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
- Attractive 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 & Pierre Laccourreye
Fund Type
UCITS
Launch Date
14 September 2021
Depositary
Caceis
Administrator
Caceis
Auditor
Grant Thornton
Liquidity
Weekly

Key Facts

Fund Size (all Share Classes)
€56.2m
No of Holdings
17
Average Market Cap
€119bn
Estimated Portfolio Turnover
NA
Portfolio Liquidity
NA
Average founded
NA
Trading fee
None
Performance fee
None
Entry fee
None

Fund Performance, net of fees

Annualised Rate of Return
NA
Best Month
NA
Worst Month
NA
Average Month
NA
% Positive Months
NA

Geographic Split

As at 30 September 2021, by registered office location
France
37%
Denmark
19%
Holland
15%
UK
10%
Switzerland
8%
Ireland
8%
Finland
2%
Cash
1%

Performance, % Total return A class, net of fees

Sept.
2021
2021 To
30.09.21
2020
Last
3 months
Last
6 months
Last
12 months
Inception to
30.09.21
Annualised to
30.09.21
Katko Fund
NA
NA
NA
NA
NA
NA
NA
NA

Portfolio comment (September 2021)

Katko Fund Share class A was launched on 14 of September. The funds portfolio currently consists in 17 positions which were selected by the Katko Capital investment team prior to launch using the Katko highly selective investment process. The 3 best performing positions since launch were Compass Group, Lindt & Spruengli and Novo Nordisk. The 3 worst performers during the same period were L'Oréal, Biomérieux and ASML.

Over the coming months the number of positions will gradually increase to approximately 20.

Top 10 Holdings (Alphabetical order)

Accenture
ASML
Biomérieux
Christian Dior
Dassault Systèmes
Legrand
Novo Nordisk
Prosus
RELX plc
Simcorp

Portfolio Operational Data & Valuation

Average Gross Margin (Last reported)
63%
Net debt / EBITDA (Last reported)
0.3x
Average 2021 ROIC (Katko Capital estimate)
31%
Average 2021 revenue growth (Katko Capital estimate)
15%
Average 2021 EPS growth (Katko Capital estimate)
36%
2022 PE Ratio (Katko Capital estimate)
29.6x
2022 FCF yield (Katko Capital estimate)
4.1%

Security Identification Codes

Share Class
ISIN
Bloomberg
A
NA
NA
B
IE00BJBK4211
C
IE00BJBK4328
NA

Performance Chart, A Class 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, A Class, net of fees

Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Total
2021

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

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.