – focusing on diversification and selective opportunities in an increasingly fragmented market environment.
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