Marketing Communication
The US Federal Reserve took centre stage in July. At its meeting on 29 July, the Fed left its key policy rate unchanged at 3.50% to 3.75% for the seventh consecutive meeting, although three members voted in favour of an immediate rate hike. The main source of uncertainty was Fed Chair Warsh, who refrained from providing clear guidance on the future monetary policy path and hinted at a possible reassessment of the inflation measure.
The bond market responded to the lack of forward guidance with a broad sell-off: the yield on 30-year US Treasuries climbed to a 19-year high, while futures markets are now pricing in a rate increase in September. At the same time, AI-related equities came under significant pressure worldwide, fuelled by the forced liquidation of the hedge fund Situational Awareness.
As a result, equity market performance in July was mixed. China led the way with a strong gain of 9.0%, followed by Europe at 1.0%. Japan declined by 1.0%, while the US was broadly unchanged at -0.1%. Bond markets weakened across the board: European government bonds recorded the largest decline at -1.7%, followed by US corporate bonds at -1.5%, US Treasuries at -1.2% and European corporate bonds at -1.0% (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 July 31, 2026 (%) |
|
|---|---|
| 1-mo | -1.1 |
| YTD | +3.8 |
| 1-yr | +9.1 |
| 3-yrs p.a. | +7.7 |
| 2024 | +12.6 |
| 2023 | +11.7 |
| Since launch (10/18/2021) | +16.8 |
| Rolling 12-mo | |
| On the day of launch (upfront fee) | 0.0 |
| Jul 31, 2024 - Jul 31, 2025 | +9.1 |
| Jul 31, 2023 - Jul 31, 2024 | +6.7 |
| Jul 31, 2022 - Jul 31, 2023 | +7.4 |
| Source: CleverSoft, as of June 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 |
| 30 % | 43 % | 46 % | 14 % | 12 % |
| 2nd quintile | 2nd quartile | 2nd quartile | 1st quintile | 1st quintile |
| Source: Morningstar, as of June 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 |
||||
During the reporting month, we actively fine-tuned both portfolios within the Fund – equities (-0.82% contribution to performance in July) and bonds (-0.39% contribution to performance in July). We reduced the equity allocation cautiously by around 1.5%, taking profits in selected holdings following their strong performance, while increasing the bond allocation by approximately 1.0%. The largest negative contributors to performance were ASML, Taiwan Semiconductor, SK Hynix, Nebius and Shin-Etsu Chemical. Positive contributions came from Microsoft, Amazon, Alibaba, Apple and SAP.
Within the equity portfolio, we increased our holdings in Alibaba and E.ON. By contrast, we used the still elevated price levels in Apple, SAP, Meta, Siemens, ASML and Taiwan Semiconductor to take profits and reduce our positions, thereby scaling back our exposure to the technology and AI sectors in particular. Within the bond portfolio, we added a subordinated bond issued by EnBW and a senior unsecured bond issued by Fresenius.
Following the adjustments made in July, the portfolio is positioned somewhat more defensively. Looking ahead over the coming months, US monetary policy and technology sector valuations will remain the key drivers of our tactical asset allocation.
Um Ihnen maßgeschneiderte Informationen anzeigen zu können, bitten wir Sie Folgendes einzugeben:
In order to be able to show you tailor-made information, we ask you to enter the following:
Important Information
You can invest in the BlackPoint Evolution Fund directly and securely online and always keep an eye on your investment thanks to daily transparency. This works with just a few clicks via BlackPoint digital, a service offered by FINTEXLAB, a brand of WMD Capital GmbH (HRB 226421 Commercial Register Munich), in cooperation with BlackPoint Asset Management GmbH.