Katko Fund

Katko Fund mainly invests in a concentrated number of shares of companies listed in Europe.
The Katko Capital investment team relies on highly demanding criteria to select companies for the Fund. This should ensure that the companies the Fund invests in enjoy most of the following high-quality characteristics:

- Strong corporate governance
- Sustainable and clearly-defined competitive advantage
- Proven ability to grow sales and profits through a full economic cycle
- Self-funded growth
- High and sustainable gross margin
- High and sustainable return on invested capital
- Low financial gearing
- Reasonable valuation

The application of these criteria should result in a portfolio of around 20 holdings.
The Katko Capital investment team aims at the lowest possible portfolio turnover. We neither use any derivatives, nor sell short, nor use any leverage in the portfolio. Although the Fund is not managed with reference to any benchmark, our aim is to outperform european equity markets over the long-term.


Investors should be aware that the price of shares can fall as well as rise and investors may not receive back their full investment. Past performance is not a guide to future performance. Before any investment in Katko Fund we strongly recommend potential investors to read the Katko Fund prospectus and Key Investor Information Document, with a particular attention on the risk factors, including but not limited to political risk, market risk and liquidity risk. Both documents are available below.

Standing Data

Since Inception
Portfolio Manager
Guillaume Dalibot et Pierre Laccourreye
Fund Type
UCITS
Launch Date
14 September 2021 (Class A)
Depositary
Caceis
Administrator
Caceis
Auditor
Grant Thornton
Liquidity
Weekly

Key Facts as at 1 December 2022

Fund Size (all Share Classes)
€60m
No of Holdings
21
Median market cap.
€50bn
Portfolio Liquidity (5 days, 10% volumes)
NA
Estimated Portfolio Turnover
33%
Portfolio companies average founding year
1937
Trading fee
None
Performance fee
None
Entry fee
None

Performance as at 1 December 2022, Class A share, net of fees

Annualised Rate of Return
-6.2%
Best Month
+12.4%
Worst Month
-12.0%
Average Month
-0.3%
% Positive Months
47%

Geographic Split

As at 1 Dec. 2022, by registered office location
France
35%
Switzerland
15%
Netherlands
14%
Denmark
13%
UK
9%
Ireland
5%
USA
4%
Finland
4%
Cash
2%

Performance, % Total return, Class A share, net of fees

Nov.
2022
YTD
2021
Last
3 months
Last
6 months
Last
12 months
Inception to
01.12.22
Annualised to
01.12.22
Katko Fund
12.4%
-14.0%
N/A
7.6%
4.8%
-9.1%
-7.5%
-6.2%

Portfolio comment: 04 nov 2022 - 01 dec 2022

During the reporting period, the 3 largest positive contributors were ASML, Christian Dior and Prosus. The 3 least positive contributors were RELX, Lindt & Sprungli and Compass Group. During the month we started exiting one position, which we will disclose once the disposal is completed.

Top 10 Holdings (Alphabetical order)

Accenture
ASML Holding
Biomérieux
Christian Dior
Compass Group
Dassault Systèmes
Kone Oyj
LVMH
Novo Nordisk
RELX plc

Portfolio Operational Data & Valuation (As at 01 Dec 2022)

Average Gross Margin (Last reported)
61%
Net debt / EBITDA (Last reported)
0.2x
Average 2022 ROIC (Katko Capital estimate)
31%
Average 2022 revenue growth (Katko Capital estimate)
15%
Average 2022 EPS growth (Katko Capital estimate)
20%
2022 PE Ratio (Katko Capital estimate)
24x
2022 FCF yield (Katko Capital estimate)
4.6%

Security Identification Codes

Share Class
ISIN
Bloomberg
A
IE00BJBK4104
BLGUERA ID
B
IE00BJBK4211
NA
C
IE00BJBK4328
NA

Performance Chart, Class A share NAV, net of fees



Past performance is not a guide to future performance. Investment in shares and therefore in Katko fund is risky by nature as shares can rise and fall and investors may not recover their initial investments.

Monthly Performance table, % Total Return, class A share, net of fees

Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Total
2021
-5.7%
+7.6%
+0.2%
+5.7%
+7.5%
2022
-12.0%
-4.1%
+3.6%
-3.1%
-3.1%
-4.4%
+11.5%
-8.6%
-6.9%
+2.8%
+12.4%

Katko Fund Nav Price

Date
A Class
B Class
C Class
14/09/2021
100.00
NA
NA
16/09/2021
100.28
NA
NA
23/09/2021
100.78
NA
NA
30/09/2021
94.32
NA
NA
07/10/2021
94.94
NA
NA
14/10/2021
97.10
100.00
NA
21/10/2021
98.99
101.94
NA
28/10/2021
101.51
104.54
NA
04/11/2021
105.58
108.72
NA
11/11/2021
105.68
108.82
NA
18/11/2021
107.85
111.04
NA
25/11/2021
104.77
107.87
NA
02/12/2021
101.70
104.70
NA
09/12/2021
104.95
108.04
NA
16/12/2021
105.21
108.30
NA
23/12/2021
106.14
109.25
NA
30/12/2021
107.63
110.77
NA
31/12/2021
107.50
110.65
NA
06/01/2022
102.22
105.21
NA
13/01/2022
98.77
101.65
NA
20/01/2022
97.81
100.65
NA
27/01/2022
93.18
95.88
NA
03/02/2022
94.63
97.37
NA
10/02/2022
94.68
97.42
NA
17/02/2022
92.68
95.35
NA
24/02/2022
88.96
91.52
NA
03/03/2022
90.75
93.35
NA
10/03/2022
87.58
90.09
NA
21/03/2022
93.97
96.66
NA
24/03/2022
92.65
95.30
NA
31/03/2022
94.00
96.68
NA
07/04/2022
94.05
96.72
NA
14/04/2022
92.79
95.43
NA
21/04/2022
92.54
95.16
NA
28/04/2022
91.06
93.63
NA
05/05/2022
88.61
91.11
NA
12/05/2022
84.36
86.74
NA
19/05/2022
83.81
86.16
NA
26/05/2022
85.47
87.87
NA
02/06/2022
88.21
90.68
NA
09/06/2022
86.74
89.16
NA
16/06/2022
79.68
81.90
NA
23/06/2022
82.24
84.53
NA
30/06/2022
84.33
86.67
NA
07/07/2022
87.94
90.38
NA
14/07/2022
86.89
89.29
NA
21/07/2022
91.55
94.07
NA
28/07/2022
94.01
96.60
NA
04/08/2022
95.35
97.97
NA
11/08/2022
94.71
97.30
NA
18/08/2022
93.86
96.42
NA
25/08/2022
92.98
95.52
NA
01/09/2022
85.97
88.31
NA
08/09/2022
87.41
89.78
NA
15/09/2022
85.30
87.61
NA
22/09/2022
81.45
83.65
NA
29/09/2022
80.02
82.17
NA
06/10/2022
84.09
86.35
NA
13/10/2022
79.95
82.10
NA
20/10/2022
82.83
85.04
NA
27/10/2022
84.27
86.52
NA
03/11/2022
82.30
84.49
NA
10/11/2022
89.83
92.22
NA
17/11/2022
89.67
92.05
NA
24/11/2022
91.08
93.50
NA
01/12/2022
92.47
94.92
NA

Investors should be aware that the price of shares can fall as well as rise and investors may not receive back their full investment. Investment in shares and therefore in Katko Fund is a risky investment by nature. Past performance is not a guide to future performance. Before any investment in Katko Fund we strongly recommend potential investors to read the Katko Fund prospectus and Key Investor Information Document, with a particular attention on the risk factors, including but not limited to political risk, market risk and liquidity risk. Both documents are available either on www.katkocapital.com or by requesting electronic copies to info@katkocapital.com.