Fund report as of 08/14/2018
The Kathrein Mandatum 25 is an international mixed umbrella fund with a risk profile that is 25% equity and 75% bonds. A part of the share and bond quota is covered by alternative investments such as private equity or hedge funds. The management approach of Kathrein Privatbank is based on quantitative models. The equity fund range is supplemented by Russell MSMM funds. The objective is to compile a widespread diversified portfolio of individual securities, investment categories, regions and management approaches in order to achieve additional income in comparison with a classical 25 - 75 portfolio.
A: 106.15 EUR
|Capital gains||1.33 EUR|
|Ordinary income||0.43 EUR|
|Fund size||139,164,353.71 EUR|
|Distribution||2.55 EUR (from 2/15)|
Performance (08/14/2013 - 08/14/2018)
|2 years (p.a.)||0.88%|
|3 years (p.a.)||1.90%|
|5 years (p.a.)||3.81%|
|10 years (p.a.)||3.59%|
|since inception (p.a.)||3.10%|
|Kathrein Corporate Bond||13.29 %|
|Kathrein Euro Bond||10.96 %|
|SPDR Barclays Emerging Markets Local Bond||10.40 %|
|Others Anleihen||36.46 %|
|Kathrein US Equity||12.09 %|
|Kathrein European Equity||4.36 %|
|RIC Japan Equity||1.71 %|
|Others Aktien||2.64 %|
|NDR Active Allocation||2.53 %|
|Kathrein Dynamic Asset Allocation Fund||2.47 %|
|SGAM Private Value Fund||1.33 %|
|Others Alternativen||1.27 %|
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 5.00% 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.