Marketing Communication
Chinese tech stocks have recently staged a spectacular comeback after Beijing announced sweeping relaxations for innovation, capital markets, and overseas expansion. Companies such as Alibaba, Tencent, and Baidu surprised with double-digit profit increases and ambitious AI initiatives that stand out even by global standards. Stock markets responded with fireworks especially among Chinese hyperscalers with vast data resources while international investors increasingly rotated back into the Chinese market. Commentators are speaking of a “reboot of the China trade,” fuelled by greater regulatory clarity and state-orchestrated growth programmes.
Elsewhere, sentiment across regions and asset classes was equally buoyant: the MSCI USA rose by 3.6 %, followed by Europe at +1.4 %. Asian markets also rallied sharply, with MSCI Japan up +3.72 % and China +6.9 %. A similar picture emerged in the bond markets: European government bonds gained +0.63 %, and US Treasuries rose by +1.0 %. Corporate bonds performed comparably, with US issues up +1.6 % and European ones +0.44 % (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 September 30, 2025 (%) |
|
|---|---|
| 1-mo | +2.0 |
| YTD | +3.5 |
| 1-yr | +6.6 |
| 2-yrs | +17.1 |
| 3-yrs p.a. | +9.3 |
| 2024 | +12.6 |
| 2023 | +11.7 |
| Since launch (10/18/2021) | +10.1 |
| Rolling 12-mo | |
| On the day of launch (upfront fee) | 0.0 |
| Sep 30, 2024 - Sep 30, 2025 | +6.6 |
| Sep 30, 2023 - Sep 30, 2024 | +14.8 |
| Sep 30, 2022 - Sep 30, 2023 | +6.7 |
| Source: CleverSoft, September 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 | 3-yrs | 2024 | 2023 |
| Top 20 % | Top 20 % | Top 14 % | Top 12 % |
| 1st quintile | 1st quintile | 1st quintile | 1st quintile |
| Source: Morningstar, September 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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The equity portfolio achieved gains in September, driven mainly by the technology sector and the defence industry. Headwinds came from consumer-oriented stocks such as Upstart, Dutch Brothers, and Trade Desk. Holdings in several technology companies and in Novo Nordisk were further increased. In addition, a new position in Prosus was initiated, while exposures to Allianz and PepsiCo were reduced.
The bond segment also contributed positively: falling long-term yields and declining credit risks supported portfolio performance. On the downside, short-duration and high-quality bonds, particularly short-term government securities, underperformed. A bond issued by Banque Internationale à Luxembourg was purchased with an attractive yield.
We continue to rely on diversification and to seize selective opportunities in a fragmented and thematically focused market environment.
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