Kathrein European Equity

Fund report as of 11/14/2018

This equity fund invests in the largest companies of Western Europe and aims at a balanced weighting among countries and industries. The securities are selected on the basis of quantitative models. On the basis of relevant key figures, such as P/E ratio, price/book value and price/profit growth, the least expensive shares are identified out of a total of 500. The second step analyses the momentum, i.e. the relative price increase, on the basis of the "Ned Davis Research Price Momentum". The third selection criteria is the profit forecast by the world’s best analysts pursuant to the customized "StarMineIndicator".

Fund data

ISIN T: AT0000779756
A: AT0000779749
NAV T: 139.41
A: 44.70 EUR
Capital gains -0.34 EUR
Ordinary income 0.58 EUR
Fund size 29,691,484.38 EUR
Distribution 3.50 EUR (from 2/15)
Fiscal year 12/01-11/30
Operating costs** 1.41

Performance (11/14/2013 - 11/14/2018)

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


Month -1.24%
YTD -4.92%
1 years -3.97%
2 years (p.a.) 6.71%
3 years (p.a.) 1.35%
5 years (p.a.) 5.17%
10 years (p.a.) 7.03%
since inception (p.a.) 2.03%

Key figures

Sharpe ratio* 0.08
Max. drawdown -58.33%
Volatility 15.87%

Asset allocation

Source: Custodian (Raiffeisen Bank International AG)
BP PLC_Registered Shares DL - 25 3.75 %
Segro PLC_Registered Shares LS - 10 2.02 %
Vonovia SE_Namens-Aktien o.N. 1.94 %
MEGGITT PLC_Registered Shares LS - 05 1.84 %
Electricité de France (E.D.F.)_Actions au Porteur EO - 50 1.79 %
Investor AB_Namn-Aktier B (fria) SK 6 25 1.76 %
Equinor ASA_Navne-Aksjer NK 2 50 1.75 %
ACS Act.de Constr.y Serv. SA_Acciones Port. EO - 50 1.73 %
Deutsche Wohnen SE_Inhaber-Aktien o.N. 1.72 %
National Grid PLC_Reg. Shares LS - 12431289 1.65 %
Peugeot S.A._Actions Port. (C.R.) EO 1 1.61 %
Anglo American PLC_Registered Shares DL - 54945 1.61 %
Kinnevik AB_Namn-Aktier B SK 0 10 1.60 %
Koninklijke DSM N.V._Aandelen op naam EO 1 50 1.60 %
ASHTEAD GROUP PLC_Registered Shares LS - 10 1.58 %
Carnival PLC_Registered Shares DL 1 66 1.51 %
NORSK HYDRO ASA_Navne-Aksjer NK 1 098 1.51 %
Shire PLC_Registered Shares LS - 05 1.48 %
CARREFOUR S.A._Actions Port. EO 2 5 1.45 %
Others 62.11 %
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 3.50% 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 October 2018

September witness a partially settling down of volatility in emerging market currencies after several months of partially extreme turbulences. The Turkish central bank raised rates on September 13 from 17.75 % to 24 %. Investors then moved on to other topics. The focus then was more on the price increases in the Eurozone of 2 % in August, which was partially caused by a crude oil price increase of 21 % since the beginning of the year. The US-Fed raised rates as expected on September 26 by 0.25 % to 2.25 % and will continue to raise rates to 3 % according to expectations. The trade conflict with China has yet to show any negative effect on the growth forecast, but this could occur with a time lag and is dependent on the dynamic of the escalations. Currently domestic demand is the pillar of growth. The yield increase in the USA as well as the positive expectations for global growth, pushed yields higher in Europe. By the end of September, the Italian government railed the markets by proposing a 2019 budget deficit of 2.4 %.
** '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.