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 & 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 2 June 2022

Fund Size (all Share Classes)
€58m
No of Holdings
21
Average Market Cap
€191bn
Estimated Portfolio Turnover
NA
Portfolio Liquidity
NA
Average founded
1937
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 2 June 2022, by registered office location
France
34%
Switzerland
16%
Danemark
16%
Netherlands
12%
UK
9%
Ireland
5%
USA
4%
Finland
4%
Cash
0%

Performance, % Total return A class, net of fees

Mar.
2022
01.01.22 To
31.03.22
2021
Last
3 months
Last
6 months
Last
12 months
Inception to
31.03.22
Annualised to
31.03.22
Katko Fund
NA
NA
NA
NA
NA
NA
NA
NA

Portfolio comment: 29 APRIL 2022 - 2 JUNE 2022

During the reporting period, the top 3 performance contributors were Simcorp, Biomérieux and Kone Oyj. The bottom 3 contributors were Novo Nordisk, Lindt and Dassault Systemes. Other than marginal adjustments to remain compliant with diversification rules, there were no noticeable trades during the period.

Top 10 Holdings (Alphabetical order)

Accenture
ASML Holding
Biomérieux
Christian Dior
Compass Group
Dassault Systèmes
LVMH
Microsoft
Novo Nordisk
RELX

Portfolio Operational Data & Valuation( As at 2 June 2022)

Average Gross Margin (Last reported)
62%
Net debt / EBITDA (Last reported)
0.2x
Average 2022 ROIC (Katko Capital estimate)
36%
Average 2022 revenue growth (Katko Capital estimate)
20%
Average 2021 EPS growth (Katko Capital estimate)
21%
2022 PE Ratio (Katko Capital estimate)
27x
2022 FCF yield (Katko Capital estimate)
4.2%

Security Identification Codes

Share Class
ISIN
Bloomberg
A
IE00BJBK4104
NA
B
IE00BJBK4211
NA
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
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

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.