Kathrein Yield+

Fund report as of 11/14/2018

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: 121.21
A: 102.01 EUR
07/02/2007
Capital gains -0.22 EUR
Ordinary income 0.07 EUR
Fund size 48,378,035.10 EUR
Distribution 0.25 EUR (from 7/15)
Fiscal year 05/01-04/29
Operating costs** 0.71

Performance (11/14/2013 - 11/14/2018)

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

Performance

Month -0.83%
YTD -2.55%
1 years -2.82%
2 years (p.a.) -0.05%
3 years (p.a.) -0.23%
5 years (p.a.) 0.81%
10 years (p.a.) 2.80%
since inception (p.a.) 2.01%

Key figures

Sharpe ratio* 0.16
Max. drawdown -17.62%
Volatility 4.55%

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 October 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.