Fund report as of 07/08/2020
The Kathrein Euro-Bond invests in government bonds of the Euro currency countries. The investment should result in periodic earnings at a low risk. The objective to achieve a mid to long term capital growth exceeding the benchmark return is pursued by means of quantitative models. This includes special management of maturities, the "Duration Optimizer", developed by Kathrein Privatbank, and assumes that interest rates on the capital market follow business cycles of the economy and trends.
|NAV||T: 198.87 EUR
A: 113.67 EUR
|Capital gains||-0.75 EUR|
|Ordinary income||1.33 EUR|
|Fund size||171,950,406.94 EUR|
|Distribution||1.40 EUR (from 11/15)|
Performance (07/08/2015 - 07/08/2020)
|2 years (p.a.)||2.93%|
|3 years (p.a.)||1.93%|
|5 years (p.a.)||1.79%|
|10 years (p.a.)||3.08%|
|since inception (p.a.)||4.14%|
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. 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 June 2020
The American stock index S&P 500 rose by 19.95% in the second quarter, the best quarter since 1998. The markets were confident that despite the 10 million infections and 500,000 deaths worldwide, the economic consequences of the COVID crisis would soon be overcome by central banks and government aid programs. The USA, for example, has announced that it will mobilize USD 2.9 trillion or 15% of GDP in government spending, and Germany, for example, around 6.6%. Geopolitical tensions in Asia between India and China, the military presence in the South China Sea and the flare-up of the North-South Korea conflict left market participants largely unimpressed. The hope of a strong comeback of global economic growth in 2021 dominated. Demand for gold remained high in June, with the precious metal gaining around 20% since the beginning of the year. The euro rose by 1.2% against the USD, as mass protests following the death of George Floyd and rising infection figures reduced confidence in the USD. Yields on government bonds remained within a narrow range in the USA and the euro zone during the month.
** '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.