Kathrein Corporate Bond

Fund report as of 18/05/2018

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: 174.73
A: 99.60 EUR
12/07/1999
Capital gains 0.20 EUR
Ordinary income 0.33 EUR
Fund size 102,929,916.19 EUR
Distribution 0.85 EUR (from 2/15)
Fiscal year 12/01-11/30
Operating costs** 0.9

Performance (21/05/2013 - 18/05/2018)

Source: Custodian (Raiffeisen Bank International AG), Cyberfinancials Datenkommunikation GmbH

Performance

Month -0.73%
YTD -1.06%
1 years -0.86%
2 years (p.a.) 0.30%
3 years (p.a.) 1.04%
5 years (p.a.) 2.22%
10 years (p.a.) 3.60%
since inception (p.a.) 3.89%

Key figures

Sharpe ratio* 0.47
Max. drawdown -9.63%
Volatility 3.71%

Asset allocation

Source: Custodian (Raiffeisen Bank International AG)
AAA 0.36 %
AA 9.41 %
A 53.88 %
BBB 36.35 %
Performance is calculated in accordance with the OeKB method and expressed as a percentage, assuming reinvestment of dividends. Charges such as management fees or other costs charged against the assets of the fund are included, whereas front-end loads (up to 3.00% of the capital invested) have not been included. This will reduce performance proportionate to the specific amount of capital invested. Past performance is not a reliable indicator of future developments of the fund. Tax treatment depends on the investor’s personal situation and may be subject to future changes. *Sharpe ratio: This key figure compares the historical excess return over money market with its historical volatility. It characterizes how well the return of an asset compensates for the risk taken.

Portfolio manager comments as of April 2018

The simmering trade conflict as well as the negative outlook for government debt in the USA drove 10 year US Treasury yields above 3 %. The US GDP growth of 2.3 % surprised the markets with a higher than expected 2.3 %, which pushed yields up further. In Europe yields also rose, however weaker leading indicators are nourishing doubts about the sustainability of the European recovery. Stocks markets recovered strongly in April driven higher on the one hand by good quarterly earnings results and a robust economy, but on the other hand interest rate fears and fear of protectionism caution the markets. The US dollar recovered strongly against the EUR and nearly has made up the decline of the first three months.
** 'Current charges' includes the management fee and all fees charged during the previous year. Transaction costs and performance fees are not included in 'current charges'. 'Current charges' can vary from one year to the next. The annual report of the fund includes details about any fees charged (sub-item 'expenses').
This document is for advertising purposes only and does not constitute an offer or recommendation for the purchase or sale of financial instruments. The published prospectus as well as the key investor information document pertaining to this investment fund can be accessed in German at www.rcm.at or requested from Kathrein Privatbank Aktiengesellschaft. Despite thorough research and collection of data, Kathrein Privatbank Aktiengesellschaft does not assume liability for nor does it guarantee the accuracy of the data presented.