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

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 February 2024

Fund Size (all Share Classes)
€75m
No of Holdings
21
Median market cap.
€94bn
Portfolio Liquidity (5 days, 10% volumes)
NA
Estimated Portfolio Turnover
18%
Portfolio companies average founding year
1936
Trading fee
None
Performance fee
None
Entry fee
None

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

January
2024
YTD
2023
2022
Last
3 months
Last
6 months
Last
12 months
Inception to
01.02.24
Katko Fund
+5.5%
+5.5%
+24%
-18.5%
+14.5%
+14.2%
+18.9%
+14.6%

Portfolio Operational Data & Valuation (As at 1 February 2024 - weighted average)

Gross Margin (Last reported): 60%
Net debt / EBITDA (Last reported): 0.2x
2024 ROIC (Katko Capital estimate): 34%
2024 revenue growth (Katko Capital estimate): 8%
2024 EPS growth (Katko Capital estimate): 13%
2024 PE Ratio (Katko Capital estimate): 27x
2024 FCF yield (Katko Capital estimate): 4.0%

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%
-4.0%
+3.2%
+4.9%
+3.4%
+24%
2024
+5.5%

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.