Kathrein US Equity

Fund report as of 01/17/2019

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: 147.86 EUR
A: 72.19 EUR
T: 125.64 USD
EUR: 07/12/1999
USD: 10/01/2015
Capital gains 2.80 EUR
Ordinary income -0.23 EUR
Fund size 43,929,774.43 EUR
Distribution 3.00 EUR (from 2/15)
Fiscal year 12/01-11/30
Operating costs** 1.85

Performance (01/17/2014 - 01/17/2019) (in EUR)

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

Performance (in EUR)

Month -0.07%
YTD 5.00%
1 years -2.22%
2 years (p.a.) 2.68%
3 years (p.a.) 5.92%
5 years (p.a.) 10.57%
10 years (p.a.) 12.66%
since inception (p.a.) 2.33%

Key figures (EUR share class)

Sharpe ratio* 0.10
Max. drawdown -69.69%
Volatility 16.35%

Asset allocation

Source: Custodian (Raiffeisen Bank International AG)
MICROSOFT CORP._Registered Shares DL- 00000625 3.81 %
ORACLE CORP._Registered Shares DL - 01 3.80 %
VISA Inc._Reg. Shares Class A DL - 0001 3.79 %
Phillips 66_Registered Shares DL - 01 3.78 %
Sprint Corp._Registered Shares Sr.1 DL- 01 3.08 %
AUTOMATIC DATA PROCESSING INC._Registered Shares DL - 10 2.85 %
Discover Financial Services_Registered Shares DL - 01 2.66 %
BOEING CO._Registered Shares DL 5 2.32 %
Facebook Inc._Reg.Shares Cl.A DL- 000006 2.18 %
Walmart Inc._Registered Shares DL - 10 2.10 %
FIRSTENERGY CORP._Registered Shares DL 10 2.01 %
MCDONALD'S CORP._Registered Shares DL- 01 1.99 %
CISCO SYSTEMS INC._Registered Shares DL- 001 1.92 %
Cash 1.93 %
VMware Inc._Regist. Shares Class A DL - 01 1.80 %
XILINX INC._Registered Shares DL - 01 1.55 %
VARIAN MEDICAL SYSTEMS INC._Registered Shares DL 1 1.50 %
ROSS STORES INC._Registered Shares DL - 01 1.39 %
UNITEDHEALTH GROUP INC._Registered Shares DL - 01 1.37 %
VERISIGN INC._Registered Shares DL - 001 1.34 %
Others 52.83 %
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 December 2018

As expected, the US Federal Reserve raised interest rates by 0.25% to 2.5% in December. Nine interest rate hikes since 2015 are a major reason for the pessimism on the markets, which caused the US leading index S & P 500 to lose 9.18% in December. Investors sought safe haven bonds, with yields in the US and Europe falling. 10-year yields fell to 0.24% in Germany and to 2.7% in the USA. Crude oil continued its rapid decline in December, slipping 11.1% to $ 45.41. Also, the agreement between Donald Trump and Xi Jinping on the sidelines of the G2 meeting in Buenos Aires on the suspension of further tariff increases could not dispel investor concerns. There is still no solution in the Brexit question. The domestic political turmoil in the UK does not break, and in some places you can already prepare for a hard Brexit. There is still confidence that an agreement can be made at the last minute.
** '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.