Kathrein Mandatum 15 USD

Fund report as of 01/16/2019

The Kathrein Mandatum 15 USD is an international mixed umbrella fund investing about 15% of its funds in equity funds and 85% in USD-bond funds, government bonds of the United States of America and in highly rated bonds of international debtors issued in USD. The equity funds managed by Kathrein Privatbank is based on quantitative models. The selection of the shares is based on quantitative models combining and analysing factors such as key figures, price trends and profit forecasts. The equity fund range is supplemented by Russell Multi-Style, Multi-Manager funds. Also the management of maturities of the bond portion is carried out on a quantitative basis by means of the USD "Duration Optimizer", which assumes that capital market interest rates are governed by business cycles of the economy and long term trends. Moreover, active currency management further optimises the profit opportunities.

Fund data

ISIN T: AT0000A015J1
NAV 141.19 USD
07/03/2006
Capital gains -1.69 USD
Ordinary income 1.93 USD
Fund size 10,253,063.01 USD
Distribution 0.59 USD (from 3/15)
Fiscal year 12/31-12/31
Operating costs** 1.19

Performance (01/16/2014 - 01/16/2019)

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

Performance

Month 0.84%
YTD 0.69%
1 years -1.81%
2 years (p.a.) 1.22%
3 years (p.a.) 1.45%
5 years (p.a.) 1.75%
10 years (p.a.) 2.59%
since inception (p.a.) 3.51%

Key figures

Sharpe ratio* 0.36
Max. drawdown -8.32%
Volatility 4.71%

Asset allocation

Source: Custodian (Raiffeisen Bank International AG)

Anleihen

82.18 %
Kathrein US-Dollar Bond T_Miteigentumsanteile - Thesaurierend 11.58 %
Kreditanst.f.Wiederaufbau_DL-Anl.v.2016 (2021) 11.45 %
United States of America_DL-Notes 2010(20) 10.80 %
Others Anleihen 48.35 %

Aktien

15.15 %
KATHREIN US EQUITY I_MITEIGENTUMSANTEILE - THESAURIEREND 7.56 %
Kathrein European Equity 2.61 %
AIS-Amundi MSCI EMERG.MARKETS_Namens-Anteile C Cap.EUR o.N. 1.46 %
Others Aktien 3.51 %

Cash

1.76 %
Cash 1.76 %

Alternativen

0.76 %
Kathrein Max Return 0.76 %

Sonstige

0.15 %
Sonstige 0.15 %
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 5.00% 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

As expected, the US Federal Reserve raised interest rates by 0.25% to 2.5% in December. Nine interest rate hikes since 2015 are a major reason for the pessimism on the markets, which caused the US leading index S & P 500 to lose 9.18% in December. Investors sought safe haven bonds, with yields in the US and Europe falling. 10-year yields fell to 0.24% in Germany and to 2.7% in the USA. Crude oil continued its rapid decline in December, slipping 11.1% to $ 45.41. Also, the agreement between Donald Trump and Xi Jinping on the sidelines of the G2 meeting in Buenos Aires on the suspension of further tariff increases could not dispel investor concerns. There is still no solution in the Brexit question. The domestic political turmoil in the UK does not break, and in some places you can already prepare for a hard Brexit. There is still confidence that an agreement can be made at the last minute.
** '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.