Kathrein US Equity

Fund report as of 02/20/2019

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: 157.39 EUR
A: 76.83 EUR
T: 133.05 USD
EUR: 07/12/1999
USD: 10/01/2015
Capital gains -4.36 EUR
Ordinary income 0.14 EUR
Fund size 47,335,725.38 EUR
Distribution 1.25 EUR (from 2/15)
Fiscal year 12/01-11/30
Operating costs** 1.63

Performance (02/20/2014 - 02/20/2019) (in EUR)

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

Performance (in EUR)

Month 7.13%
YTD 13.58%
1 years 9.11%
2 years (p.a.) 5.47%
3 years (p.a.) 9.79%
5 years (p.a.) 12.47%
10 years (p.a.) 14.03%
since inception (p.a.) 2.73%

Key figures (EUR share class)

Sharpe ratio* 0.12
Max. drawdown -69.69%
Volatility 16.41%

Asset allocation

Source: Custodian (Raiffeisen Bank International AG)
VISA Inc._Reg. Shares Class A DL - 0001 3.72 %
Phillips 66_Registered Shares DL - 01 3.29 %
AUTOMATIC DATA PROCESSING INC._Registered Shares DL - 10 3.01 %
BOEING CO._Registered Shares DL 5 2.73 %
Walmart Inc._Registered Shares DL - 10 2.08 %
CISCO SYSTEMS INC._Registered Shares DL- 001 2.02 %
XILINX INC._Registered Shares DL - 01 1.90 %
MCDONALD'S CORP._Registered Shares DL- 01 1.86 %
Facebook Inc._Reg.Shares Cl.A DL- 000006 1.82 %
Adobe Inc._Registered Shares o.N. 1.67 %
UNITEDHEALTH GROUP INC._Registered Shares DL - 01 1.66 %
COMERICA INC._Registered Shares DL 5 1.43 %
VMware Inc._Regist. Shares Class A DL - 01 1.42 %
PROGRESSIVE CORP._Registered Shares DL 1 1.42 %
VERISIGN INC._Registered Shares DL - 001 1.36 %
ROSS STORES INC._Registered Shares DL - 01 1.35 %
ABIOMED INC._Registered Shares DL - 01 1.35 %
NORFOLK SOUTHERN CORP._Registered Shares DL 1 1.34 %
Booking Holdings Inc._Registered Shares DL- 008 1.33 %
AUTOZONE INC._Registered Shares DL - 01 1.33 %
Others 61.90 %
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 2019

Germany’s GDP expanded at a rate of 0.1 % in the 4th quarter following a decline of 0.2% in the 3rd quarter, which means the economy avoided a technical recession (2 consecutive quarters of negative growth). In Italy GDP declined 0.1 % in the 3rd quarter and 0.2 % in the 4th quarter meaning that Italy is in a recession. The leading indicators were correct in predicting this slowdown, which was the cause of the equity market correction in the 4th quarter. Despite the dreary economic news the equity markets rallied in January. Most of the rally is attributed to the US Feds pausing of interest rate hikes. Also supporting the rally was the hope of a trade agreement between China and the USA as well as better than expected US earnings reports. Europe was weighed down by the weak growth as well as the Brexit Chaos. Despite the chaos the GBP gained 3 % against the Euro.
** '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.