Marketing Communication
Despite ongoing geopolitical tensions, capital markets remained broadly stable in June – much like a sky with intermittent clouds, through which increasing clarity is emerging. While headlines around trade tariffs and global conflicts continue to dominate the news cycle, a more pragmatic market sentiment is taking hold. Investors are once again placing greater weight on corporate earnings and fundamental data.
Short-term volatility, such as the spike in oil prices due to developments in the Middle East, had only limited and temporary impact on global market sentiment. U.S. technology stocks benefited from rising expectations of interest rate cuts: the MSCI USA gained over 3% in June. In contrast, European and Japanese equities lagged, with the MSCI Europe down 2% and the MSCI Japan slipping 1%. Chinese equities showed strong performance, rising by 5.5%.
In fixed income, yields on European government bonds remained stable, while U.S. Treasury yields declined despite continued dollar weakness. Corporate bonds in both the U.S. and Europe held steady over the month (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 June 30, 2025 (%) |
|
|---|---|
| 1-mo | -0.1 |
| YTD | -1.5 |
| 1-yr | +4.5 |
| 2-yrs | +14.6 |
| 3-yrs p.a. | +6.5 |
| 2024 | +12.6 |
| 2023 | +11.7 |
| Since launch (10/18/2021) | +4.8 |
| Rolling 12-mo | |
| On the day of launch (upfront fee) | 0.0 |
| Jun 30, 2024 - Jun 30, 2025 | +4.5 |
| Jun 30, 2023 - Jun 30, 2024 | +9.6 |
| Jun 30, 2022 - Jun 30, 2023 | +5.4 |
| Source: CleverSoft, June 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** |
||
|---|---|---|
| 3-yrs | 2024 | 2023 |
| Top 27 % | Top 14 % | Top 12 % |
| 2nd quintile | 1st quintile | 1st quintile |
| Source: Morningstar, June 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 saw notable gains driven by U.S. tech stocks such as Nvidia, Broadcom, Meta, and Microsoft. On the other hand, European names like Mercedes-Benz and Allianz weighed on performance. In June, we fully exited our position in Unicredit and trimmed holdings in Mercedes-Benz, 3i, and gold. We also opened a new position in EQT – marking a strategic step into the European private equity segment – and selectively increased exposure to Amazon, Meta, TSMC, Mercado Libre, E.ON, and Siemens.
The bond portfolio remained stable overall. On the transaction side, we recorded the early redemption of a USD-denominated bond from Clarios Global.
Conclusion: Markets are showing renewed focus on fundamentals. We remain constructive – emphasizing diversification and selective opportunities in an increasingly fragmented investment landscape.
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