Kathrein US Equity

Fund report as of 01/07/2021

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: 191.32 EUR
A: 86.03 EUR
T: 175.26 USD
EUR: 07/12/1999
USD: 10/01/2015
Capital gains 5.07 EUR
Ordinary income -0.66 EUR
Fund size 50,529,237.97 EUR
Distribution 8.00 EUR (from 2/15)
Fiscal year 12/01-11/30
Operating costs** 2.21

Performance (01/07/2016 - 01/07/2021) (in EUR)

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

Performance (in EUR)

Month 0.75%
YTD 1.27%
1 Year 8.03%
2 years (p.a.) 17.20%
3 years (p.a.) 9.21%
5 years (p.a.) 8.48%
10 years (p.a.) 12.31%
since inception (p.a.) 3.46%

Key figures (EUR share class)

Sharpe ratio* 0.20
Max. drawdown -69.69%
Volatility 16.34%

Asset allocation

Source: Custodian (Raiffeisen Bank International AG)
AMAZON.COM INC._Registered Shares DL - 01 4.25 %
MICROSOFT CORP._Registered Shares DL- 00000625 4.19 %
Walmart Inc._Registered Shares DL - 10 4.09 %
Facebook Inc._Reg.Shares Cl.A DL- 000006 3.70 %
Apple Inc._Registered Shares o.N. 2.43 %
PayPal Holdings Inc._Reg. Shares DL - 0001 1.97 %
UNITED PARCEL SERVICE INC._Reg. Shares Class B DL - 01 1.72 %
AUTODESK INC._Registered Shares o.N. 1.57 %
CAPITAL ONE FINANCIAL CORP._Registered Shares DL - 01 1.54 %
Discover Financial Services_Registered Shares DL - 01 1.37 %
BANK OF AMERICA CORP._Registered Shares DL 0 01 1.37 %
Crowdstrike Holdings Inc_Registered Shs Cl.A DL- 0005 1.37 %
Dentsply Sirona Inc._Registered Shares DL - 01 1.33 %
Synchrony Financial_Registered Shares DL - 001 1.32 %
ARROW ELECTRONICS INC._Registered Shares DL 1 1.30 %
HUNTINGTON BANCSHARES INC._Registered Shares DL- 01 1.30 %
CONSTELLATION BRANDS INC._Reg. Shs Cl.A DL - 01 1.27 %
PACKAGING CORP. OF AMERICA_Registered Shares DL - 01 1.27 %
Fortinet Inc._Registered Shares DL - 001 1.27 %
INTERPUBLIC GROUP OF COMP.INC._Registered Shares DL - 10 1.27 %
Others 60.08 %
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 December 2020

In December 2020, some of the major political problems were resolved in time for the end of the year. The EU was able to reach a joint decision on the 750 billion EU Next Generation Fund. Furthermore, the EU was able to sign a post-Brexit deal with the UK at the last minute after all. The first vaccinations were also carried out, further supporting the positive sentiment. OPEC took the decision to slightly increase oil production from January after the oil price stabilized at around USD 50 and expectations for the global economy are increasingly positive. The yield on Spanish ten-year government bonds fell below zero percent for the first time. The yield on German ten-year government bonds traded in a narrow tranding range and closed at -0.57%, the same level as at the beginning of the month. The stock markets tended to be positive and mostly gained in the range of one to five percent. Individual outliers - such as the ATX - were even a bit higher in terms of growth. The euro also continued to hold its own against most currencies - it rose by around three percent against the USD. Gold was able to make up for the weakness of November and closed the year just below USD 1900
** '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.