Kathrein European Equity

Fund report as of 01/15/2019

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: 131.76
A: 42.25 EUR
Capital gains -3.37 EUR
Ordinary income 0.59 EUR
Fund size 25,678,312.90 EUR
Distribution 3.50 EUR (from 2/15)
Fiscal year 12/01-11/30
Operating costs** 1.41

Performance (01/15/2014 - 01/15/2019)

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


Month -0.49%
YTD 5.41%
1 years -12.46%
2 years (p.a.) 0.56%
3 years (p.a.) 2.45%
5 years (p.a.) 2.94%
10 years (p.a.) 6.89%
since inception (p.a.) 1.72%

Key figures

Sharpe ratio* 0.06
Max. drawdown -58.33%
Volatility 15.95%

Asset allocation

Source: Custodian (Raiffeisen Bank International AG)
Total S.A._Actions au Porteur EO 2 50 3.83 %
Deutsche Wohnen SE_Inhaber-Aktien o.N. 3.57 %
Vonovia SE_Namens-Aktien o.N. 3.44 %
RIO TINTO PLC_Registered Shares LS - 10 3.33 %
BP PLC_Registered Shares DL - 25 3.30 %
SAFRAN_Actions Port. EO - 20 2.74 %
Orsted A/S_Indehaver Aktier DK 10 2.74 %
Swiss Re AG_Namens-Aktien SF - 10 2.68 %
Swedbank AB_Namn-Aktier A o.N. 2.60 %
Ferrovial S.A._Acciones Port. EO - 20 2.44 %
Shire PLC_Registered Shares LS - 05 2.31 %
ROCHE HOLDING AG_Inhaber-Genußscheine o.N. 2.19 %
Naturgy Energy Group S.A._Acciones Port. EO 1 2.12 %
MEGGITT PLC_Registered Shares LS - 05 1.93 %
ACS Act.de Constr.y Serv. SA_Acciones Port. EO - 50 1.92 %
Equinor ASA_Navne-Aksjer NK 2 50 1.84 %
Peugeot S.A._Actions Port. (C.R.) EO 1 1.82 %
Swiss Life Holding AG_Namens-Aktien SF 5 10 1.80 %
Others 47.32 %
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 December 2018

Eurozone GDP slowed once again in the 3rd quarter. In Germany, economic activity even declined 0.2 %. The decline in the oil price was the most dramatic since 2008. GDP growth also slowed in the USA from 4.2 % annualized in the 2nd quarter to 3.5 % annualized in the 3rd quarter. Political risks and rising Fed Fund rates are putting pressure on the economy and the markets. In this environment, yields in Germany declined from 0.385 % to 0.313 % and in the US from 3.14 % to 2.99 5. Italian government bonds were in demand again and were able to reduce their spread to Germany slightly to 2.9 %. After the dramatic sell off in October, global equities were able to rebound by 1.11 % as measured in Euro or 1.19 % in US$.
** '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.