Marketing Communication
For weeks now, one question has dominated the markets: Is the debt-fuelled AI boom creating a new tech bubble?
Bond markets offer a sober answer: While five Big Tech names alone — Amazon, Alphabet, Meta, Microsoft and Oracle — have issued more than USD 90 billion in corporate bonds this year (more than in the past three years combined), investors are keeping a cool head and pricing in the risks. The initial price advantage of blue-chip tech bonds has vanished. Differentiation is back: Oracle — the most aggressive hyperscaler (CapEx expected at 138% of cash flow) — saw spreads widen the most. Financial engineering is punished as well: Meta’s off-balance-sheet project in Louisiana pays 6.6% interest — junk-bond territory despite an A+ rating. Creditors demand a premium. As long as they do — history shows — it is premature to call a bubble.
Global markets moved sideways amid heightened uncertainty. The MSCI USA ended the month broadly unchanged. Europe rose slightly by +0.7%. Asia showed a mixed picture: MSCI Japan +0.6%, China −2.4%. Fixed income markets diverged: European government bonds were stable, while US Treasuries gained +0.6%. US corporates advanced +0.7%, while European corporates softened −0.3%. (All data 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 Nov 30, 2025 (%) |
|
|---|---|
| 1-mo | -0.9 |
| YTD | +5.7 |
| 1-yr | +6.5 |
| 2-yrs | +22.8 |
| 3-yrs p.a. | +9.1 |
| 2024 | +12.6 |
| 2023 | +11.7 |
| Since launch (10/18/2021) | +12.4 |
| Rolling 12-mo | |
| On the day of launch (upfront fee) | 0.0 |
| Nov 30, 2024 - Nov 30, 2025 | +6.5 |
| Nov 30, 2023 - Nov 30, 2024 | +15.1 |
| Nov 30, 2022 - Nov 30, 2023 | +5.3 |
| Source: CleverSoft, as of Nov 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 Morningstar fund peer group** |
|||
|---|---|---|---|
| 1-yr | 3-yrs | 2024 | 2023 |
| Top 23 % | Top 10 % | Top 14 % | Top 12 % |
| 1st quartile | 1st quintile | 1st quintile | 1st quintile |
| Source: Morningstar, as of Nov 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 |
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Equities ended the month with a small decline, driven by US tech, financials and consumer cyclicals. Pharma names (Merck, Roche, J&J) contributed gains, while 3i, Trade Desk and CRISPR Therapeutics detracted. We increased Microsoft, Merck, Broadcom and Nvidia. Trade Desk and Deutsche Börse AG were fully exited. New in the portfolio: European NeoCloud company Nebius.
Fixed Income contributed positively, supported by falling long-term yields. Idiosyncratic risk was contained, limited to single names (Becton Dickinson, Euroclear Holding). We sold Banca Monte dei Paschi and Valeo bonds and added paper from insurers Aviva and Zurich Insurance Group.
Our approach remains constructive and disciplined — with a strong focus on diversification and selective opportunities in an increasingly fragmented market environment.
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