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Kathrein Global Bond Fund report as of 05/22/2013
 
     
 
Fund profile
The funds of the Kathrein Global Bond are exclusively invested in international government bonds and international bonds of good financial standing debtors. The Kathrein Global Bond thus is an optimum supplement to an investment in Euro denominated bonds. Through active currency management and customized maturity management by means of specially developed quantitative methods (“Duration Optimizer”), the fund management optimises the earning opportunities. Distinct signals allow for clearly structured and logical decisions.
Fund data
ISIN: T: AT0000779731 | A: AT0000779723
NAV: T: 143.85 | A: 90.49 EUR
Launch date: 07/12/1999
Capital gains: 5.59 EUR
Ordinary income: 1.03 EUR
Total assets: 13,106,649.03 EUR
Dividend: 2.43 EUR (02/01/2013)
Fiscal year: 12/01-11/30
Operating costs: 1.07
Performance (05/23/2008 - 05/22/2013)
 
Source: Custodian Raiffeisen Bank International AG
Performance  
Month -0.98 %
Year to date -4.71 %
1 years -9.45 %
2 years (p.a.) 2.81 %
3 years (p.a.) 0.63 %
5 years (p.a.) 6.07 %
Since inception (p.a.) 3.26 %
     
Ratios    
Sharpe ratio 0.08  
Max. drawdown -16.30 %
Volatiltiy (in % p.a.) 7.55 %
     
 
 
 
Asset allocation
 
 
   
Currencies 99.16 %
USD 36.72 %
EUR 26.04 %
JPY 25.62 %
GBP 6.93 %
CAD 1.73 %
AUD 1.04 %
DKK 0.65 %
SEK 0.44 %
   
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 April 2013
The strength of the U.S. economy in the first quarter surprised many, but effects of the tax increases and government spending cuts began to show their toll in the March data. Nevertheless the March data cannot change the fact that the economy digested this fiscal burden surprisingly well. The hope of a second half recovery in Europe received a damper through the publication of the leading economic indicators. Euro-zone unemployment rose again to a new record of 12 %. With Cypress barely forgotten, the Slovenian banking sector’s problems popped up. The inflation rates in the US and in Europe declined to 1.5 % and 1.7 % respectively. The IMF continued to reduce growth expectations for 2013 to -0.3 % for the Euro-Zone and to 1.9 % for the US. The long maturity position in US- and EUR-government bonds was maintained throughout the month. The Japanese Yen bond exposure’s maturity was shortened. The AUD overweight position vis-à-vis the USD was reduced and turned around at the end of the month so that the fund was overweight USD and underweight AUD. The overweight position in the USD vis-à-vis the EUR was maintained.
     
 
 
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
 
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