Marketing Communication
“The spirits that I summoned, I cannot now rid myself of.” What Goethe’s Sorcerer’s Apprentice had to learn was also experienced by technology investors in October 2026. For a long time, enthusiasm for artificial intelligence had fuelled the stock markets, but it now turned against them. Disappointing figures from several technology heavyweights and growing doubts over whether the enormous investments in AI would pay off triggered a sharp sell-off. Instead, investors favoured solid business models in the energy, consumer staples and utilities sectors. At the same time, tensions surrounding the Strait of Hormuz pushed the oil price above USD 100 and kept inflation concerns alive. The Fed and the ECB paused interest rate hikes, while leaving the door open to a further increase in December.
Equity markets presented a mixed picture. Europe benefited from its relatively low exposure to technology stocks, gaining +2.0%. The US, by contrast, fell by -1.0%, while Japan declined by -4.0%. China was once again hit hardest, losing -7.2%. Bond markets regained some stability. Following the losses recorded in the previous month, US government and corporate bonds gained +2.3% and +1.9%, respectively, while their European counterparts rose by +1.0% and +0.8% (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 October 30, 2026 (%) |
|
|---|---|
| 1-mo |
+0.2 |
| YTD |
+4.7 |
| 1-yr |
+6.8 |
| 3-yrs p.a. |
+10.2 |
| 2024 |
+12.6 |
| 2023 |
+11.7 |
| Since launch (10/18/2021) |
+17.8 |
| Rolling 12-mo | |
| On the day of launch (upfront fee) |
0.0 |
| Oct 30, 2025 - Oct 30, 2026 |
3.7 |
| Oct 30, 2024 - Oct 30, 2025 |
9.2 |
| Oct 30, 2023 - Oct 30, 2024 |
18.6 |
| Source: CleverSoft, as of October 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** |
|||
|---|---|---|---|
| 3-yrs | 2025 | 2024 | 2023 |
| 36 % | 46 % | 14 % | 12 % |
| 2nd quartile | 2nd quartile | 1st quintile | 1st quintile |
| Source: Morningstar, as of October30, 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 slightly reduced our equity exposure. Performance was weighed down primarily by Alphabet, Nvidia, Taiwan Semiconductor and Meta, while Roche, E.ON, SAP and Nestlé provided positive contributions.
We increased our holdings in Roche and SAP, while reducing our positions in Alphabet, LVMH, Siemens, Taiwan Semiconductor and Nvidia. We exited Ducommun and Grenergy entirely. New additions to the portfolio included Schneider Electric, Palo Alto Networks and Comfort Systems. On the fixed income side, we sold our holdings in bonds issued by Avis Budget, SPP Distribúcia and T-Mobile, as well as a Hungarian government bond and a German government bond. We added a US Treasury bond denominated in US dollars. We also reduced our holdings in catastrophe bonds and gold.
As long as uncertainty surrounding AI, inflation and the conflict in the Middle East continue to set the tone, we will maintain a measured portfolio positioning and disciplined risk management. After all, unlike in Goethe’s tale, no old master will come to the rescue in the stock market.
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.