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Kathrein Corporate Bond Fund report as of 06/18/2013
 
     
 
Fund profile
The Kathrein Corporate Bond invests worldwide mainly in corporate bonds with higher rating grades (investment grade) and quoted in the Euro currency. Widely spread diversified holdings and active management of maturities, effected through the “Duration Optimizer” worked out by Kathrein Privatbank provide the opportunity for good returns and risk minimization. The “Duration Optimizer” assumes that interest rates on capital markets follow business cycles of the economy and long term trends. In this quantitative model, distinct signals provide for clearly structured and logical decisions.
Fund data
ISIN: T: AT0000779798 | A: AT0000779780
NAV: T: 159.89 | A: 96.10 EUR
Launch date: 07/12/1999
Capital gains: 0.32 EUR
Ordinary income: 1.49 EUR
Total assets: 148,386,252.68 EUR
Dividend: 4.40 EUR (02/01/2013)
Fiscal year: 12/01-11/30
Operating costs: .91
Performance (06/18/2008 - 06/18/2013)
 
Source: Custodian Raiffeisen Bank International AG
Performance  
Month -0.92 %
Year to date -0.91 %
1 years 4.20 %
2 years (p.a.) 4.46 %
3 years (p.a.) 3.03 %
5 years (p.a.) 4.85 %
Since inception (p.a.) 4.40 %
     
Ratios    
Sharpe ratio 0.39  
Max. drawdown -9.63 %
Volatiltiy (in % p.a.) 3.93 %
     
 
 
 
Asset allocation
 
 
   
Ratings 100.00 %
A 56.38 %
BBB 33.96 %
AA 9.45 %
AAA 0.21 %
BB 0.00 %
   
Performance is calculated in accordance with the OeKB method based on data from the custodian. For performance data individual costs, such as the initial sales charge (a maximum of 3% of the amount invested) are not taken into consideration. Depending on the amount, those would decrease performance accordingly. Past performance is no indicator for future developments of a fund. Information subject to change.
Portfolio manager comments as of May 2013
The US consumer confidence surprisingly improved a lot in May. Responsible for this increase in confidence were the better jobs market as well as rising stock and real estate prices. Ben Bernanke commented in his testimony to the respective committees of Congress that the Fed may reduce the speed and amount of bond purchased under its QE policy should the economy continue to improve faster than expected. The led to a drop in stock and bond prices (increase in bond yields). The Euro periphery countries benefited from the change in focus from belt tightening to growth policies. Nevertheless the current focus of the ECB is not on the absolute level of its repo rate, but much more on the creating accessibility to corporate loans through other institution for example the European Investment Bankperiphery countries. At the end of April Italy even put together a coaling government under the leadership of Enrico Lettas. Corporate bonds remained well supported. Overall the spreads of corporate bonds narrowed to levels below the average levels of when the EURO was introduced.
     
 
 
This document is for promotional purpose only and does not constitute an offer or recommendation for the purchase or sale of a financial instrument. The published brochure of this unit trust in its current form including all alterations since first release is at the applicants disposal at Kathrein Privatbank Aktiengesellschaft. For the correctness of the data cannot be taken over any adhesion despite careful investigation and registrations. Total Expense Ratio includes management fee, fund administration costs, custodian and other administrative costs as well audit fees.
 
  KATHREIN PRIVATBANK | privatbank@kathrein.at | www.kathrein.at
 

  • Kathrein Corporate Bond (Corporate bonds in Euro currency)

    Investments are placed exclusively in corporate bonds of good financial standing listed in EUR. Worldwide investment is to achieve better capital growth than EUR government bonds.

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