Marketing Communication
Almost a century ago, John Maynard Keynes predicted that within 100 years people would only need to work 15 hours per week. Artificial intelligence may bring this vision closer to reality than the economist could ever have imagined. Yet enthusiasm remains measured: what Keynes envisaged as liberation is increasingly revealing itself as an economic risk. Entire business segments face disruption, millions of jobs could disappear – and reduced employment ultimately constrains consumption. Markets are beginning to price in these risks.
Equity markets saw Japan deliver the strongest performance at +9.9%, followed by Europe (+3.9%) and the United States (+1.0%). China was the sole major market to detract, declining by 5.6%. Fixed income markets were also constructive: US Treasuries gained 1.8%, US corporate bonds 1.0%, European sovereign bonds 1.4% and European corporate bonds 0.6% (all figures in local currency terms).
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 Feb 28, 2026 (%) |
|
|---|---|
| 1-mo | 0.0 |
| YTD | +2.3 |
| 1-yr | +4.9 |
| 2-yrs | +18.0 |
| 3-yrs p.a. | +9.4 |
| 2024 | +12.6 |
| 2023 | +11.7 |
| Since launch (10/18/2021) | +15.2 |
| Rolling 12-mo | |
| On the day of launch (upfront fee) | 0.0 |
| Feb 28, 2024 - Feb 28, 2025 | +4.9 |
| Feb 28, 2023 - Feb 28, 2024 | +12.8 |
| Feb 28, 2022 - Feb 28, 2023 | +11.0 |
| Source: CleverSoft, as of Feb 28, 2026. 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** |
||||
|---|---|---|---|---|
| 2-yrs | 3-yrs | 2025 | 2024 | 2023 |
| 34 % | 23 % | 46 % | 14 % | 12 % |
| 2nd quintile | 1st quartile | 2nd quartile | 1st quintile | 1st quintile |
| Source: Morningstar, as of Feb 28, 2026. 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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The equity portfolio declined overall. Positive contributions came primarily from the consumer staples and industrials sectors; at the individual stock level, Motorola, Ducommun, Howmet, Nestlé and E.ON were among the strongest performers. Performance was weighed down by MercadoLibre, Baidu, Alibaba, EQT and Novo Nordisk.
The fixed income segment benefited significantly from falling sovereign yields in the United States, the United Kingdom, France, Italy and Mexico. The portfolio’s extended duration positioning enabled it to largely offset the losses recorded on the equity side.
We increased positions in Ducommun, Howmet, E.ON and Broadcom, and fully exited Visa, Allianz, Kinsale, Novo Nordisk, Dutch Bros, EQT and SAP. New additions included Deutsche Telekom, Procter & Gamble, UPS and Amphenol, as well as the Japanese names Shin-Etsu Chemical, Kubota and Mitsubishi Heavy Industries. Within fixed income, we sold an AT&T bond and an Italian government bond. We added a Brazilian real-denominated bond issued by the European Investment Bank, a subordinated US dollar bond issued by Bank of Nova Scotia and a Norwegian krone-denominated bond issued by the Norwegian company Scatec.
Geopolitical dislocations continue to shape the market backdrop and fuel noticeable uncertainty. Nevertheless, the portfolio remains clearly positioned: diversified, quality-focused and with sufficient flexibility to respond to new developments as they arise.
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