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The Kathrein Mandatum 15 is an international mixed umbrella fund investing 15% of its funds in shares and 85% in USD government bonds. The selection of the shares is based on quantitative models combining and analysing factors such as key figures, price trends and profit forecasts. Also the management of maturities of the bond portion is carried out on a quantitative basis by means of the USD “Duration Optimizer”, which assumes that capital market interest rates are governed by business cycles of the economy and long term trends. Moreover, active currency management further optimises the profit opportunities.
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ISIN:
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T: AT0000A015J1
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NAV:
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134.49 USD
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Launch date:
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07/03/2006
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Capital gains:
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0.36 USD
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Ordinary income:
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1.56 USD
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Total assets:
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21,771,437.16 USD
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Dividend:
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1.05 USD (03/01/2013)
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Fiscal year:
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12/31-12/31
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Operating costs:
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1.17
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Performance (06/18/2008 - 06/18/2013)
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Source: Custodian Raiffeisen Bank International AG
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Performance
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Month
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-1.31
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%
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Year to date
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-0.08
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%
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1 years
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1.11
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%
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2 years (p.a.)
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3.35
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%
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3 years (p.a.)
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4.41
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%
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5 years (p.a.)
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4.38
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%
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Since inception (p.a.)
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5.14
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%
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Ratios
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Sharpe ratio
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0.52
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Max. drawdown
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-8.32
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%
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Volatiltiy (in % p.a.)
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5.58
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%
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Bonds
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84.22 %
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United States of America
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14.38 %
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United States of America
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9.64 %
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United States of America
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9.52 %
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Kathrein US-Dollar Bond T
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8.56 %
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Kreditanst.f.Wiederaufbau
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7.51 %
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United States of America
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7.03 %
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International Bank Rec. Dev.
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6.91 %
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United States of America
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6.79 %
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Kreditanst.f.Wiederaufbau
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6.25 %
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United States of America
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4.18 %
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Landwirtschaftliche Rentenbank
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2.94 %
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United States of America
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0.53 %
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Stocks
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13.75 %
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KATHREIN US EQUITY R (T)
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6.25 %
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KATHREIN EUROPEAN EQUITY R (T)
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3.59 %
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Russell Inv.-Japan Equity Fund
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1.19 %
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Russell Inv.-Pacific Basin Eq.
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0.76 %
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Russell Inv.-US Small Cap Equ.
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0.72 %
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Kathrein Global Enterprise (T)
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0.68 %
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SSgA Ind.-Canada Index Equity
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0.56 %
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Others
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1.15 %
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KATHREIN MAX RETURN (T)
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1.15 %
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Bond exposures
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0.01 %
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10yr Treasury Note Futur20130919
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0.02 %
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5yr Treasury Note Future20130930
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0.01 %
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2yr Treasury Note Future20130930
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-0.02 %
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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 5% 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.
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Portfolio manager comments as of May 2013
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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 yield of 2 year T-notes was 0.30 %, the 5 year notes 1.05 % and the 10 year T-bond 2.13%. This means that yields rose sharply across the yield curve. The MSCI World stock index was more or less unchanged in May.
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