Kathrein Global Enterprise

Fund report as of 08/14/2018

The Kathrein global enterprise is an equity fund and seeks long-term capital growth while accepting higher (short-term) risks. The equity fund invests at least 51 per cent of its assets in equities and equity equivalent securities of companies which have their seat or focus in North America, Europe or other developed countries. Additionally, the fund may invest also in other securities, e.g. governments, supranationals and / or companies issued bonds and money market instruments and in sight and call deposits. The Fund is actively managed and is not constrained by a benchmark. Derivative instruments may not be used.

Fund data

ISIN T: AT0000A0Y0Z3
A:AT0000A0Y0Y6
NAV T: 149.44
A: 132.44 EUR
02/15/2013
Capital gains 4.10 EUR
Ordinary income 1.55 EUR
Fund size 27,685,309.01 EUR
Distribution 4.60 EUR (from 3/15)
Fiscal year 12/01-11/30
Operating costs** 1.39

Performance (08/14/2013 - 08/14/2018)

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

Performance

Month 1.92%
YTD 1.26%
1 years 6.57%
2 years (p.a.) 5.51%
3 years (p.a.) 5.66%
5 years (p.a.) 8.13%
10 years (p.a.) nichtrelevant
since inception (p.a.) 8.55%

Key figures

Sharpe ratio* 0.87
Max. drawdown -16.73%
Volatility 9.67%

Asset allocation

Source: Custodian (Raiffeisen Bank International AG)
EXELON CORP._Registered Shares o.N. 9.78 %
Archer Daniels Midland Co._Registered Shares o.N. 6.62 %
Orange S.A._Actions Port. EO 4 6.31 %
Telia Company AB_Namn-Aktier SK 3 20 5.62 %
Nutrien Ltd_Registered Shares o.N. 5.29 %
DAIWA HOUSE INDUSTRY CO. LTD._Registered Shares o.N. 5.19 %
SMITH & NEPHEW PLC_Registered Shares DL - 20 4.93 %
Terna Rete Elettrica Nazio.SpA_Azioni nom. EO - 22 4.74 %
STANLEY ELECTRIC CO. LTD._Registered Shares o.N. 4.58 %
CAE INC._Registered Shares o.N. 4.56 %
CANADIAN UTILITIES LTD._Reg.Shs Cl.A (Non Voting) o.N. 4.31 %
SHAW COMMUNICATIONS INC._Reg.N-Vtg Part.Shs B o.N. 4.26 %
Snam S.p.A._Azioni nom. o.N. 3.51 %
VOESTALPINE AG_AKTIEN O.N. 3.50 %
NTT DOCOMO INC._Registered Shares o.N. 3.17 %
Jardine Cycle & Carriage Ltd._Registered Shares SD 1 2.80 %
Enagas S.A._Acciones Port. EO 1 50 2.70 %
Cash 2.80 %
Getinge AB_Namn-Aktier B (fria) SK 2 2.54 %
TOYO SUISAN KAISHA LTD._Registered Shares o.N. 2.20 %
Others 10.60 %
Performance is calculated in accordance with the OeKB method based on data from the custodian (in case of suspension of redemption based on possible indicative data). For performance data individual costs, such as the initial sales charge (a maximum of 3.50% of the amount invested) are not taken into consideration. Depending on the amount, those would decrease performance accordingly. Past performance is no indicator for future developments of a fund. The price of the financial instuments into the fund (especially of shares) may significantly change, the possibility of loss of capital can not be excluded. When investing in forreign currencies the value of the fund can vary according the 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 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.