Kathrein Global Enterprise

Fund report as of 02/14/2019

The Kathrein global enterprise is an equity fund and seeks long-term capital growth while accepting higher (short-term) risks. The equity fund invests at least 51 per cent of its assets in equities and equity equivalent securities of companies which have their seat or focus in North America, Europe or other developed countries. Additionally, the fund may invest also in other securities, e.g. governments, supranationals and / or companies issued bonds and money market instruments and in sight and call deposits. The Fund is actively managed and is not constrained by a benchmark. Derivative instruments may not be used.

Fund data

ISIN T: AT0000A0Y0Z3
NAV T: 149.74
A: 132.71 EUR
Capital gains 6.15 EUR
Ordinary income 2.04 EUR
Fund size 29,741,384.25 EUR
Distribution 4.60 EUR (from 3/15)
Fiscal year 12/01-11/30
Operating costs** 1.39

Performance (02/14/2014 - 02/14/2019)

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


Month 2.37%
YTD 6.98%
1 years 8.56%
2 years (p.a.) 2.61%
3 years (p.a.) 9.66%
5 years (p.a.) 7.98%
10 years (p.a.) nichtrelevant
since inception (p.a.) 7.84%

Key figures

Sharpe ratio* 0.78
Max. drawdown -16.73%
Volatility 10.06%

Asset allocation

Source: Custodian (Raiffeisen Bank International AG)
EXELON CORP._Registered Shares o.N. 9.51 %
CANADIAN UTILITIES LTD._Reg.Shs Cl.A (Non Voting) o.N. 7.03 %
Orange S.A._Actions Port. EO 4 5.46 %
Jardine Cycle & Carriage Ltd._Registered Shares SD 1 5.43 %
DAIWA HOUSE INDUSTRY CO. LTD._Registered Shares o.N. 5.33 %
Nutrien Ltd_Registered Shares o.N. 5.02 %
Telia Company AB_Namn-Aktier SK 3 20 5.01 %
SHAW COMMUNICATIONS INC._Reg.N-Vtg Part.Shs B o.N. 4.91 %
Terna Rete Elettrica Nazio.SpA_Azioni nom. EO - 22 4.69 %
SMITH & NEPHEW PLC_Registered Shares DL - 20 4.36 %
CAE INC._Registered Shares o.N. 4.34 %
Archer Daniels Midland Co._Registered Shares o.N. 4.30 %
STANLEY ELECTRIC CO. LTD._Registered Shares o.N. 3.83 %
JERONIMO MARTINS SGPS S.A._Acçíes Nominativas EO 1 3.58 %
Enagas S.A._Acciones Port. EO 1 50 3.43 %
TOYO SUISAN KAISHA LTD._Registered Shares o.N. 3.31 %
Snam S.p.A._Azioni nom. o.N. 2.87 %
Cash 1.75 %
SKF AB_Namn-Aktier B SK 0 625 2.71 %
NTT DOCOMO INC._Registered Shares o.N. 2.59 %
Others 10.54 %
Performance is calculated in accordance with the OeKB method based on data from the custodian (in case of suspension of redemption based on possible indicative data). For performance data individual costs, such as the initial sales charge (a maximum of 3.50% of the amount invested) are not taken into consideration. Depending on the amount, those would decrease performance accordingly. Past performance is no indicator for future developments of a fund. The price of the financial instuments into the fund (especially of shares) may significantly change, the possibility of loss of capital can not be excluded. When investing in forreign currencies the value of the fund can vary according the exchange rate. *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.