Marketing Communication
Investors had been eagerly awaiting the annual central bankers’ meeting in Jackson Hole – the policymakers’ appearances were regarded as a monetary policy signal-setting event for the autumn. Fed Chair Kevin Warsh clearly dashed hopes of imminent interest rate cuts: combating inflation was the “top priority”, the two per cent target remained a “firm, unwavering target”, and further rate hikes were explicitly not off the table. Similarly restrictive tones also came from Frankfurt: ECB Executive Board member Isabel Schnabel urged “vigilance” in the face of persistent price pressures and indicated the possibility of further rate hikes in September.
Geopolitics remained a source of pressure: renewed tensions in the Middle East pushed the oil price up to US$86 per barrel. The capital markets, however, remained largely unfazed by these restrictive central bank signals and geopolitical risks. Equity markets were mostly positive in August. Japan led the way with 3.6%, followed by the US with 2.6% and Europe with 0.3%. China was the only market to post a slight decline, at -0.4%. The bond market presented a mixed picture: while US government and corporate bonds gained 0.3% and 0.4%, respectively, their European counterparts declined by -0.6% (government bonds) and -0.2% (corporate bonds) (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 August 31, 2026 (%) |
|
|---|---|
| 1-mo | +1.0 |
| YTD | +4.9 |
| 1-yr | +9.4 |
| 3-yrs p.a. | +8.6 |
| 2024 | +12.6 |
| 2023 | +11.7 |
| Since launch (10/18/2021) | +18.0 |
| Rolling 12-mo | |
| On the day of launch (upfront fee) | 0.0 |
| Aug 31, 2025 - Aug 31, 2026 | +9.4 |
| Aug 31, 2024 - Aug 31, 2025 | +6.5 |
| Aug 31, 2023 - Aug 31, 2024 | +10.1 |
| Source: CleverSoft, as of August 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** |
|||
|---|---|---|---|
| 3-yrs | 2025 | 2024 | 2023 |
| 42 % | 46 % | 14 % | 12 % |
| 2nd quartile | 2nd quartile | 1st quintile | 1st quintile |
| Source: Morningstar, as of August 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 |
|||
During the reporting month, we kept the weighting of the equity and bond components unchanged. The largest negative performance contributions came from Broadcom, Cummins, E.ON, Howmet Aerospace and LVMH, while Microsoft, Merck, Nvidia, Deutsche Bank and SAP made positive contributions.
On the equity side, we increased our positions in SAP and Taiwan Semiconductor, while reducing our exposures to Assa Abloy, Nestlé and Prosus. Vertiv, Schrödinger and Nurix were newly added to the portfolio. In the bond portfolio, we sold a subordinated bond issued by Helaba, a senior unsecured bond issued by CCO Holdings and a government bond denominated in Mexican pesos.
Despite the recent gains, the environment remains challenging: Restrictive central banks and geopolitical tensions call for vigilance. We therefore remain committed to a balanced, broadly diversified positioning with consistent risk management.
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.