Fund report as of 05/19/2022
The Kathrein Sustainable 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: 187.41 EUR
R: 105.99 EUR
|Capital gains||0.47 EUR|
|Ordinary income||0.65 EUR|
|Fund size||109,528,710.69 EUR|
|Distribution||1.00 EUR (from 15.11.)|
Performance - 5 years: 0.01% total (05/19/2017-05/19/2022)
|2 years (p.a.)||-1.82%|
|3 years (p.a.)||-0.50%|
|5 years (p.a.)||0.00%|
|10 years (p.a.)||2.21%|
|since inception (p.a.)||3.56%|
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 April 2022
The month of April was marked by the war in Ukraine and its effects. The very united West put its sanctions against Russia into effect but did not yet impose a uniform import freeze on the energy sources gas and oil. This, together with a Corona-related lockdown in Shanghai and resulting supply shortfalls, led to a further rise in inflation expectations worldwide. This put further pressure on the US Fed and the ECB. In the USA, for example, a key interest rate of just under three percent has already been priced in. In the ECB's projections, the assumption is currently an increase of around one and a half percentage points over the next twelve months. In the USA, the S&P 500 was deep in the red in this environment at just under nine percent. The euro proved weak, losing about five cents against the U.S. dollar to around 1.05 USD/euro. Movements were particularly strong on the bond markets, where the rise in yields led to massive price losses. In the USA, ten-year yields rose to just under three percent. Gold and oil prices were volatile but showed little change at the end of the month compared with the beginning of 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.