Kathrein Mandatum 15 USD

Fund report as of 08/12/2022

The Kathrein Mandatum 15 USD is an international mixed umbrella fund investing about 15% of its funds in equity funds and 85% in USD-bond funds, government bonds of the United States of America and in highly rated bonds of international debtors issued in USD. The equity funds managed by Kathrein Privatbank are based on quantitative models. The selection of the shares is based on quantitative models combining and analysing factors such as key figures, price trends and profit forecasts. The fund invests also in products managed by Kathrein Capital Management GmbH and in Exchange Traded Funds (ETFs). Also the management of maturities of the bond portion is carried out on a quantitative basis by means of the USD "Duration Optimizer", which assumes that capital market interest rates are governed by business cycles of the economy and long term trends. Moreover, active currency management further optimises the profit opportunities.

Fund data

ISIN R: AT0000A015J1
NAV R: 147.45 USD
07/03/2006
Capital gains 4.82 USD
Ordinary income 0.53 USD
Fund size 6,820,402.64 USD
Distribution 0.97 USD (from 15.03.)
Fiscal year 12/31-12/31
Operating costs** 1,19%

Performance - 5 years: 5.59% total (08/11/2017-08/12/2022)

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

Performance

Month 1.89%
YTD -9.07%
1 Year -9.70%
2 years (p.a.) -4.76%
3 years (p.a.) -0.31%
5 years (p.a.) 1.09%
10 years (p.a.) 1.47%
since inception (p.a.) 3.08%

Key figures

Sharpe ratio* 0.16
Max. drawdown -13.97%
Volatility 4.69%

Asset allocation

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

Anleihen

65.71 %
Asian Development Bank_DL-Notes 2020(30) 2.72 %
European Investment Bank_DL-Medium-Term Nts 2019(29) 6.72 %
European Investment Bank_DL-Notes 2021(31) 6.63 %
Others Anleihen 49.64 %

Sonstige

18.94 %
Sonstige 18.94 %

Aktien

12.95 %
iShares Core MSCI Pacfic Ex Japan 0.24 %
Kathrein European Equity 1.14 %
Kathrein Global Enterprise 1.22 %
Others Aktien 10.34 %
Cash 1.91 %

Alternativen

0.49 %
Kathrein Max Return 0.49 %
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 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.