Fund report as of 02/14/2019
The Kathrein Mandatum 50 is an international mixed umbrella fund with a risk profile that is 50% equity and 50% bonds. A part of the share and bond quota is covered by alternative investments such as private equity or hedge funds. The management approach of Kathrein Privatbank is based on quantitative models. The equity fund range is supplemented by Russell MSMM funds. The objective is to compile a widespread diversified portfolio of individual securities, investment categories, regions and management approaches in order to achieve additional income in comparison with a classical 50 - 50 portfolio.
A: 102.32 EUR
|Capital gains||1.29 EUR|
|Ordinary income||0.16 EUR|
|Fund size||18,011,584.52 EUR|
|Distribution||2.70 EUR (from 2/15)|
Performance (02/14/2014 - 02/14/2019)
|2 years (p.a.)||1.70%|
|3 years (p.a.)||4.63%|
|5 years (p.a.)||4.67%|
|10 years (p.a.)||5.56%|
|since inception (p.a.)||2.59%|
|Kathrein Corporate Bond||7.86 %|
|Kathrein Euro Inflation Linked Bond||6.52 %|
|SPDR Barclays Emerging Markets Local Bond||5.95 %|
|Others Anleihen||21.07 %|
|Kathrein US Equity||20.31 %|
|Kathrein European Equity||7.11 %|
|Amundi MSCI EMERG. MARKETS ETF||4.09 %|
|Others Aktien||8.95 %|
|Kathrein Dynamic Asset Allocation Fund||6.88 %|
|NDR Active Allocation||6.65 %|
|Kathrein Max Return||2.47 %|
|SGAM Private Value Fund||1.40 %|
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 5.00% 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 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.