Kathrein European Equity

Fund report as of 24/05/2018

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: 151.57
A: 48.61 EUR
Capital gains -0.30 EUR
Ordinary income 0.31 EUR
Fund size 39,576,197.13 EUR
Distribution 3.50 EUR (from 2/15)
Fiscal year 12/01-11/30
Operating costs** 1.41

Performance (24/05/2013 - 24/05/2018)

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


Month 2.47%
YTD 3.40%
1 years 7.08%
2 years (p.a.) 10.82%
3 years (p.a.) 1.03%
5 years (p.a.) 8.49%
10 years (p.a.) 3.29%
since inception (p.a.) 2.53%

Key figures

Sharpe ratio* 0.10
Max. drawdown -58.33%
Volatility 15.91%

Asset allocation

Source: Custodian (Raiffeisen Bank International AG)
Segro PLC_Registered Shares LS - 10 3.46 %
Cash 3.45 %
BP PLC_Registered Shares DL - 25 3.15 %
Koninklijke DSM N.V._Aandelen op naam EO 1 50 2.47 %
Total S.A._Actions au Porteur EO 2 50 2.44 %
UPM KYMMENE CORP._Registered Shares o.N. 2.01 %
Equinor ASA_Navne-Aksjer NK 2 50 1.99 %
FORTUM OYJ_Registered Shares EO 3 40 1.97 %
Capgemini SE_Actions Port. EO 8 1.93 %
Vonovia SE_Namens-Aktien o.N. 1.68 %
Anglo American PLC_Registered Shares DL - 54945 1.57 %
Telecom Italia S.p.A._Azioni nom. o.N. 1.52 %
Credit Suisse Group AG_Namens-Aktien SF - 04 1.52 %
BHP BILLITON PLC_Registered Shares DL - 50 1.42 %
ArcelorMittal S.A._Actions Nouvelles Nominat. oN 1.39 %
PEARSON PLC_Registered Shares LS - 25 1.38 %
Berkeley Group Holdings PLC_Reg.Ordinary Shares LS- 05 1.37 %
CHOCOLADEF. LINDT & SPRUENGLI_Inhaber-Part.sch. SF 10 1.37 %
KERRY GROUP PLC_Registered Shares A EO - 125 1.37 %
Volvo (publ) AB_Namn-Aktier B (fria) o.N. 1.36 %
Others 61.18 %
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 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.