Kathrein Global Enterprise

Fund report as of 10/12/2021

Kathrein Global Enterprise is an equity fund with a value-oriented selection approach. The equity fund invests in a concentrated portfolio of stocks that are relatively favorably valued compared to their peer group. Attention is paid to low volatility of past corporate earnings and dividend growth is also a selection criterion. The riskiest stocks according to the in-house "Default Expectation" model are excluded. Preference is given to companies with low debt levels. 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: 159.63 EUR
A: 124.34 EUR
Capital gains 1.52 EUR
Ordinary income 0.78 EUR
Fund size 22,631,940.37 EUR
Distribution 3.17 EUR (from 3/15)
Fiscal year 12/01-11/30
Operating costs** 1,48%

Performance - 5 years: 25.54% total (10/12/2016-10/12/2021)

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


Month -2.21%
YTD 11.27%
1 Year 11.16%
2 years (p.a.) 1.22%
3 years (p.a.) 4.62%
5 years (p.a.) 4.65%
10 years (p.a.) nichtrelevant
since inception (p.a.) 6.38%

Key figures

Sharpe ratio* 0.50
Max. drawdown -25.94%
Volatility 10.11%

Asset allocation

Source: Custodian (Raiffeisen Bank International AG), Cyberfinancials Datenkommunikation GmbH
JERONIMO MARTINS, SGPS, S.A._Acçíes Nominativas EO 1 8.94 %
LONZA GROUP AG_Namens-Aktien SF 1 7.08 %
NIPPON TEL. AND TEL. CORP._Registered Shares o.N. 6.36 %
Koninklijke DSM N.V._Aandelen op naam EO 1,50 5.97 %
KDDI CORP._Registered Shares o.N. 5.20 %
Walmart Inc._Registered Shares DL -,10 4.75 %
SWISSCOM AG_Namens-Aktien SF 1 4.48 %
AIR LIQUIDE-SA ET.EXPL.P.G.CL._Actions Port. EO 5,50 4.42 %
CME Group Inc._Registered Shares DL-,01 4.25 %
KERRY GROUP PLC_Registered Shares A EO -,125 4.11 %
Walt Disney Co., The_Registered Shares DL -,01 3.67 %
TOYO SUISAN KAISHA LTD._Registered Shares o.N. 3.33 %
Wolters Kluwer N.V._Aandelen op naam EO -,12 3.25 %
TOKYO GAS CO. LTD._Registered Shares o.N. 3.04 %
Nutrien Ltd_Registered Shares o.N. 2.56 %
Electric Power Dev. Co. Ltd._Registered Shares o.N. 2.51 %
CANADIAN UTILITIES LTD._Reg.Shs Cl.A (Non Voting) o.N. 2.51 %
BEIERSDORF AG_Inhaber-Aktien o.N. 2.47 %
Cash 2.35 %
PERNOD-RICARD S.A._Actions Port. (C.R.) o.N. 2.01 %
Others 16.73 %
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 September 2021

In addition to ongoing inflation concerns, which were rekindled above all by rising energy prices, the German parliamentary elections were the defining issue in September. In the UK, in turn, the situation has worsened in terms of both energy and other supplies, as the labor shortage triggered by Brexit is leading to supply problems. Globally, the main stock markets reported negative monthly results for the first time in a long time. For example, the main U.S. indices and the Hong Kong Stock Exchange were down three to five percent, as were the Euro Stoxx 50 and the DAX, while the Shenzen Index and Japan were up. In this environment, yields rose by almost twenty basis points on both sides of the Atlantic. Brent crude broke above the USD 80 mark in the short term for the first time in a long time, and the price of gold slipped to around USD 1750. Expectations of the central banks caused the euro to lose ground against the US dollar, especially in the second half of the month, and it ended the month more than two cents lower at around 1.16.
** '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.