Marketing Communication
While the US and Iran continue to negotiate a ceasefire and the Strait of Hormuz remains closed, global equity markets have continued to scale new highs. In the month under review, major equity indices extended their strong advance, building further on the gains achieved since the March lows. The rally has been driven primarily by US semiconductor stocks, which are on track to deliver their strongest quarter on record. Even oil prices retreated noticeably. Investors remain firmly focused on the AI-driven growth story, displaying a remarkable willingness to look through geopolitical risks.
Against this backdrop, global equity markets delivered predominantly positive returns in May. Japan led the way with a gain of 6.6%, followed by the US (+5.1%) and Europe (+2.6%). China was the notable exception, declining by 3.4%. Fixed income markets also posted positive results: European government and corporate bonds advanced by 1.1% and 0.9%, respectively. Their US counterparts were more subdued but remained in positive territory, with Treasuries edging up 0.1% and corporate bonds gaining 0.7% (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 May 31, 2026 (%) |
|
|---|---|
| 1-mo | +4.2 |
| YTD | +5.1 |
| 1-yr | +12.8 |
| 2-yrs | +21.0 |
| 3-yrs p.a. | +9.3 |
| 2024 | +12.6 |
| 2023 | +11.7 |
| Since launch (10/18/2021) | +18.3 |
| Rolling 12-mo | |
| On the day of launch (upfront fee) | 0.0 |
| May 31, 2024 - May 31, 2025 | +12.8 |
| May 31, 2023 - May 31 2024 | +7.3 |
| May 31, 2022 - May 31, 2023 | +7.9 |
| Source: CleverSoft, as of May 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 |
| 20 % | 33 % | 46 % | 14 % | 12 % |
| 1st quintile | 2nd quintile | 2nd quartile | 1st quintile | 1st quintile |
| Source: Morningstar, as of May 31, 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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During the reporting month, we actively fine-tuned both the equity and fixed income segments of the portfolio. On a net basis, the equity allocation was increased modestly by approximately 0.6 percentage points, while the bond allocation remained largely unchanged.
Within equities, we initiated a new position in Infineon, while fully exiting MercadoLibre and 3i Group. Following their strong share price performance, we took profits and reduced our holdings in Nebius and SK Hynix. At the same time, we increased our positions in LVMH, Grenergy, Howmet Aerospace, Cummins, Amphenol and NVIDIA.
Within the bond portfolio, we replaced German Treasury notes maturing in June 2026 with a German federal government bond maturing in 2036. This transaction preserves our strategic sovereign bond allocation while adjusting the portfolio’s duration profile. Our positions in gold and commodities remained unchanged during the month.
As powerful as the current rally may be, the broader environment remains fragile. We therefore continue to position the portfolio with discipline and caution: maintaining exposure to attractive opportunities, preserving broad diversification, and adhering to a robust risk-management framework designed to navigate both geopolitical uncertainty and cyclical setbacks.
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