Marketing Communication
In the 1980s, Japan’s corporate landscape was shaped by the Keiretsu — a dense web of cross-shareholdings that promised stability but ultimately contributed to the country’s asset bubble.
Today, a similar dynamic seems to be taking shape in Silicon Valley. OpenAI, Nvidia, AMD, and Microsoft have built a circular network of interlinked investments, supply contracts, and technological partnerships. Nvidia invests billions in OpenAI, which in turn purchases Nvidia’s chips in enormous volumes. AMD, meanwhile, offers equity-linked incentives tied to future business.
These relationships drive valuations ever higher, but they also create feedback loops that can amplify risk. The key question now is whether genuine innovation and growth are still the main engine — or whether reciprocal financing is gradually taking over, as it once did in Japan. For the moment, however, strong earnings continue to justify the high expectations surrounding the AI revolution.
Market sentiment in October proved remarkably resilient despite uncertainties surrounding rare-earth supply debates and a potential U.S. government shutdown. The MSCI USA advanced +2.3%, while Europe followed with +2.4%. In Asia, the picture was mixed: the MSCI Japan gained +7.8%, whereas China declined by -4.0%. On the fixed income side, European government bonds rose +0.9%, and U.S. Treasuries added +0.6%. Corporate bonds also performed positively: U.S. corporates +0.4%, European corporates +0.7% (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 October 31, 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 |
| Oct 31, 2024 - Oct 31, 2025 | +6.6 |
| Oct 31, 2023 - Oct 31, 2024 | +14.8 |
| Oct 31, 2022 - Oct 31, 2023 | +6.7 |
| Source: CleverSoft, October 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 Morningstar fund peer group** |
|||
|---|---|---|---|
| 1-yr | 3-yrs | 2024 | 2023 |
| Top 20 % | Top 13 % | Top 14 % | Top 12 % |
| 1st quintile | 1st quintile | 1st quintile | 1st quintile |
| Source: Morningstar, October 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. ** Morningstar EAA Fund EUR Moderate Allocation - Global |
|||
The equity portfolio recorded a gain, supported by U.S. technology leaders, consumer names such as Shopify, and pharmaceutical holdings that benefited from favorable U.S. policy developments and rising M&A activity. Offsetting this were declines in O’Reilly, Meta, and Baidu. The bond portfolio contributed positively as well, helped by falling long-term yields. Only a few positions with idiosyncratic risk — including Grupo Antolin and Organon — weighed slightly on performance.
During the month, the fund increased its position in LVMH, while trimming holdings in Alibaba, TSMC, ASML, Nvidia, and Shopify. The position in Vertiv Holdings was fully exited, and a new allocation was initiated in Prosus, the global e-commerce group. On the fixed income side, bonds from Eurofins Scientific and IAG were sold, while a new position in an Air Baltic bond was added.
We continue to take a constructive yet disciplined view of markets — emphasizing diversification and selective opportunities amid an increasingly fragmented global landscape. While the AI-driven rally remains a key performance driver, careful positioning and active risk management will be essential as interdependencies deepen and market cycles evolve.
Um Ihnen maßgeschneiderte Informationen anzeigen zu können, bitten wir Sie Folgendes einzugeben:
In order to be able to show you tailor-made information, we ask you to enter the following:
Important Information
You can invest in the BlackPoint Evolution Fund directly and securely online and always keep an eye on your investment thanks to daily transparency. This works with just a few clicks via BlackPoint digital, a service offered by FINTEXLAB, a brand of WMD Capital GmbH (HRB 226421 Commercial Register Munich), in cooperation with BlackPoint Asset Management GmbH.