Kathrein Dynamic Asset Allocation Fund

Fund report as of 20/06/2018

The Kathrein Dynamic Asset Allocation Fund is a total return fund with the objective of earning a positive return in all market phases. In order to achieve this goal, the asset allocation is completely flexible with the equity, bond, cash, real estate and commodity exposure each varying between 0-100 %. The decision how to weight the individual asset classes is driven by a quantitative model that examines the asset classes by country, sector or topic in accordance to algorithm that should allow the investor to profit from trends. The implementation is via cost efficient exchange traded funds.

Fund data

ISIN T: AT0000A0H9L5
A: AT0000A0H9J9
NAV T: 112.73
A: 95.48 EUR
17/05/2010
Capital gains 0.92 EUR
Ordinary income -0.29 EUR
Fund size 24,776,721.16 EUR
Distribution 2.69 EUR (from 6/15)
Fiscal year 04/01-03/31
Operating costs** 1.99

Performance (20/06/2013 - 20/06/2018)

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

Performance

Month -2.82%
YTD -2.04%
1 years -1.92%
2 years (p.a.) 5.04%
3 years (p.a.) 0.79%
5 years (p.a.) 4.62%
10 years (p.a.) nichtrelevant
since inception (p.a.) 1.68%

Key figures

Sharpe ratio* 0.18
Max. drawdown -21.09%
Volatility 7.63%

Asset allocation

Source: Custodian (Raiffeisen Bank International AG)

Stock exposure

68.79 %

Bond exposure

6.26 %

Commodities

0.00 %

Alternatives

7.15 %

Cash

17.80 %
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 5.00% 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 May 2018

Despite the decline in European leading indicators, these remain on a level that indicates economic expansion if with less dynamisms. The possible coalition of right and left-wing parties in Italy put forth some questionable economic and fiscal policies. These statements and the failure of the coalition to gain approval from the Italian President led to a panic sale of Italian government bonds. The turbulences also led to flight to quality buying of German Bunds, the US$ and the Swiss Franc. The tendency of market participants accepting more risk in order to earn a higher return ("risk-on") took an abrupt end. These developments possibly could once again interrupt the schedule of the ECB with respect to a change in policy. Geopolitical tensions were raised through the exiting of the USA out of the Iran deal, which led to tensions between the USA und Europe. Developments in North Korea currently are not affecting the markets.
** '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.