katko

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.

Nav Data

31 August 2023

Share Class
Management Fee
Minimum
Nav
A
1.0%
€1,000,000
101.10
B
1.3%
€1,000
103.54

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 31 August 2023

Fund Size (all Share Classes)
€65m
No of Holdings
21
Median market cap.
€83bn
Portfolio Liquidity (5 days, 10% volumes)
NA
Estimated Portfolio Turnover
20%
Portfolio companies average founding year
1937
Trading fee
None
Performance fee
None
Entry fee
None

Performance as at 31 August 2023, Class A share, net of fees

Annualised Rate of Return
+0.6%
Best Month
+12.4%
Worst Month
-12.0%
Average Month
+0.23%
% Positive Months
54%

Geographic Split

As at 31 August 2023, by registered office location
France
29%
Switzerland
16%
Denmark
14%
Switzerland
13%
UK
9%
Ireland
7%
USA
5%
Spain
5%
Finland
3%
Cash
0%

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

August
2023
YTD
2022
2021
Last
3 months
Last
6 months
Last
12 months
Inception to
29.06.23
Katko Fund
+0.8%
+15.4%
-18.5%
NA
-0.1%
+6.9%
+17.6%
+0.6%

Portfolio comment: 4 August 2023 - 31 August 2023

During the reporting period, the 3 best contributors were Novo Nordisk, Inditex and Accenture. The 3 largest negative contributors were Prosus, Kone and ASML. There were no noticeable trades during the period.

Top 10 Holdings (Alphabetical order)

Accenture
ASML Holding
Christian Dior SE
Compass Group
Dassault Systèmes
Inditex
LVMH
Microsoft
Novo Nordisk
RELX plc

Portfolio Operational Data & Valuation (As at 31 August 2023 - weighted average)

Gross Margin (Last reported)
62%
Net debt / EBITDA (Last reported)
0.2x
2023 ROIC (Katko Capital estimate)
37%
2023 revenue growth (Katko Capital estimate)
14%
2023 EPS growth (Katko Capital estimate)
19%
2023 PE Ratio (Katko Capital estimate)
27x
2023 FCF yield (Katko Capital estimate)
4.1%

Security Identification Codes

Share Class
ISIN
Bloomberg
A
IE00BJBK4104
BLGUERA ID
B
IE00BJBK4211
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%
-5.3%
-18.5%
2023
+10.0%
-1.8%
+3.8%
+1.3%
+1.7%
+0.5%
-1.4%
+0.8%

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
08/12/2022
90.81
93.21
NA
15/12/2022
89.94
92.31
NA
22/12/2022
87.89
90.20
NA
29/12/2022
88.93
91.26
NA
30/12/2022
87.61
89.90
NA
05/01/2023
90.89
93.27
NA
12/01/2023
93.28
95.71
NA
19/01/2023
93.49
95.93
NA
26/01/2023
94.59
97.04
NA
02/02/2023
96.36
98.86
NA
09/02/2023
96.01
98.49
NA
16/02/2023
97.10
99.60
NA
23/02/2023
95.99
98.46
NA
02/03/2023
94.60
97.03
NA
09/03/2023
94.97
97.40
NA
16/03/2023
94.60
97.01
NA
23/03/2023
97.04
99.51
NA
30/03/2023
98.24
100.73
NA
06/04/2023
98.25
100.74
NA
13/04/2023
99.97
102.49
NA
20/04/2023
100.29
102.82
NA
27/04/2023
99.54
102.05
NA
04/05/2023
99.80
102.31
NA
11/05/2023
100.86
103.39
NA
18/05/2023
101.69
104.23
NA
25/05/2023
100.26
102.76
NA
01/06/2023
101.23
103.75
NA
08/06/2023
101.68
104.20
NA
15/06/2023
103.48
106.04
NA
22/06/2023
100.58
103.07
NA
29/06/2023
101.75
104.26
NA
30/06/2023
103.01
105.55
NA
06/07/2023
99.51
101.96
NA
13/07/2023
101.78
104.28
NA
20/07/2023
101.29
103.77
NA
27/07/2023
102.53
105.03
NA
03/08/2023
100.31
102.76
NA
10/08/2023
102.07
104.55
NA
17/08/2023
99.31
101.72
NA
24/08/2023
99.90
102.32
NA
31/08/2023
101.10
103.54
NA
07/09/2023
100.71
103.14
NA
14/09/2023
101
103.43
NA
21/09/2023
98.25
100.60
NA

Katko Fund Factsheet Archive

2021 Factsheets

2022 Factsheets

2023 Factsheets

Links to Katko Fund Documents

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.

DISCLAIMER

This website is published by KATKO CAPITAL Capital S.A.S.U, a French Société par actions simplifiée registered in the Registre du Commerce et des Sociétés on 24 May 2019 and approved and regulated by the Autorité des Marchés Financiers (“AMF”) in France under the number GP-21000015.

The attention of investors is drawn to the fact that the information available on this website is of a general nature and cannot be considered as adapted to the particular needs or circumstances of each investor, or qualified as personalized investment recommendations or advice. in financial investments. The information available on this website is provided for informational purposes only. KATKO CAPITAL cannot be held responsible for an investment or divestment decision initiated solely on the basis of the information available on this website. We believe that the information provided on this website is reliable but should not be considered exhaustive. KATKO CAPITAL reserves the right to modify the contents in a discretionary manner and without notice. If, despite all the attention given by KATKO CAPITAL to the quality and up-to-date information available on this website, some of this information proves to be incorrect or incomplete, KATKO CAPITAL will regularize this situation as soon as possible. without being able to be held responsible for any errors, omissions or imperfections found. Investors are reminded that past performance is not a guide to future performance and is not consistent over time. KATKO FUND offers no guarantee of return or performance and present a risk of loss of capital. Before investing, it is necessary to first consult the KATKO FUND KIID available on our website www.katkocapital.com or on request from KATKO CAPITAL.

The minimum investment horizon for each fund is indicated in the prospectus of KATKO FUND. The amount that is reasonable to invest in KATKO FUND depends on your personal circumstances. To determine this, you must take into account your personal wealth, your current and future needs, but also your desire to take risks or otherwise favor a prudent investment. It is also strongly recommended to sufficiently diversify your investments so as not to expose them solely to the risks of the KATKO FUND. The KATKO FUND is domiciled in Ireland and may not be authorized for marketing in your country. Registration country information appears on the fund master record. The KATKO FUND share classes, which are Foreign Public Funds within the meaning of Section 13 of the US Bank Holding Company Act, have not been registered or reported to the US authorities under the US Securities Act of 1933. Accordingly, they may not be offered or sold, directly or indirectly, in the United States or on behalf of or for the benefit of a “US Person” within the meaning of US regulations (“Regulation S”). In any case, it is the responsibility of the user of this website to ensure, beforehand, that his / her connection to this website and access to the information it contains does not constitute a breach or an infringement with regard to its own legal situation and in particular with regard to the national law applicable to it.

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