Marketing Communication
Global stock markets were once again volatile at the end of the month. Political headlines – particularly Donald Trump's renewed push toward China and Europe – briefly caused irritation, but prices quickly recovered. The US benchmark S&P 500 index closed May with a gain of over six percent – its best May since 1990.
Market reactions indicate that investors are increasingly relaxed about political rhetoric. While headlines – particularly those surrounding trade tariffs and geopolitical tensions – are likely to continue to shape market activity, a pragmatic realism is also emerging: fundamental data and corporate earnings are regaining importance and are likely to dominate sentiment in the medium term.
Against this backdrop, the MSCI USA rose by 6.3 percent in May. European stock markets followed suit: the MSCI Europe recorded a gain of 3.9 percent. The MSCI Japan also performed well, gaining 5.3 percent. The Chinese stock market followed suit with a rise of 3.5 percent. Meanwhile, corporate bonds from the US and Europe remained stable month to date (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 May 31, 2025 (%) |
|
|---|---|
| 1-mo | +2.8 |
| YTD | -1.3 |
| 1-yr | +7.3 |
| 2-yrs | +15.8 |
| 3-yrs p.a. | +5.3 |
| 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 |
| May 31, 2024 - May 31, 2025 | +6.7 |
| May 31, 2023 - May 31, 2024 | +8.5 |
| May 31, 2022 - May 31, 2023 | +0.5 |
| Source: CleverSoft, May 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** |
||||
|---|---|---|---|---|
| 1-yr | 2-yrs | 3-yrs | 2024 | 2023 |
| Top 11% | Top 36% | Top 17% | Top 14% | Top 12% |
| 1st quintile | 2nd quintile | 1st quintile | 1st quintile | 1st quintile |
| Source: Morningstar, May 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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Our equity portfolio recorded encouraging value growth in May. US technology stocks such as Broadcom, Nvidia, and The Trade Desk made significant contributions to the positive performance. In contrast, Chinese technology stocks weighed on performance: Both Alibaba and Baidu recorded noticeable price declines over the course of the month.
We completely sold our position in Pfizer. At the same time, we established a new focus on the European utility sector by establishing our first position in E.ON. We also made selective purchases of Apple, TSMC, and Nvidia.
The bond portfolio remained largely stable in May. On the transaction side, we made a targeted investment in a long-term US Treasury bond. In return, we closed our investments in corporate bonds from Fiserv, APT Pipelines, and EasyJet.
We remain cautiously constructive, focusing on diversification and selective opportunities in an increasingly fragmented market environment.
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