Fund report as of 09/18/2018
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.
A: 90.87 EUR
|Capital gains||-3.36 EUR|
|Ordinary income||-0.61 EUR|
|Fund size||24,470,561.27 EUR|
|Distribution||2.69 EUR (from 6/15)|
Performance (09/18/2013 - 09/18/2018)
|2 years (p.a.)||2.53%|
|3 years (p.a.)||0.45%|
|5 years (p.a.)||2.67%|
|10 years (p.a.)||nichtrelevant|
|since inception (p.a.)||1.03%|
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 August 2018
Markets were under pressure though Donald Trump’s trade policy as well as by a new Italian new Italian government and the difficulty assessing its fiscal discipline. The Turkish Lira lost about 40 % of its value since the beginning of the year, which has affected European banks and companies, but at this time does not (yet) poses an acute risk. Emerging markets especially came under pressure with the Argentinian Peso down about 50 % and the Brazilian Real 17 % year-to-date. The growth markets of Eastern Europe and Asia have thus far been able to escape this pressure. The US economy grew at an annualized pace of 4.2 % in 2q2018, the fastest in four years. The good news for the economy caused market participants to eliminate any thoughts as to a slowing of the pace of interest rate hikes or even a complete stoppage. In the Eurozone, growth has slowed to 2.2 % in 2q2018 from 2.5 %. The Brexit negotiations, the trade conflict with the USA and the new Italian government suppressed the mood of investors.
** '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.