Kathrein US Dollar Bond

Fund report as of 18/05/2018

The Kathrein US Dollar Bond invests in government bonds of the United States of America and in highly rated bonds of international debtors issued in USD. The investment should result in periodic earnings at a low risk for an USD investor. The objective to achieve a mid to long term capital growth is pursued by means of quantitative models. This includes special management of maturities, developed by Kathrein Privatbank, and assumes that interest rates on the capital market follow business cycles of the economy and trends.

Fund data

ISIN T: AT0000A0C8Z2
A: AT0000A0C8Y5
NAV T: 109.79
A: 90.15 USD
11/12/2008
Capital gains -1.76 USD
Ordinary income 1.43 USD
Fund size 12,845,937.87 USD
Distribution 1.66 USD (from 11/15)
Fiscal year 09/01-08/31
Operating costs** 0.71

Performance (21/05/2013 - 18/05/2018)

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

Performance

Month -1.14%
YTD -2.11%
1 years -1.05%
2 years (p.a.) -1.16%
3 years (p.a.) 0.34%
5 years (p.a.) 0.43%
10 years (p.a.) nichtrelevant
since inception (p.a.) 1.66%

Key figures

Sharpe ratio* 0.14
Max. drawdown -8.51%
Volatility 4.41%

Asset allocation

Source: Custodian (Raiffeisen Bank International AG)
0 to 3 years 62.82 %
3 to 5 years 8.34 %
10+ years 28.84 %
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 3.00% 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 April 2018

The simmering trade conflict as well as the negative outlook for government debt in the USA drove 10 year US Treasury yields above 3 %. The US GDP growth of 2.3 % surprised the markets with a higher than expected 2.3 %, which pushed yields up further. In Europe yields also rose, however weaker leading indicators are nourishing doubts about the sustainability of the European recovery. Stocks markets recovered strongly in April driven higher on the one hand by good quarterly earnings results and a robust economy, but on the other hand interest rate fears and fear of protectionism caution the markets. The US dollar recovered strongly against the EUR and nearly has made up the decline of the first three months.
** '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.