Kathrein Yield+

Fund report as of 08/17/2018

The Kathrein Yield+ invests worldwide in variable and fixed interest bank bonds with short-term maturity. They are exclusively quoted in euros and have to be of good financial standing. Through the use of a quantitative model, the profit objective is defined at two percentage points above the twelve month interbank Euribor rate.

Fund data

ISIN T: AT0000A05J23
A: AT0000A05J15
NAV T: 122.74
A: 103.30 EUR
07/02/2007
Capital gains 0.27 EUR
Ordinary income -0.05 EUR
Fund size 52,608,498.97 EUR
Distribution 0.25 EUR (from 7/15)
Fiscal year 05/01-04/29
Operating costs** 0.71

Performance (08/19/2013 - 08/17/2018)

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

Performance

Month 0.29%
YTD -1.31%
1 years -1.02%
2 years (p.a.) 0.17%
3 years (p.a.) -0.19%
5 years (p.a.) 1.07%
10 years (p.a.) 2.13%
since inception (p.a.) 2.16%

Key figures

Sharpe ratio* 0.19
Max. drawdown -17.62%
Volatility 4.59%

Asset allocation (max. risk weight)

Source: Custodian (Raiffeisen Bank International AG)

Anleihen

33.33 %
10j Anleihen AUS 5.56 %
10j Anleihen CA 5.56 %
10j Anleihen BRD 5.56 %
10j Anleihen JP 5.56 %
10j Anleihen UK 5.56 %
10j Anleihen USA 5.56 %

Aktien

33.33 %
Hang Seng 6.67 %
DAX 6.67 %
S&P 500 6.67 %
MSCI Emerging Markets 6.67 %
VIX 6.67 %

Währungen

33.33 %
AUDUSD 11.11 %
EURUSD 11.11 %
MXNUSD 11.11 %
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 1.50% 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 July 2018

As expected nothing has come of the trade war between Europe and the US, with President Trump and EU Commission President Junker agreeing on reduced tariffs and increased access to their respective markets. The de-escalation led to a rebound of risky assets across the board and to a decline in "safe haven assets". US GDP grew at an annualized 4.1 %--highest since 3rd quarter 2014--with inflation approaching 3 %. Global stock markets rebounded in the month with the MSCI World once again reaching a new-all-time high. Sales and earnings in the US, Europe and Japan are up in some cases sharply with more than half the companies reporting. By performance regionally, the US was the best followed by Europe, where German, Austrian and Swiss stocks all gained a lot. Performing worst were "safe haven" German government bonds. Euro-zone government bonds as a whole fell, but Italian bonds stabilized. Performing best were high yielding Euro bonds as well as emerging market government bonds. The Euro remained unchanged against the US$, but gained against the Yen and GBP.
** '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.