Kathrein US Equity

Fund report as of 24/05/2018

The strategy of this equity fund investing in the largest US companies is based on the quantitative investment style: After selection of the most attractive securities out of a total of 600 by means of a number of balance sheet key figures, the momentum, i.e. the relative increase of prices, is analysed. The third selection criteria are profit forecasts by the world’s best analysts. All data undergo the so-called "k-scoring" - an optimisation software based on exclusive know how used by Kathrein Privatbank since 2004.

Fund data

ISIN T: AT0000779673
A: AT0000779665
T: AT0000A1FWL8
NAV T: 156.20 EUR
A: 76.28 EUR
T: 136.39 USD
EUR: 12/07/1999
USD: 01/10/2015
Capital gains 0.27 EUR
Ordinary income -0.21 EUR
Fund size 60,493,362.02 EUR
Distribution 3.00 EUR (from 2/15)
Fiscal year 12/01-11/30
Operating costs** 1.85

Performance (24/05/2013 - 24/05/2018) (in EUR)

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

Performance (in EUR)

Month 6.77%
YTD 4.41%
1 years 11.18%
2 years (p.a.) 10.33%
3 years (p.a.) 6.66%
5 years (p.a.) 14.01%
10 years (p.a.) 10.45%
since inception (p.a.) 2.71%

Key figures (EUR share class)

Sharpe ratio* 0.11
Max. drawdown -69.69%
Volatility 16.32%

Asset allocation

Source: Custodian (Raiffeisen Bank International AG)
Facebook Inc._Reg.Shares Cl.A DL- 000006 4.54 %
Phillips 66_Registered Shares DL - 01 4.29 %
Mastercard Inc._Registered Shares A DL - 0001 4.21 %
MICROSOFT CORP._Registered Shares DL- 00000625 4.14 %
VALERO ENERGY CORP._Registered Shares DL - 01 3.39 %
Intuit Inc._Registered Shares DL - 01 3.14 %
Intercontinental Exchange Inc._Registered Shares DL - 01 2.95 %
UNITEDHEALTH GROUP INC._Registered Shares DL - 01 2.94 %
COMERICA INC._Registered Shares DL 5 2.42 %
Cash 2.69 %
CME Group Inc._Registered Shares DL- 01 2.30 %
BOEING CO._Registered Shares DL 5 2.28 %
ROBERT HALF INTERNATIONAL INC._Registered Shares DL - 001 2.08 %
CISCO SYSTEMS INC._Registered Shares DL- 001 1.90 %
M AND T BANK CORP._Registered Shares DL - 50 1.72 %
Chevron Corp._Registered Shares DL- 75 1.71 %
Splunk Inc._Registered Shares DL - 001 1.37 %
LOCKHEED MARTIN CORP._Registered Shares DL 1 1.32 %
VARIAN MEDICAL SYSTEMS INC._Registered Shares DL 1 1.26 %
CATERPILLAR INC._Registered Shares DL 1 1.26 %
Others 48.10 %
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 3.50% 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 April 2018

The simmering trade conflict as well as the negative outlook for government debt in the USA drove 10 year US Treasury yields above 3 %. The US GDP growth of 2.3 % surprised the markets with a higher than expected 2.3 %, which pushed yields up further. In Europe yields also rose, however weaker leading indicators are nourishing doubts about the sustainability of the European recovery. Stocks markets recovered strongly in April driven higher on the one hand by good quarterly earnings results and a robust economy, but on the other hand interest rate fears and fear of protectionism caution the markets. The US dollar recovered strongly against the EUR and nearly has made up the decline of the first three months.
** '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.