Kathrein US Equity

Fund report as of 10/16/2018

The strategy of this equity fund investing in the largest US companies is based on the quantitative investment style: After selection of the most attractive securities out of a total of 600 by means of a number of balance sheet key figures, the momentum, i.e. the relative increase of prices, is analysed. The third selection criteria are profit forecasts by the world’s best analysts. All data undergo the so-called "k-scoring" - an optimisation software based on exclusive know how used by Kathrein Privatbank since 2004.

Fund data

ISIN T: AT0000779673
A: AT0000779665
T: AT0000A1FWL8
NAV T: 156.06 EUR
A: 76.20 EUR
T: 134.92 USD
EUR: 07/12/1999
USD: 10/01/2015
Capital gains 6.90 EUR
Ordinary income -0.32 EUR
Fund size 56,310,244.37 EUR
Distribution 3.00 EUR (from 2/15)
Fiscal year 12/01-11/30
Operating costs** 1.85

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

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

Performance (in EUR)

Month -5.97%
YTD 4.30%
1 years 8.46%
2 years (p.a.) 8.48%
3 years (p.a.) 8.06%
5 years (p.a.) 13.72%
10 years (p.a.) 13.20%
since inception (p.a.) 2.65%

Key figures (EUR share class)

Sharpe ratio* 0.11
Max. drawdown -69.69%
Volatility 16.26%

Asset allocation

Source: Custodian (Raiffeisen Bank International AG)
MICROSOFT CORP._Registered Shares DL- 00000625 4.07 %
PROGRESSIVE CORP._Registered Shares DL 1 4.05 %
AUTOMATIC DATA PROCESSING INC._Registered Shares DL - 10 3.35 %
RAYTHEON CO._Registered Shares DL - 01 3.31 %
PAYCHEX INC._Registered Shares DL - 01 2.93 %
JOHNSON & JOHNSON_Registered Shares DL 1 2.92 %
Apple Inc._Registered Shares o.N. 2.63 %
LOCKHEED MARTIN CORP._Registered Shares DL 1 2.45 %
EMERSON ELECTRIC CO._Registered Shares DL - 50 2.40 %
UNITEDHEALTH GROUP INC._Registered Shares DL - 01 1.84 %
CISCO SYSTEMS INC._Registered Shares DL- 001 1.66 %
Phillips 66_Registered Shares DL - 01 1.55 %
UNITED TECHNOLOGIES CORP._Registered Shares DL 1 1.53 %
C.H. Robinson Worldwide Inc._Registered Shs (new) DL - 10 1.37 %
Athene Holding Ltd._Registered Shares A DL- 001 1.37 %
Cboe Global Markets Inc._Registered Shares DL - 01 1.36 %
VISA Inc._Reg. Shares Class A DL - 0001 1.36 %
NIKE INC._Registered Shares Class B o.N. 1.30 %
Eli Lilly and Company_Registered Shares o.N. 1.30 %
Intuit Inc._Registered Shares DL - 01 1.28 %
Others 55.95 %
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 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.