Kathrein Euro Core Government Bond

Fund report as of 22/02/2018

The Kathrein Euro Core Government Bond invests mainly in government bonds of the former "hard" currency countries Germany, Austria, France, Netherlands, Belgium and Finland. The fund will not invest in Portugal, Ireland, Italy, Greece and Spain. In addition to the strict country criteria, a minimum rating criteria of AA will be targeted. The benchmark is EFFAS Germany >1 Year. The fund's objective is to provide stable returns over a medium-term horizon above and beyond the benchmark by implementing a model, which is based on the assumption that the business and central bank interest rate cycles translate into trends in government bond markets.

Fund data

A: AT0000A0JEQ9
NAV T: 113.62
A: 101.41 EUR
Capital gains -0.20 EUR
Ordinary income 0.29 EUR
Fund size 24,292,079.23 EUR
Distribution 1.50 EUR (from 2/15)
Fiscal year 12/01-11/30
Operating costs** 0.67

Performance (22/02/2013 - 22/02/2018)

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


Month -0.65%
YTD -1.20%
1 years -1.01%
2 years (p.a.) -1.53%
3 years (p.a.) -0.71%
5 years (p.a.) 1.91%
10 years (p.a.) nichtrelevant
since inception (p.a.) 2.40%

Key figures

Sharpe ratio* 0.37
Max. drawdown -7.43%
Volatility 5.00%

Asset allocation

Source: Custodian (Raiffeisen Bank International AG)
France 32.51 %
Germany 22.64 %
Belgium 20.39 %
Austria 10.28 %
Netherlands 9.19 %
Others 3.08 %
Finland 1.91 %
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 3.00% 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 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.