Kathrein European Equity

Fund report as of 22/02/2018

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: 145.10
A: 46.53 EUR
Capital gains -0.36 EUR
Ordinary income -0.07 EUR
Fund size 35,209,736.55 EUR
Distribution 3.50 EUR (from 2/15)
Fiscal year 12/01-11/30
Operating costs** 1.41

Performance (22/02/2013 - 22/02/2018)

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


Month -4.33%
YTD -1.02%
1 years 9.15%
2 years (p.a.) 11.47%
3 years (p.a.) 2.54%
5 years (p.a.) 9.13%
10 years (p.a.) 3.18%
since inception (p.a.) 2.33%

Key figures

Sharpe ratio* 0.09
Max. drawdown -58.33%
Volatility 15.95%

Asset allocation

Source: Custodian (Raiffeisen Bank International AG)
UPM KYMMENE CORP._Registered Shares o.N. 2.41 %
STORA ENSO OYJ_Reg. Shares Cl.R EO 1 70 2.32 %
Segro PLC_Registered Shares LS - 10 2.32 %
SAFRAN_Actions Port. EO - 20 2.32 %
Koninklijke DSM N.V._Aandelen op naam EO 1 50 2.30 %
BP PLC_Registered Shares DL - 25 2.10 %
Vonovia SE_Namens-Aktien o.N. 1.73 %
Anglo American PLC_Registered Shares DL - 54945 1.72 %
TDC A/S_Navne-Aktier DK 1 1.68 %
Deutsche Wohnen SE_Inhaber-Aktien o.N. 1.62 %
Vodafone Group PLC_Registered Shares DL 0 2095238 1.61 %
Volvo (publ) AB_Namn-Aktier B (fria) o.N. 1.56 %
Capgemini SE_Actions Port. EO 8 1.56 %
Allianz SE_vink.Namens-Aktien o.N. 1.52 %
FORTUM OYJ_Registered Shares EO 3 40 1.50 %
Yara International ASA_Navne-Aksjer NK 1 70 1.47 %
Pargesa Holding S.A._Inhaber-Aktien SF 20 1.47 %
LONZA GROUP AG_Namens-Aktien SF 1 1.47 %
Statoil ASA_Navne-Aksjer NK 2 50 1.43 %
Others 63.04 %
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 January 2018

Economic growth should be strong to start 2018 as economic confidence indicators around the world remain strong. In the USA, the government shutdown was brief and therefore should have no impact on economic growth. The positive indicators led to an increase in government bond yields in medium and long dated bonds in the USA and Germany. This increase was mild in the Euro-zone periphery. The political situation in Washington and the regained trust in the EUR continue to weigh on the US-dollar. The effect of the US tax reform led to an expectation of higher earnings expectations and therefor supported the continuation of the bull market.
** '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.