Fund report as of 22/02/2018
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.
A: 103.65 EUR
|Capital gains||-0.37 EUR|
|Ordinary income||-0.13 EUR|
|Fund size||72,488,255.59 EUR|
|Distribution||0.24 EUR (from 7/15)|
Performance (22/02/2013 - 22/02/2018)
|2 years (p.a.)||0.51%|
|3 years (p.a.)||0.14%|
|5 years (p.a.)||1.09%|
|10 years (p.a.)||2.29%|
|since inception (p.a.)||2.27%|
Asset allocation (max. risk weight)
|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 %|
|Hang Seng||6.67 %|
|S&P 500||6.67 %|
|MSCI Emerging Markets||6.67 %|
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 January 2018
Economic growth should be strong to start 2018 as economic confidence indicators around the world remain strong. In the USA, the government shutdown was brief and therefore should have no impact on economic growth. The positive indicators led to an increase in government bond yields in medium and long dated bonds in the USA and Germany. This increase was mild in the Euro-zone periphery. The political situation in Washington and the regained trust in the EUR continue to weigh on the US-dollar. The effect of the US tax reform led to an expectation of higher earnings expectations and therefor supported the continuation of the bull market.
** '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.