Katko Fund
Katko Fund mainly invests in a concentrated number of listed shares of companies .
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 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.
Portfolio Operational Data-Valuation (as at 30/01/2025 — Weighted Average — Excl. Cash)
| Gross margin (Last reported) | 53% | ||
| Net debt / EBITDA (Last reported) | 0.1x | ||
| 2025 estimated ROIC | 30% | ||
| 2025 estimated revenue growth | 11% | ||
| 2025 estimated adjusted EPS growth | 14% | ||
| 2025 estimated PE ratio | 25x | ||
| 2025 estimated FCF yield | 3.4% |
Monthly Performance Table, % Total Return, Class A Share
| Jan. | Feb | Mar. | Apr. | May | June | July | Aug. | Sep. | Oct. | Nov. | Dec. | Year-to-date | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | -5.7%** | +7.6% | +0.2% | +5.7% | N/A | ||||||||
| 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% | +24.0% |
| 2024 | +5.5% | +3.1% | +2.2% | -3.5% | +1.6% | +2.1% | -2.8% | +2.3% | +1.2% | -5.8% | +1.4% | +0.2% | +7.1% |
| 2025 | +6.7% | +6.7% |
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.
Key Facts as at 30 January 2025
| Fund size (all share classes) | €95m |
| No of holdings | 20 |
| ISIN Class A | IE00BJBK4104 |
| ISIN Class B | IE00BJBK4211 |
| Median market cap | €102bn |
| Portfolio turnover (Last 12 months) | 35% |
| Average company founded | 1936 |
| Trading fee | None |
| Performance fee | None |
| Entry fee | None |
NAV Data — 30 January 2025
| Share Class | Management Fee | Minimum | NAV |
|---|---|---|---|
| A | 1.00% | €1,000,000 | 124,15 |
| B | 1.30% | €1,000 | 126,6 |
Standing Data — Since Inception
| Portfolio Managers | G. Dalibot/P. Laccourreye |
| Fund type | UCITS |
| Launch date (Share class A) | 14 September 2021 |
| Depositary | CACEIS |
| Administrator | CACEIS |
| Auditor | Grant Thornton |
| Liquidity | Weekly |
Security Identification Codes
| Share Class | ISIN | Bloomberg |
|---|---|---|
| A | IE00BJBK4104 | BLGUERA ID |
| B | IE00BJBK4211 | NA |
Links to Kakto Fund Documents
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.