Kathrein US Equity

Fund report as of 06/04/2020

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: 177.38 EUR
A: 79.76 EUR
T: 148.44 USD
EUR: 07/12/1999
USD: 10/01/2015
Capital gains -3.61 EUR
Ordinary income -0.25 EUR
Fund size 46,985,169.34 EUR
Distribution 8.00 EUR (from 2/15)
Fiscal year 12/01-11/30
Operating costs** 1.97

Performance (06/05/2015 - 06/04/2020) (in EUR)

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

Performance (in EUR)

Month 8.00%
YTD 0.83%
1 Year 15.65%
2 years (p.a.) 7.15%
3 years (p.a.) 8.17%
5 years (p.a.) 7.29%
10 years (p.a.) 12.21%
since inception (p.a.) 3.19%

Key figures (EUR share class)

Sharpe ratio* 0.18
Max. drawdown -69.69%
Volatility 16.50%

Asset allocation

Source: Custodian (Raiffeisen Bank International AG)
CISCO SYSTEMS INC._Registered Shares DL- 001 4.45 %
MICROSOFT CORP._Registered Shares DL- 00000625 4.29 %
Facebook Inc._Reg.Shares Cl.A DL- 000006 4.03 %
LOCKHEED MARTIN CORP._Registered Shares DL 1 2.50 %
Alphabet Inc._Reg. Shs Cl. A DL- 001 2.49 %
EMERSON ELECTRIC CO._Registered Shares DL - 50 2.30 %
JOHNSON & JOHNSON_Registered Shares DL 1 2.30 %
Dollar General Corp. (New)_Registered Shares DL - 875 2.25 %
Philip Morris Internat. Inc._Registered Shares o.N. 2.16 %
Intuit Inc._Registered Shares DL - 01 1.92 %
PROCTER & GAMBLE CO. THE_Registered Shares o.N. 1.81 %
FASTENAL CO._Registered Shares DL - 01 1.76 %
Intercontinental Exchange Inc._Registered Shares DL - 01 1.76 %
NVIDIA CORP._Registered Shares DL- 001 1.72 %
EBAY INC._Registered Shares DL - 001 1.72 %
AMAZON.COM INC._Registered Shares DL - 01 1.39 %
CDW Corp._Registered Shares DL - 01 1.36 %
KIMBERLY-CLARK CORP._Registered Shares DL 1 25 1.35 %
IDEXX LABORATORIES INC._Registered Shares DL - 10 1.35 %
PayPal Holdings Inc._Reg. Shares DL - 0001 1.34 %
Others 55.75 %
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. If the local currency of the investor is different from the base currency of the fund, the performance for the individual investor also depends on the development of the relevant 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 May 2020

The European Commission proposed a EUR 750bn reconstruction fund towards the end of the month, which supported the euro, boosted European equity markets and led to a decline in yields on the euro periphery. In May, however, stock markets around the world continued their upward trend. Continued easing measures and interim success stories from medical research gave investors renewed confidence. The economic figures, on the other hand, are only gradually revealing the full extent of the economic damage. Retail sales in the U.S., for example, fell by 11.2% in April, the sharpest decline since records began in 1919, while the average of analysts who publish their forecasts on Bloomberg expects eurozone growth to decline by -7.6% in 2020 and recover to +5% in 2021. The USA is expected to fall by 5.7% and rise by 3.9% in 2021. On the other hand, the race riots and the continuing rise in tension between the US and China did not affect the markets in May.
** '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.