Marketing Communication
April 2026 demonstrated once again how resilient equity markets currently are to geopolitical shocks. Despite escalating tensions in the Persian Gulf and sharply rising energy prices, global equities moved higher across the board — led by the United States, which reaffirmed its outperformance relative to the rest of the world. Europe participated in the rally, yet the positive market performance masks weaker underlying fundamentals: stagnant growth in the euro area and rising inflation, which is constraining the ECB’s monetary policy flexibility. This spring has highlighted a growing divergence between risk appetite and real economic strength on either side of the Atlantic.
Equity markets recorded gains globally. The United States led with +9.4%, followed by Japan (+7.5%) and Europe (+4.6%). China was more subdued, rising by +3.5%. Fixed income markets were broadly constructive: European government and corporate bonds gained +0.4% and +0.9% respectively, while US markets showed a mixed picture — Treasuries declined slightly (−0.1%), whereas corporate bonds advanced by +0.4% (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 Apr 30, 2026 (%) |
|
|---|---|
| 1-mo | +6.1 |
| YTD | +0.9 |
| 1-yr | +11.3 |
| 2-yrs | +16.2 |
| 3-yrs p.a. | +8.3 |
| 2024 | +12.6 |
| 2023 | +11.7 |
| Since launch (10/18/2021) | +13.6 |
| Rolling 12-mo | |
| On the day of launch (upfront fee) | 0.0 |
| Apr 30, 2024 - Apr 30, 2025 | +11.3 |
| Apr 30, 2023 - Apr 30, 2024 | +4.4 |
| Apr 30, 2022 - Apr 30, 2023 | +9.2 |
| Source: CleverSoft, as of Apr 30, 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 |
| 35 % | 33 % | 46 % | 14 % | 12 % |
| 2nd quintile | 2nd quintile | 2nd quartile | 1st quintile | 1st quintile |
| Source: Morningstar, as of Apr 30, 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 fixed income portfolios were actively adjusted during the reporting period. Given the strong performance of global equity markets and increasing expectations of geopolitical stabilisation, we increased the equity allocation by approximately 9% and reduced the bond allocation by around 0.8%.
New additions to the equity portfolio include ERG, Deutsche Bank, SAP, Grenergy Renovables and Air France-KLM. Positions were also increased in Broadcom, ASML, Kubota, Microsoft, Shin-Etsu, TSMC, Assa Abloy, Meta, LVMH, Prosus and 3i.
Within fixed income, we fully exited German Treasury notes maturing in May 2026.
The strength of the rally should not obscure the still-fragile backdrop. The portfolio therefore remains deliberately positioned: opportunity-oriented, broadly diversified, and with a high degree of vigilance towards geopolitical and macroeconomic risks.
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