Overview

Investment Objective

Taaleri Rhein Value gives investors the opportunity to invest in world leading companies, while adhering to the principles of value investing. Value investing means identifying and investing in attractively valued companies and selling them once the company’s value has risen sufficiently. Taaleri Rhein Value invests in German-speaking Europe. A big portion of the fund’s capital is invested in companies benefitting from long-term positive trends, such as healthcare and IT. Seize the opportunity to buy cheaply and sell dearly in German-speaking Europe!

Trailing Returns

Year to Date
-4.68%
3 Years Annualised
2.75%
5 Years Annualised
7.27%
10 Years Annualised
-

Fund Benchmark

DJ Stoxx 600 TR net (100%)
ISIN FI4000340146
Inception Date 3/15/19
Net Asset Value (NAV) 271.64 EUR (9/17/20)
Total Net Assets (mil) 200.54 EUR (9/17/20)
Risk Level 4/7

1 = Lower risk, lower expected return
7 = Higher risk, higher expected return
Management Fee 1.20%

Fees and Expenses

Growth of 100 (EUR)

9/17/20

Portfolio Manager Review

April witnessed a meaningful positive correction on equity markets after a dreadful previous month. The fundamentals behind this correction is widely seen as to be a result of the substantial and swift actions taken on both the monetary and fiscal policy side. These measures will most likely keep economies in standby mode and prevent substantial prolonged damages to economic activity, even though we believe it very well might take into 2022 before economic output has reached pre crisis levels again. The month was on an absolute and relative basis satisfactory for the fund.

Our equity universe saw correlations decrease during the month after the harsh sell down where more or less everything got sold down. Of our four most important themes we saw IT and Healthcare related companies recover strongly during the month. These companies are as we know structural winners in an economy which ever more resembles that of what has been witnessed in Japan during recent decades. The current pandemic environment also makes these sectors standout on a relative basis. To our delight these sectors have also produced strong q1 reporting and this momentum is set to continue regardless of the current environment.

Our two other themes where we currently see exceptionally good value are in the high-quality insurance companies and real-estate investment-oriented businesses. To these themes we have added especially during late March as we see a normalization in valuation levels giving returns which are significantly superior to what we believe the benchmark can achieve. First tentative signs of this outperformance can already be seen. To the portfolio structure which is built around companies which can progress profitably also in a more subdued japan like economic environment we are very pleased. We are specially thrilled of the fact that we see the portfolio having the potential to exceed its previous highs with just a normalization of valuation levels. To our unit holders we wish a sunny spring and good health.

Performance

Trailing Returns

Year to Date
-4.68%
3 Years Annualised
2.75%
5 Years Annualised
7.27%
10 Years Annualised
-

Risk Level 4/7

1 = Lower risk, lower expected return
7 = Higher risk, higher expected return

Return/Risk Analysis

Risk Measurement 1 Year 3 Years 5 Years
Standard Deviation 27.25 19.00 16.94
Sharpe Ratio 0.25 0.15 0.43

Portfolio

Asset Allocation %

Net
Stocks 98.46
Bonds 0.00
Money Market 1.54
Other 0.00

Country Distribution %

8/31/20

Fund
Germany 63.83
Switzerland 22.62
Luxembourg 8.33
Austria 2.72
France 2.50

Top 10 Holdings

51.40% of total assets in the fund

  1. Allgeier AG
    Germany
    7.98%
  2. SAP AG
    Germany
    7.88%
  3. CANCOM
    Germany
    5.89%
  4. Fresenius Se & Co
    Germany
    5.54%
  5. DERMAPHARM HOLDING SE
    Germany
    5.00%
  6. Swiss Re Ltd
    Switzerland
    4.80%
  7. Swiss Life Holding-Reg
    Switzerland
    3.79%
  8. AROUNDTOWN PROPERTY HOLDINGS
    Luxembourg
    3.74%
  9. Allianz Se-Reg
    Germany
    3.52%
  10. HBM HEALTHCARE IVST-A
    Switzerland
    3.28%

Fees and Expenses

Management Fee 1.20%
Performance Fee 20.00%

20 % of the yield exceeding the comparison index, calculated daily over 12 months.
Initial Charge 1.00%
Redemption Charge 1.00%

Purchase Details

Initial Investment 100.00
Additional Investment 100.00

Portfolio Managers

Jonas Koivula

Jonas Koivula

Portfolio Manager
Portfolio Management
Helsinki
+358 50 500 4191
Olli Viitikko

Olli Viitikko

Portfolio Manager
Portfolio Management
Helsinki
+358 40 450 3741

Filings

PRIIP Avaintietoesite Arvo Rein
Säännöt Arvo Rein
Taaleri Rahastoesite