Kathrein US Equity

Fund report as of 22/02/2018

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: 145.72 EUR
A: 71.15 EUR
T: 133.92 USD
EUR: 12/07/1999
USD: 01/10/2015
Capital gains 1.76 EUR
Ordinary income -0.07 EUR
Fund size 52,316,465.06 EUR
Distribution 3.00 EUR (from 2/15)
Fiscal year 12/01-11/30
Operating costs** 1.85

Performance (22/02/2013 - 22/02/2018) (in EUR)

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

Performance (in EUR)

Month -5.72%
YTD -2.62%
1 years -0.15%
2 years (p.a.) 9.67%
3 years (p.a.) 5.56%
5 years (p.a.) 14.56%
10 years (p.a.) 9.32%
since inception (p.a.) 2.37%

Key figures (EUR share class)

Sharpe ratio* 0.09
Max. drawdown -69.69%
Volatility 16.28%

Asset allocation

Source: Custodian (Raiffeisen Bank International AG)
MICROSOFT CORP._Registered Shares DL- 00000625 4.63 %
Facebook Inc._Reg.Shares Cl.A DL- 000006 3.24 %
Walmart Inc._Registered Shares DL - 10 3.17 %
NIKE INC._Registered Shares Class B o.N. 2.90 %
APPLIED MATERIALS INC._Registered Shares o.N. 2.76 %
CATERPILLAR INC._Registered Shares DL 1 2.73 %
HOME DEPOT INC. THE_Registered Shares DL - 05 2.58 %
CUMMINS INC._Registered Shares DL 2 50 2.31 %
PEPSICO INC._Registered Shares DL - 0166 2.30 %
COMERICA INC._Registered Shares DL 5 2.30 %
BOEING CO._Registered Shares DL 5 1.83 %
HUMANA INC._Registered Shares DL - 166 1.82 %
Las Vegas Sands Corp._Registered Shares DL - 001 1.78 %
VISA Inc._Reg. Shares Class A DL - 0001 1.71 %
M AND T BANK CORP._Registered Shares DL - 50 1.66 %
Discover Financial Services_Registered Shares DL - 01 1.63 %
KLA-TENCOR CORP._Registered Shares DL 0 001 1.59 %
ELECTRONIC ARTS INC._Registered Shares DL - 01 1.55 %
RAYTHEON CO._Registered Shares DL - 01 1.33 %
PAYCHEX INC._Registered Shares DL - 01 1.31 %
Others 54.85 %
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 January 2018

Economic growth should be strong to start 2018 as economic confidence indicators around the world remain strong. In the USA, the government shutdown was brief and therefore should have no impact on economic growth. The positive indicators led to an increase in government bond yields in medium and long dated bonds in the USA and Germany. This increase was mild in the Euro-zone periphery. The political situation in Washington and the regained trust in the EUR continue to weigh on the US-dollar. The effect of the US tax reform led to an expectation of higher earnings expectations and therefor supported the continuation of the bull market.
** '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.