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EdR Europe Midcaps Europe equities

Europe equities
Change in NAV (15/09/2017)
460.57 EUR
Camilla  NATHHORST ODEVALL–FR0010177998–
Camilla NATHHORST ODEVALL
Ariane HAYATE–FR0010177998–
Ariane HAYATE
The identity of the managers presented in this document may change during the life of the product.
Risk and reward profile (1)
1234567
Recommended holding period
> 5 years
460.57 EUR
Change in NAV (15/09/2017)
5
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (15/09/2017)
460.57 EUR
Risk and reward profile
1234567
Recommended holding period
> 5 years
Camilla NATHHORST ODEVALL  
Ariane HAYATE  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

Over a recommended investment period of more than five years, the UCITS is managed with the aim of achieving net asset value growth by investing in mid-cap companies in Europe.The selection criteria will be outlined in the investment strategy.

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Commentary 31/08/2017

The big event this month was the US dollar, falling significantly against other currencies, including the euro. This weakening was due more to President Trump's difficulties in pushing through his reforms, than to expected monetary policy differences, economic growth dynamics, or corporate earnings. Concerns include heightened diplomatic tensions between the United States and North Korea, and the need for Congress to raise the debt ceiling by September's end. Corporate reports for the second quarter confirmed expectations in terms of sales as well as earnings. Economic activity in both the United States and Europe remains strong. Only inflation is still far from the central banks' objectives. Monetary policy is unlikely to be tightened quickly. Neither Fed chair Janet Yellen nor ECB chief Mario Draghi said anything new on monetary policy at the Jackson Hole meeting, at the month end. However, the door remains open for a rate hike by the year end in the United States, and a reduction in balance sheets both at the Fed, as well as the ECB. Turning to the portfolio, we initiated a position on KAZ Minerals, a copper producer benefiting from the positive momentum in the Chinese economy and the prospect of structural demand for this raw material. The position on Palfinger, a truck-crane specialist, was sold, after reaching a record high. US retail market conditions prompted Amer Sports to downgrade its organic growth guidance, and we sold the stock on concerns that its on-line sales could not offset the weakness of the in-store sales. Leroy Seafood, a salmon farmer, was also sold given its more moderate positive growth prospects for 2018, and a stock market price at its record high.

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Change in NAV

Chart – Base 100 (15/09/2017)
Avertissement
You are about to download the historical data for a portfolio. Please note that past performance is not an indication of future performance and it may vary over time. They may be affected, for example, by changes in exchange rates


Performance A-EUR Cumulative Annualised
Since 01/01/2017

11.98 %

12.88 %

11.98 %

12.88 %

1 Year

15.97 %

18.64 %

15.97 %

18.64 %

3 Year

41.80 %

34.37 %

12.33 %

10.34 %

5 year

74.53 %

77.97 %

11.77 %

12.21 %

Since inception

504.15 %

400.01 %

8.23 %

7.33 %

Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative

Share class (A-EUR)

Benchmark

11.98 %

12.88 %

15.97 %

18.64 %

41.80 %

34.37 %

74.53 %

77.97 %

504.15 %

400.01 %

Annualised

Share class (A-EUR)

Benchmark

15.97 %

18.64 %

12.33 %

10.34 %

11.77 %

12.21 %

8.23 %

7.33 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class A-EURBenchmarkShare class A-EURBenchmarkShare class A-EURBenchmarkShare class A-EURBenchmarkShare class A-EURBenchmark
1 Year*8.70 %8.97 %3.66 %0.91 %-0.31 %1.60 %
3 Year *13.37 %13.44 %3.23 %0.97 %0.71 %0.71 %
Max. drawdownAlphaBeta
Share class A-EURBenchmarkShare class A-EURBenchmarkShare class A-EURBenchmark
1 Year*-5.75 %0.01 %0.89 %
3 Year *-23.66 %0.20 %0.96 %
Max. monthly gain Since inception26.56 %
Max. monthly loss Since inception-29.98 %
Share class A-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 8.70 % 13.37 % 8.97 % 13.44 %
Tracking Error 3.66 % 3.23 %
Sharpe ratio 1.60 % 0.71 %
Alpha 0.01 % 0.20 %
Correlation coefficient 0.91 % 0.97 %
Information ratio -0.31 % 0.71 %
Max. monthly loss -29.98 %
Max. monthly gain 26.56 %
Max. drawdown -5.75 % -23.66 %
Beta 0.89 % 0.96 %

Fund information

Inception Date (Fund)
22/12/1994
Inception Date (Part)
22/12/1994
Legal form
Mutual Fund
Benchmark
Stoxx Europe Small 200 (NR)
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
FR0010177998
AuM (fund)
344 M (EUR)
Regulatory authority
AMF
EU Regulation
UCITS
Management company
Edmond de Rothschild Asset Management (France)
Incorporation
France
Maximum management fee
2,000 %
Current management fee
2.000 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value
Subscription fee
3.00 % max
Performance fee
15,000 %

Fund documentation

Select all

(1) The rating grades the funds on a scale from 1 to 7. This rating system is based on the average fluctuations of the net asset value over the past five years. It corresponds to the variation range of the portfolio upwards and downwards. If the net asset value is less than 5 years old, the rating is determined by other regulatory calculation methods. Historical data such as those used to calculate the rating may not be a reliable indication of the future risk profile. The current category is neither a guarantee nor an objective. Category 1 does not signify a risk-free investment.

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