Kathrein Mandatum 25

Fund report as of 10/16/2018

The Kathrein Mandatum 25 is an international mixed umbrella fund with a risk profile that is 25% equity and 75% bonds. A part of the share and bond quota is covered by alternative investments such as private equity or hedge funds. The management approach of Kathrein Privatbank is based on quantitative models. The equity fund range is supplemented by Russell MSMM funds. The objective is to compile a widespread diversified portfolio of individual securities, investment categories, regions and management approaches in order to achieve additional income in comparison with a classical 25 - 75 portfolio.

Fund data

ISIN T: AT0000779814
A: AT0000779806
NAV T: 155.30
A: 103.91 EUR
07/12/1999
Capital gains 1.33 EUR
Ordinary income 0.40 EUR
Fund size 135,942,396.75 EUR
Distribution 2.55 EUR (from 2/15)
Fiscal year 12/01-11/30
Operating costs** 1.64

Performance (10/16/2013 - 10/16/2018)

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

Performance

Month -1.62%
YTD -2.54%
1 years -1.67%
2 years (p.a.) 0.29%
3 years (p.a.) 1.52%
5 years (p.a.) 3.32%
10 years (p.a.) 4.16%
since inception (p.a.) 2.96%

Key figures

Sharpe ratio* 0.21
Max. drawdown -12.39%
Volatility 4.37%

Asset allocation

Source: Custodian (Raiffeisen Bank International AG)

Anleihen

72.42 %
Kathrein Corporate Bond 13.45 %
Kathrein Euro Bond 11.19 %
SPDR Barclays Emerging Markets Local Bond 10.93 %
Others Anleihen 36.86 %

Aktien

19.81 %
Kathrein US Equity 11.55 %
Kathrein European Equity 4.19 %
RIC Japan Equity 1.65 %
Others Aktien 2.42 %

Alternativen

7.50 %
NDR Active Allocation 2.50 %
Kathrein Dynamic Asset Allocation Fund 2.43 %
SGAM Private Value Fund 1.30 %
Others Alternativen 1.27 %

Cash

0.27 %
Cash 0.27 %
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 September 2018

September witness a partially settling down of volatility in emerging market currencies after several months of partially extreme turbulences. The Turkish central bank raised rates on September 13 from 17.75 % to 24 %. Investors then moved on to other topics. The focus then was more on the price increases in the Eurozone of 2 % in August, which was partially caused by a crude oil price increase of 21 % since the beginning of the year. The US-Fed raised rates as expected on September 26 by 0.25 % to 2.25 % and will continue to raise rates to 3 % according to expectations. The trade conflict with China has yet to show any negative effect on the growth forecast, but this could occur with a time lag and is dependent on the dynamic of the escalations. Currently domestic demand is the pillar of growth. The yield increase in the USA as well as the positive expectations for global growth, pushed yields higher in Europe. By the end of September, the Italian government railed the markets by proposing a 2019 budget deficit of 2.4 %.
** '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.