Marketing Communication
March unfolded like a Greek tragedy with a happy ending: the United States and Israel acted as resolute protagonists against the forces of evil in Tehran, while Europe remained a hesitant supporting actor. The blockade of the Strait of Hormuz initially sent financial markets sharply lower. On the final trading day, sentiment reversed: the perceived achievement of military objectives and early signals of de-escalation triggered a strong rally, materially reducing the steep monthly losses. Whether the real economy will swiftly return to pre-conflict levels remains uncertain, as inflation and growth are likely to stay under pressure for longer.
Global equity markets recorded losses across the board. Japan lagged with -11.4%, followed by Europe (-8.0%) and China (-7.5%). The US proved somewhat more resilient, declining by 5.0%. Fixed income markets were also under pressure: European government and corporate bonds fell by 2.7% and 2.3%, respectively, while their US counterparts declined by 1.8% and 2.0% (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 Mar 31, 2026 (%) |
|
|---|---|
| 1-mo | -7.0 |
| YTD | -4.9 |
| 1-yr | +2.1 |
| 2-yrs | +7.6 |
| 3-yrs p.a. | +6.4 |
| 2024 | +12.6 |
| 2023 | +11.7 |
| Since launch (10/18/2021) | +5.7 |
| Rolling 12-mo | |
| On the day of launch (upfront fee) | 0.0 |
| Mar 31, 2024 - Mar 31, 2025 | +2.1 |
| Mar 31, 2023 - Mar 31, 2024 | +5.4 |
| Mar 31, 2022 - Mar 31, 2023 | +11.9 |
| Source: CleverSoft, as of Mar 31, 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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Both the equity and bond portfolios posted negative returns during the reporting month. In response to the escalation of the Iran conflict, we consistently shortened duration in the fixed income allocation and initially reduced equity exposure, before selectively rebuilding positions towards month-end.
New additions to the equity portfolio include Cummins, RWE and SK Hynix. Positions in Unilever, Thermo Fisher, Lonza, Shopify and Upstart were fully exited. Exposure was reduced in Assa Abloy, Alibaba, 3i Group, Prosus, Meta, MercadoLibre, LVMH, Taiwan Semiconductor, Alphabet, Nestlé and ASML, while positions in Siemens, Howmet, Microsoft and Shin-Etsu were increased.
Within fixed income, we divested sovereign bonds from France, the United Kingdom, Italy, Croatia, Mexico, Panama, Colombia and Armenia. New purchases included short-dated German Treasury bills (Bundesschatzanweisungen), an AT1 perpetual bond issued by Bank of Montreal (USD), Hungarian government bonds denominated in forint, and a Scatec bond (NOK). To further manage risk, we also reduced exposure to gold and commodities.
The recent market rebound does not obscure the underlying macroeconomic risks. The portfolio therefore remains deliberately positioned: fundamentally robust, tactically flexible, and guided by the discipline required for the market phases ahead.
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