Fund report as of 02/25/2020
The NDR Active Allocation - Kathrein fund is a dynamically managed balanced fund-of-fund using exchange traded funds (ETFs) for the various asset classes of stocks, bonds, and money markets. The individual asset classes can be over or underweighted based on quantitative models depending on the current market situation independent of the benchmark. The investment decisions may use the research and the capital market forecasts of Ned Davis Research (NDR).
|NAV||T: 114.18 EUR
A: 108.30 EUR
|Capital gains||2.01 EUR|
|Ordinary income||-0.37 EUR|
|Fund size||27,750,586.80 EUR|
|Distribution||1.30 EUR (from 2/15)|
Performance (06/01/2015 - 02/25/2020)
|2 years (p.a.)||5.32%|
|3 years (p.a.)||3.41%|
|5 years (p.a.)||nichtrelevant|
|10 years (p.a.)||nichtrelevant|
|since inception (p.a.)||3.18%|
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. If the local currency of the investor is different from the base currency of the fund, the performance for the individual investor also depends on the development of the relevant exchange rate. *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 2020
The start to the year was marked by several geopolitical events. Britain left the EU on 31 January, the US and China signed phase 1 of a trade agreement, the Russian government resigned after Putin announced a structural reform, the Iranian general Soleimani was killed by a US drone, and the Articles of Impeachment against President Trump were approved by the US House of Representatives. Investors remained unfazed by these events, but the spread of the coronavirus shook their confidence. In mid-January, the S&P 500 recorded an all-time high before correcting by around 3% in the second half of January. Hong Kong corrected about 10% and China only 5%, as the stock exchange was closed for the Lunar New Year. Stock market uncertainty lead to gains in safe-haven assets, especially eurozone and US government bonds. Among the positive news about the political developments in Italy, Italian government bonds managed to post the biggest gains. Both, the ECB and the Fed, refrained from monetary policy changes in January and signaled a pause for reflection or observation.
** '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.