Marketing Communication
The attacks on the U.S. Federal Reserve (Fed) have reached a new level. Rhetoric has become power politics, especially since the attempt to oust Governor Lisa Cook. Now, Jerome Powell must make it unequivocally clear: The Fed is independent – and will remain so even after his term ends in May 2026. At the same time, the allegations against Cook should be investigated transparently, ideally by the OIG, the Fed's independent review and investigation office. Until then, Cook must be fully in office; political influence on FOMC decisions must be rejected. Markets need rules, not threats. Those who relativize independence increase risk premiums and damage the credibility of the inflation target as well as U.S. financial hegemony.
Meanwhile, the financial markets remained remarkably calm: the MSCI USA rose by 1.8%, Europe followed with +0.9%. In Asia, the markets rose almost in step: MSCI Japan +4.3%, China +4.2%. In the bond market, European government bonds fell by 0.4%; US Treasuries decoupled, rising by 1.0%. The trend was similar for corporate bonds: US corporate bonds rose by 1.2%, while European bonds fell by 0.2% (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 August 31, 2025 (%) |
|
|---|---|
| 1-mo | +0.8 |
| YTD | +1.5 |
| 1-yr | +6.5 |
| 2-yrs | +17.1 |
| 3-yrs p.a. | +6.5 |
| 2024 | +12.6 |
| 2023 | +11.7 |
| Since launch (10/18/2021) | +7.9 |
| Rolling 12-mo | |
| On the day of launch (upfront fee) | 0.0 |
| Aug 31, 2024 - Aug 31, 2025 | +6.5 |
| Aug 31, 2023 - Aug 31, 2024 | +9.9 |
| Aug 31, 2022 - Aug 31, 2023 | +3.0 |
| Source: CleverSoft, August 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 18 % | Top 19 % | Top 14 % | Top 12 % |
| 1st quintile | 1st quintile | 1st quintile | 1st quintile |
| Source: Morningstar, August 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 gained ground in August, driven by consumer-oriented stocks such as Dutch Bros and Shopify, as well as quality stocks that recovered after a dip in valuation (Novo Nordisk, LVMH). Headwinds came from Trade Desk and the AI lender Upstart following disappointing quarterly figures and outlooks, respectively.
The contribution in the bond segment was slightly negative: rising long-term interest rates weighed on government bonds. Selective corporate bonds – including Grupo Antolin – and individual emerging market bonds, such as those from Mexico and Armenia, had a positive impact.
Tactically, we increased positions in Assa Abloy and EQT on the equity side, while reducing exposure to Allianz, Alphabet, Broadcom, and Nvidia. On the bond side, we sold securities from Aareal Bank and International Consolidated Airlines.
We are focusing on diversification and selective opportunities in an increasingly fragmented market environment.
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