Fund report as of 03/27/2020
The Kathrein 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: 196.00 EUR
A: 112.03 EUR
|Capital gains||-0.75 EUR|
|Ordinary income||1.01 EUR|
|Fund size||169,239,952.22 EUR|
|Distribution||1.40 EUR (from 11/15)|
Performance (03/27/2015 - 03/27/2020)
|2 years (p.a.)||1.63%|
|3 years (p.a.)||1.59%|
|5 years (p.a.)||0.40%|
|10 years (p.a.)||3.13%|
|since inception (p.a.)||4.13%|
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 February 2020
There was a massive downward movement on the stock markets in the last week of February. Worldwide market capitalization fell by $6 trillion. The arrival of the corona virus in Italy raised fears that the tentative economic recovery across Europe is at risk. China's leading indicators (PMI Index) released at the end of the month, showed the worst performance on record for the index, thereby also exceeding the markets’ worst expectations. Now hopes lie with the central banks, first and foremost the US Fed, which is expected to execute significant interest rate cuts. In the bond segment, government bonds, and in particular US Treasuries, benefited from stock market turbulence. High-yield and corporate bonds saw slight price corrections. In currency news, the USD initially rose to 1.08 against the euro, only to correct back to 1.105 toward the end of the month, as the expected rate cuts in the US will be significantly more pronounced than in the euro zone. Emerging market currencies trended lower closing the month 2% to 4% down.
** '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.