Kathrein European Equity

Fund report as of 20/06/2018

This equity fund invests in the largest companies of Western Europe and aims at a balanced weighting among countries and industries. The securities are selected on the basis of quantitative models. On the basis of relevant key figures, such as P/E ratio, price/book value and price/profit growth, the least expensive shares are identified out of a total of 500. The second step analyses the momentum, i.e. the relative price increase, on the basis of the "Ned Davis Research Price Momentum". The third selection criteria is the profit forecast by the world’s best analysts pursuant to the customized "StarMineIndicator".

Fund data

ISIN T: AT0000779756
A: AT0000779749
NAV T: 147.70
A: 47.37 EUR
Capital gains 0.12 EUR
Ordinary income 0.42 EUR
Fund size 38,398,456.84 EUR
Distribution 3.50 EUR (from 2/15)
Fiscal year 12/01-11/30
Operating costs** 1.41

Performance (20/06/2013 - 20/06/2018)

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


Month -3.62%
YTD 0.76%
1 years 4.05%
2 years (p.a.) 11.67%
3 years (p.a.) 2.24%
5 years (p.a.) 8.52%
10 years (p.a.) 3.71%
since inception (p.a.) 2.38%

Key figures

Sharpe ratio* 0.09
Max. drawdown -58.33%
Volatility 15.86%

Asset allocation

Source: Custodian (Raiffeisen Bank International AG)
Segro PLC_Registered Shares LS - 10 4.02 %
BP PLC_Registered Shares DL - 25 3.21 %
Koninklijke DSM N.V._Aandelen op naam EO 1 50 2.60 %
Total S.A._Actions au Porteur EO 2 50 2.48 %
Cash 2.40 %
UPM KYMMENE CORP._Registered Shares o.N. 2.05 %
Equinor ASA_Navne-Aksjer NK 2 50 2.04 %
FORTUM OYJ_Registered Shares EO 3 40 1.96 %
Vonovia SE_Namens-Aktien o.N. 1.79 %
Capgemini SE_Actions Port. EO 8 1.46 %
KERRY GROUP PLC_Registered Shares A EO - 125 1.42 %
Reckitt Benckiser Group_Registered Shares LS - 10 1.41 %
Berkeley Group Holdings PLC_Reg.Ordinary Shares LS- 05 1.39 %
BHP BILLITON PLC_Registered Shares DL - 50 1.38 %
ACS Act.de Constr.y Serv. SA_Acciones Port. EO - 50 1.35 %
ArcelorMittal S.A._Actions Nouvelles Nominat. oN 1.35 %
PEARSON PLC_Registered Shares LS - 25 1.33 %
Swedbank AB_Namn-Aktier A o.N. 1.33 %
SAFRAN_Actions Port. EO - 20 1.31 %
Ferguson PLC_Reg. Shares LS 0 11403197 1.31 %
Others 62.41 %
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 May 2018

Despite the decline in European leading indicators, these remain on a level that indicates economic expansion if with less dynamisms. The possible coalition of right and left-wing parties in Italy put forth some questionable economic and fiscal policies. These statements and the failure of the coalition to gain approval from the Italian President led to a panic sale of Italian government bonds. The turbulences also led to flight to quality buying of German Bunds, the US$ and the Swiss Franc. The tendency of market participants accepting more risk in order to earn a higher return ("risk-on") took an abrupt end. These developments possibly could once again interrupt the schedule of the ECB with respect to a change in policy. Geopolitical tensions were raised through the exiting of the USA out of the Iran deal, which led to tensions between the USA und Europe. Developments in North Korea currently are not affecting the markets.
** '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.