Kathrein Mandatum 25

Fund report as of 06/04/2020

The Kathrein Mandatum 25 is an international mixed umbrella fund with a risk profile that is 25% equity and 75% bonds. A part of the share and bond quota is covered by alternative investments such as private equity or hedge funds. The management approach of Kathrein Privatbank is based on quantitative models. The equity fund range is supplemented by Russell MSMM funds. The objective is to compile a widespread diversified portfolio of individual securities, investment categories, regions and management approaches in order to achieve additional income in comparison with a classical 25 - 75 portfolio.

Fund data

ISIN T: AT0000779814
A: AT0000779806
NAV T: 159.22 EUR
A: 103.60 EUR
Capital gains -1.18 EUR
Ordinary income 0.14 EUR
Fund size 129,621,517.71 EUR
Distribution 1.90 EUR (from 2/15)
Fiscal year 12/01-11/30
Operating costs** 1.6

Performance (06/05/2015 - 06/04/2020)

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


Month 1.49%
YTD -4.95%
1 Year -0.03%
2 years (p.a.) 0.39%
3 years (p.a.) 0.44%
5 years (p.a.) 0.95%
10 years (p.a.) 2.92%
since inception (p.a.) 2.87%

Key figures

Sharpe ratio* 0.23
Max. drawdown -13.21%
Volatility 4.80%

Asset allocation

Source: Custodian (Raiffeisen Bank International AG)


70.32 %
Kathrein Euro Bond 23.90 %
Kathrein Yield + 12.67 %
Kathrein Corporate Bond 12.01 %
Others Anleihen 21.74 %


22.12 %
Kathrein US Equity 11.63 %
Kathrein European Equity 3.92 %
Others Aktien 3.99 %


4.94 %
NDR Active Allocation 4.94 %


1.42 %
SGAM Private Value Fund 0.78 %
Kathrein Max Return 0.61 %
SGAM Private Value Fund 0.03 %


1.15 %
Cash 1.15 %


0.05 %
MSCI World Index NTR Fut20200622 0.05 %
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 May 2020

The European Commission proposed a EUR 750bn reconstruction fund towards the end of the month, which supported the euro, boosted European equity markets and led to a decline in yields on the euro periphery. In May, however, stock markets around the world continued their upward trend. Continued easing measures and interim success stories from medical research gave investors renewed confidence. The economic figures, on the other hand, are only gradually revealing the full extent of the economic damage. Retail sales in the U.S., for example, fell by 11.2% in April, the sharpest decline since records began in 1919, while the average of analysts who publish their forecasts on Bloomberg expects eurozone growth to decline by -7.6% in 2020 and recover to +5% in 2021. The USA is expected to fall by 5.7% and rise by 3.9% in 2021. On the other hand, the race riots and the continuing rise in tension between the US and China did not affect the markets in May.
** '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.