Kathrein European Equity

Fund report as of 02/20/2019

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: 138.91
A: 43.46 EUR
07/12/1999
Capital gains -2.52 EUR
Ordinary income 0.03 EUR
Fund size 28,960,589.84 EUR
Distribution 1.15 EUR (from 2/15)
Fiscal year 12/01-11/30
Operating costs** 1.58

Performance (02/20/2014 - 02/20/2019)

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

Performance

Month 4.90%
YTD 11.34%
1 years -3.12%
2 years (p.a.) 2.75%
3 years (p.a.) 5.69%
5 years (p.a.) 3.58%
10 years (p.a.) 8.05%
since inception (p.a.) 1.99%

Key figures

Sharpe ratio* 0.08
Max. drawdown -58.33%
Volatility 15.99%

Asset allocation

Source: Custodian (Raiffeisen Bank International AG)
ROCHE HOLDING AG_Inhaber-Genußscheine o.N. 3.94 %
BP PLC_Registered Shares DL - 25 3.93 %
Vonovia SE_Namens-Aktien o.N. 3.15 %
Cash 2.65 %
RIO TINTO PLC_Registered Shares LS - 10 2.88 %
MUENCHENER RUECKVERS.-GES. AG_VINK.NAMENS-AKTIEN O.N. 2.86 %
SAFRAN_Actions Port. EO - 20 2.66 %
Koninklijke DSM N.V._Aandelen op naam EO 1 50 2.31 %
Ferrovial S.A._Acciones Port. EO - 20 2.29 %
Aviva PLC_Registered Shares LS - 25 2.23 %
3i Group PLC_Registered Shares LS - 738636 2.11 %
Deutsche Wohnen SE_Inhaber-Aktien o.N. 2.11 %
Carnival PLC_Registered Shares DL 1 66 1.99 %
Naturgy Energy Group S.A._Acciones Port. EO 1 1.97 %
Orsted A/S_Indehaver Aktier DK 10 1.97 %
DNB ASA_Navne-Aksjer A NK 10 1.95 %
ACS Act.de Constr.y Serv. SA_Acciones Port. EO - 50 1.90 %
Anglo American PLC_Registered Shares DL - 54945 1.89 %
Nestlé S.A._Namens-Aktien SF - 10 1.67 %
Swiss Life Holding AG_Namens-Aktien SF 5 10 1.63 %
Others 51.90 %
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 2019

Germany’s GDP expanded at a rate of 0.1 % in the 4th quarter following a decline of 0.2% in the 3rd quarter, which means the economy avoided a technical recession (2 consecutive quarters of negative growth). In Italy GDP declined 0.1 % in the 3rd quarter and 0.2 % in the 4th quarter meaning that Italy is in a recession. The leading indicators were correct in predicting this slowdown, which was the cause of the equity market correction in the 4th quarter. Despite the dreary economic news the equity markets rallied in January. Most of the rally is attributed to the US Feds pausing of interest rate hikes. Also supporting the rally was the hope of a trade agreement between China and the USA as well as better than expected US earnings reports. Europe was weighed down by the weak growth as well as the Brexit Chaos. Despite the chaos the GBP gained 3 % against the Euro.
** '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.