Page 7 - Forbes Magazine

ASSET MANAGEMENT
ESPERIA FUNDS SICAV: C-QUADRAT Euro Investments Plus
PERFORMANCE SINCE LAUNCH: 11/10/11 TO 30/11/17
+ 47.71% (+ 6.56% P.A.)
110
100
90
150
140
130
120
5 YEAR 5 YEARP.A. 1 YEAR
18.35% 3.42% 5.02%
2012 2013 2014
ISIN: LAUNCH: DUE DATE:
2015 2016
YTD 4.24% LU0551316432 11/10/2011 30/11/2017
2017
Past performance is not a reliable indicator of future performance. Every investment involves risk. Prices can rise and also fall. Issue and redemption fees are not included in calculating performance. Performance was calculated using the OeKB/ BVI method. An investor has to pay an issue premium of at most EUR 10 on an investment of EUR 1,000, which reduces the performance of the investment accordingly. Any custodial charges further reduce the investor’s return. Source of calculation: Cyberfinancials Datenkommunikation GmbH. Sales prospectus and CID are available in English at www.c-quadrat.com free of charge.
are increasingly being used in managing the fund. The importance of such a broad distribution is shown by the development of safe sovereigns. The group of nations rated as particularly safe borrowers by the world’s three leading rating agencies has become very small over the course of time.
Standard & Poor’s and Fitch give only eleven countries out of some 200 nations their top AAA rating, while Moody’s gives twelve states its top rating. An additional problem is that central bank policies have resulted in a situation where the bottom line is that investors earn virtually nothing or even lose money on sovereigns from safe states. A brilliant negative example of this are German securities. At end-November, the yield on German 10-year Bunds was 0.3%. Allowing for inflation, this means investors made a planned loss. But this is just one side of the coin. Whether in the short or long term, interest rates will rise again, and then, depending on the size of the interest rate hikes, double-digit losses in price must be expected. Another factor is that the air has become very thin in some corporates as well. This important bond sector has already seen bonds issued by companies with good ratings carrying negative interest rates.
The asset management team of C-QUADRAT UK in the London office.
The management of C-QUADRAT UK: Kerry Mentasti Granelli, Carlo Michienzi, Matteo Pusineri (l-r).
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