Kathrein Global Enterprise

Fund report as of 01/16/2019

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: 147.19
A: 130.45 EUR
Capital gains 5.90 EUR
Ordinary income 2.05 EUR
Fund size 28,336,023.54 EUR
Distribution 4.60 EUR (from 3/15)
Fiscal year 12/01-11/30
Operating costs** 1.39

Performance (01/16/2014 - 01/16/2019)

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


Month 0.84%
YTD 5.16%
1 years -0.64%
2 years (p.a.) 1.88%
3 years (p.a.) 7.19%
5 years (p.a.) 7.62%
10 years (p.a.) nichtrelevant
since inception (p.a.) 7.64%

Key figures

Sharpe ratio* 0.77
Max. drawdown -16.73%
Volatility 9.97%

Asset allocation

Source: Custodian (Raiffeisen Bank International AG)
EXELON CORP._Registered Shares o.N. 9.42 %
Orange S.A._Actions Port. EO 4 5.83 %
CANADIAN UTILITIES LTD._Reg.Shs Cl.A (Non Voting) o.N. 5.68 %
Jardine Cycle & Carriage Ltd._Registered Shares SD 1 5.65 %
DAIWA HOUSE INDUSTRY CO. LTD._Registered Shares o.N. 5.48 %
SMITH & NEPHEW PLC_Registered Shares DL - 20 5.26 %
SHAW COMMUNICATIONS INC._Reg.N-Vtg Part.Shs B o.N. 5.03 %
Terna Rete Elettrica Nazio.SpA_Azioni nom. EO - 22 4.91 %
CAE INC._Registered Shares o.N. 4.78 %
Telia Company AB_Namn-Aktier SK 3 20 4.34 %
Nutrien Ltd_Registered Shares o.N. 3.90 %
Archer Daniels Midland Co._Registered Shares o.N. 3.89 %
STANLEY ELECTRIC CO. LTD._Registered Shares o.N. 3.78 %
Enagas S.A._Acciones Port. EO 1 50 3.60 %
JERONIMO MARTINS SGPS S.A._Acçíes Nominativas EO 1 3.48 %
TOYO SUISAN KAISHA LTD._Registered Shares o.N. 3.30 %
Snam S.p.A._Azioni nom. o.N. 2.99 %
NTT DOCOMO INC._Registered Shares o.N. 2.74 %
SKF AB_Namn-Aktier B SK 0 625 2.73 %
Cash 2.26 %
Others 10.94 %
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 December 2018

As expected, the US Federal Reserve raised interest rates by 0.25% to 2.5% in December. Nine interest rate hikes since 2015 are a major reason for the pessimism on the markets, which caused the US leading index S & P 500 to lose 9.18% in December. Investors sought safe haven bonds, with yields in the US and Europe falling. 10-year yields fell to 0.24% in Germany and to 2.7% in the USA. Crude oil continued its rapid decline in December, slipping 11.1% to $ 45.41. Also, the agreement between Donald Trump and Xi Jinping on the sidelines of the G2 meeting in Buenos Aires on the suspension of further tariff increases could not dispel investor concerns. There is still no solution in the Brexit question. The domestic political turmoil in the UK does not break, and in some places you can already prepare for a hard Brexit. There is still confidence that an agreement can be made at the last minute.
** '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.