Marketing Communication
After "Liberation Day," the markets – especially in Europe – waited 118 days for a fair tariff agreement with the US. Now an agreement has been reached, but there is a lack of consensus. A dispute over its interpretation overshadows the political progress: A White House "fact sheet" emphasizes far-reaching EU concessions on standards, digital regulations, energy imports, and tariffs. Brussels strongly disagrees. Particularly explosive: The agreement is scheduled to be finalized in early August, but compromises are not in sight. EU trade policymakers do not see a secure majority in Parliament. Relations remain strained – and the 15% tariff on EU goods could further burden the already fragile German economy. The IMF forecasts 0.1% growth – but this does not take into account possible slowing effects.
The tariff agreement did not yet play a role in the markets in July. The MSCI USA gained 2.2%, while Europe lagged behind with +0.7%. The MSCI Japan rose by 2.7%, while China rose by 4.5%. In the bond segment, European government bonds remained stable, while US Treasuries declined slightly. Corporate bonds performed mixed: US securities declined slightly, while European ones gained (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 July 31, 2025 (%) |
|
|---|---|
| 1-mo | +2.2 |
| YTD | +0.7 |
| 1-yr | +6.7 |
| 2-yrs | +14.5 |
| 3-yrs p.a. | +5.6 |
| 2024 | +12.6 |
| 2023 | +11.7 |
| Since launch (10/18/2021) | +7.1 |
| Rolling 12-mo | |
| On the day of launch (upfront fee) | 0.0 |
| July 31, 2024 - July 31, 2025 | +6.7 |
| July 31, 2023 - July 31, 2024 | +7.4 |
| July 31, 2022 - July 31, 2023 | +2.7 |
| Source: CleverSoft, July 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 | 3-yrs | 2024 | 2023 |
| Top 19 % | Top 25 % | Top 14 % | Top 12 % |
| 1st quintile | 1st quartile | 1st quintile | 1st quintile |
| Source: Morningstar, July 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 benefited from Upstart, Trade Desk, Crispr Therapeutics, Nvidia, Alphabet, and Broadcom, among others. Losers came from Novo Nordisk, Dutch Bros, and Nestlé. In the bond segment, USD bonds from Panama, Colombia, and Brazil provided support. We exchanged Mexican government bonds for local currency, sold insurance and financial bonds (CNP, Sampo, Fidelity), and invested in Banco de Sabadell and Eurobank. Equity positions in Novo Nordisk, Mercedes-Benz, and Siemens were increased, and new positions in Howmet, Ducommun, and Vertiv were added. We sold Salesforce completely and slightly reduced our gold holdings.
We are closely monitoring developments in global trade relations with the US and their impact on the financial markets. Our approach remains constructive – with a focus on diversification and selective opportunities in an increasingly fragmented market environment.
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