Kathrein Global Enterprise

Fund report as of 10/17/2018

The Kathrein global enterprise is an equity fund and seeks long-term capital growth while accepting higher (short-term) risks. The equity fund invests at least 51 per cent of its assets in equities and equity equivalent securities of companies which have their seat or focus in North America, Europe or other developed countries. Additionally, the fund may invest also in other securities, e.g. governments, supranationals and / or companies issued bonds and money market instruments and in sight and call deposits. The Fund is actively managed and is not constrained by a benchmark. Derivative instruments may not be used.

Fund data

ISIN T: AT0000A0Y0Z3
NAV T: 142.98
A: 126.72 EUR
Capital gains 5.56 EUR
Ordinary income 1.50 EUR
Fund size 24,736,338.56 EUR
Distribution 4.60 EUR (from 3/15)
Fiscal year 12/01-11/30
Operating costs** 1.39

Performance (10/17/2013 - 10/17/2018)

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


Month -2.12%
YTD -3.12%
1 years -2.65%
2 years (p.a.) 4.80%
3 years (p.a.) 5.52%
5 years (p.a.) 7.21%
10 years (p.a.) nichtrelevant
since inception (p.a.) 7.43%

Key figures

Sharpe ratio* 0.77
Max. drawdown -16.73%
Volatility 9.69%

Asset allocation

Source: Custodian (Raiffeisen Bank International AG)
EXELON CORP._Registered Shares o.N. 7.27 %
Orange S.A._Actions Port. EO 4 6.79 %
DAIWA HOUSE INDUSTRY CO. LTD._Registered Shares o.N. 5.70 %
Archer Daniels Midland Co._Registered Shares o.N. 5.65 %
CAE INC._Registered Shares o.N. 5.24 %
STANLEY ELECTRIC CO. LTD._Registered Shares o.N. 5.08 %
Nutrien Ltd_Registered Shares o.N. 4.95 %
CANADIAN UTILITIES LTD._Reg.Shs Cl.A (Non Voting) o.N. 4.91 %
SMITH & NEPHEW PLC_Registered Shares DL - 20 4.77 %
Terna Rete Elettrica Nazio.SpA_Azioni nom. EO - 22 4.57 %
Telia Company AB_Namn-Aktier SK 3 20 4.50 %
SHAW COMMUNICATIONS INC._Reg.N-Vtg Part.Shs B o.N. 4.41 %
Jardine Cycle & Carriage Ltd._Registered Shares SD 1 3.94 %
TOYO SUISAN KAISHA LTD._Registered Shares o.N. 3.85 %
Enagas S.A._Acciones Port. EO 1 50 3.40 %
SKF AB_Namn-Aktier B SK 0 625 3.39 %
NTT DOCOMO INC._Registered Shares o.N. 3.37 %
Snam S.p.A._Azioni nom. o.N. 3.07 %
JERONIMO MARTINS SGPS S.A._Acçíes Nominativas EO 1 2.65 %
Others 9.92 %
Performance is calculated in accordance with the OeKB method based on data from the custodian (in case of suspension of redemption based on possible indicative data). For performance data individual costs, such as the initial sales charge (a maximum of 3.50% of the amount invested) are not taken into consideration. Depending on the amount, those would decrease performance accordingly. Past performance is no indicator for future developments of a fund. The price of the financial instuments into the fund (especially of shares) may significantly change, the possibility of loss of capital can not be excluded. When investing in forreign currencies the value of the fund can vary according the 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 September 2018

September witness a partially settling down of volatility in emerging market currencies after several months of partially extreme turbulences. The Turkish central bank raised rates on September 13 from 17.75 % to 24 %. Investors then moved on to other topics. The focus then was more on the price increases in the Eurozone of 2 % in August, which was partially caused by a crude oil price increase of 21 % since the beginning of the year. The US-Fed raised rates as expected on September 26 by 0.25 % to 2.25 % and will continue to raise rates to 3 % according to expectations. The trade conflict with China has yet to show any negative effect on the growth forecast, but this could occur with a time lag and is dependent on the dynamic of the escalations. Currently domestic demand is the pillar of growth. The yield increase in the USA as well as the positive expectations for global growth, pushed yields higher in Europe. By the end of September, the Italian government railed the markets by proposing a 2019 budget deficit of 2.4 %.
** '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.