Kathrein US Equity

Fund report as of 04/15/2021

The strategy of this equity fund investing in the largest US companies is based on the quantitative investment style: After selection of the most attractive securities out of a total of 600 by means of a number of balance sheet key figures, the momentum, i.e. the relative increase of prices, is analysed. The third selection criteria are profit forecasts by the world’s best analysts. All data undergo the so-called "k-scoring" - an optimisation software based on exclusive know how used by Kathrein Privatbank since 2004.

Fund data

ISIN T: AT0000779673
A: AT0000779665
T: AT0000A1FWL8
NAV T: 212.98 EUR
A: 92.24 EUR
T: 190.04 USD
EUR: 07/12/1999
USD: 10/01/2015
Capital gains 5.14 EUR
Ordinary income -0.31 EUR
Fund size 52,587,321.98 EUR
Distribution 4.00 EUR (from 2/15)
Fiscal year 12/01-11/30
Operating costs** 2.22

Performance (04/15/2016 - 04/15/2021) (in EUR)

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

Performance (in EUR)

Month 5.94%
YTD 13.57%
1 Year 30.84%
2 years (p.a.) 15.41%
3 years (p.a.) 15.07%
5 years (p.a.) 11.00%
10 years (p.a.) 14.34%
since inception (p.a.) 3.96%

Key figures (EUR share class)

Sharpe ratio* 0.23
Max. drawdown -69.69%
Volatility 16.35%

Asset allocation

Source: Custodian (Raiffeisen Bank International AG)
Alphabet Inc._Reg. Shs Cl. A DL- 001 4.59 %
MICROSOFT CORP._Registered Shares DL- 00000625 4.14 %
Apple Inc._Registered Shares o.N. 4.01 %
COSTCO WHOLESALE CORP._Registered Shares DL - 005 3.73 %
Dow Inc._Reg. Shares DL - 01 3.24 %
Facebook Inc._Reg.Shares Cl.A DL- 000006 2.85 %
AMAZON.COM INC._Registered Shares DL - 01 2.07 %
LOWE'S COMPANIES INC._Registered Shares DL - 50 2.02 %
TARGET CORP._Registered Shares DL - 0833 1.85 %
Public Storage_Registered Shares DL - 10 1.79 %
APPLIED MATERIALS INC._Registered Shares o.N. 1.62 %
CINTAS CORP._Registered Shares o.N. 1.48 %
Adobe Inc._Registered Shares o.N. 1.43 %
PayPal Holdings Inc._Reg. Shares DL - 0001 1.43 %
LAM RESEARCH CORP._Registered Shares DL - 001 1.41 %
ESTEE LAUDER COMPAN. INC. THE_Reg. Shares Class A DL - 01 1.39 %
KLA Corp._Registered Shares DL 0 001 1.31 %
Discover Financial Services_Registered Shares DL - 01 1.30 %
Square Inc._Registered Shs Class A 1.27 %
HubSpot Inc._Registered Shares DL - 001 1.26 %
Others 55.83 %
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 3.50% 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 March 2021

In March, market activity was again characterized by progress in containing the Corona virus and its economic consequences, but at the same time inflation concerns were increasingly voiced, which do not seem unfounded in view of the foreseeable recovery and enormous government spending. The stock markets were primarily guided by the positive news and posted gains in March. (The Dow Jones, Dax, Euro Stoxx and FTSE heavyweights were up between 3.5% and 8.9%). Negative monthly performances were mostly seen in emerging market indices. The major international central banks continued to try to convince market participants that they will not abandon their course of low interest rates even if inflation picks up more strongly in the short term, and thus the German ten-year yield hardly changed on a monthly basis, while its U.S. counterpart rose from 1.4% to 1.7%. Both gold and oil prices declined in March, and the euro also lost ground against the USD.
** '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.