Kathrein European Equity

Fund report as of 08/12/2022

This equity fund invests in the largest companies of Western Europe and aims at a balanced weighting among countries and industries. The securities are selected on the basis of quantitative models. On the basis of relevant key figures, such as P/E ratio, price/book value and price/profit growth, the least expensive shares are identified out of a total of 500. The second step analyses the momentum, i.e. the relative price increase, on the basis of the "Ned Davis Research Price Momentum". The third selection criteria is the profit forecast by the world's best analysts pursuant to the customized "StarMineIndicator".

Fund data

ISIN R: AT0000779756
R: AT0000779749
NAV R: 164.61 EUR
R: 46.71 EUR
Capital gains 1.84 EUR
Ordinary income 0.61 EUR
Fund size 20,266,741.93 EUR
Distribution 3.25 EUR (from 15.02.)
Fiscal year 12/01-11/30
Operating costs** 1,65%

Performance - 5 years: 20.59% total (08/11/2017-08/12/2022)

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


Month 7.07%
YTD -13.54%
1 Year -9.77%
2 years (p.a.) 7.92%
3 years (p.a.) 6.75%
5 years (p.a.) 3.81%
10 years (p.a.) 7.04%
since inception (p.a.) 2.56%

Key figures

Sharpe ratio* 0.08
Max. drawdown -58.29%
Volatility 16.29%


Source: Custodian (Raiffeisen Bank International AG), Cyberfinancials Datenkommunikation GmbH
Cash 2.87 %
BRITISH AMERICAN TOBACCO PLC_Registered Shares LS -,25 2.80 %
DIAGEO PLC_Reg. Shares LS -,28935185 1.92 %
HSBC HOLDINGS PLC_Registered Shares DL -,50 1.88 %
Bolloré SE_Actions Port. EO 0,16 1.80 %
Sanofi S.A._Actions Port. EO 2 1.77 %
UBS Group AG_Namens-Aktien SF -,10 1.77 %
LVMH Moët Henn. L. Vuitton SE_Actions Port. (C.R.) EO 0,3 1.73 %
CHOCOLADEF. LINDT & SPRUENGLI_Inhaber-Part.sch. SF 10 1.64 %
REMY COINTREAU S.A._Actions au Porteur EO 1,60 1.59 %
ASM INTERNATIONAL N.V._Bearer Shares EO 0,04 1.56 %
KBC Groep N.V._Parts Sociales Port. o.N. 1.55 %
EssilorLuxottica S.A._Actions Port. EO 0,18 1.55 %
Wendel SE_Actions Port. EO 4 1.54 %
OREAL S.A., L'_Actions Port. EO 0,2 1.53 %
PERNOD-RICARD S.A._Actions Port. (C.R.) o.N. 1.52 %
ABB LTD._Namens-Aktien SF 0,12 1.51 %
Schneider Electric SE_Actions Port. EO 4 1.50 %
3i Group PLC_Registered Shares LS -,738636 1.50 %
MERCK KGAA_Inhaber-Aktien o.N. 1.46 %
Others 65.01 %
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 July 2022

In July, both the stock markets and the bond markets performed well. While this can be explained by the growing fears of an imminent recession in the bond markets, the gains in equities are somewhat surprising from the same perspective. Both the ECB (0.50%) and the Fed (0.75%) raised interest rates last month. The ECB set a step of 50 bp, which was higher than announced in June. Furthermore, the ECB informed that it has developed a new program, the "Transmission Protection Instrument", with which it will counteract a divergence of sovereign risk premiums. On the data side, sentiment indicators continued to deteriorate and the second negative quarter of economic development in the USA came as a surprise at the end of the month. In this environment, the stock markets - where good results have been reported so far in the earnings season - have developed positively. Yields declined in both Europe and the USA during the month, as did market participants' expectations of future interest rate hikes.
** '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.