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EdR Chinabsolute China equities

China equities
Change in NAV (16/06/2017)
104.76 USD
Patricia  URBANO–FR0010537340–
Patricia URBANO
Ludovic VAUTHIER–FR0010537340–
Ludovic VAUTHIER
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
104.76 USD
Change in NAV (16/06/2017)
2
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (16/06/2017)
104.76 USD
Risk and reward profile
1234567
Recommended holding period
> 5 years
Patricia URBANO  
Ludovic VAUTHIER  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The fund's objective is to seek a long term capital growth by investing in Chinese stocks listed in China and in Hong Kong, and in securities of non-Chinese companies that generate a significant part of their profits in China. Through an active selection of stocks, the fund offers investors access to China's economy growth. Edmond de Rothschild ChinAbsolute, subfund Edmond de Rothschild Mainland China is a non-leveraged ARIA funds, denominated in dollars, only for well-informed investors.

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Commentary 31/05/2017

As expected, Chinese economic indicators are slowing down in April : PPI came down to 6.4% (vs its peak at 7.8% in feb), Industrial profits growth is moderating to 14% YoY (vs 31.5% in feb). However, import and export growth accelerated in May (14.8% and 8.7% respectively vs 11.9% and 8% in April). Manufacturing PMI remains firm at 51.2 and retail sales growth is buoyant at 10.7% and real investment grew 9.8%. PBOC and HK Monetary Authority jointly announced the establishment of mutual bond market access between HK and mainland China (Bond Connect). PBOC is easing market fears by mentioning that deleveraging is not monetary tightening. Bank loans growth is stabilizing at 12.9 YoY (vs 12.4% in March). The 1% Yuan appreciation in May is reducing depreciation concerns. Moody's has downgraded China long-term currency and foreign-currency issuer ratings to A1 from Aa3 and its outlook to stable from negative..Despite a lower economic activity, the MSCI China gained 5% m/m, outperforming the MCSI EM by 2%. We believe that this outperformance is here to stay as consumption remains very strong, internet innovation remains very strong and deleveraging and closure of heavy industries efforts are excellent measures for the medium term.

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Change in NAV

Chart – Base 100 (16/06/2017)
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-USD Cumulative Annualised
Since 01/01/2017

1.50 %

1.50 %

1 Year

-3.95 %

-3.87 %

3 Year

-12.94 %

-4.50 %

5 year

-10.29 %

-2.15 %

Since inception

4.76 %

0.48 %

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

Share class (A-USD)

Benchmark

1.50 %

-3.95 %

-12.94 %

-10.29 %

4.76 %

Annualised

Share class (A-USD)

Benchmark

-3.87 %

-4.50 %

-2.15 %

0.48 %

*Rolling periods

Annual performance



Statistics

VolatilityMax. drawdown
Share class A-USDBenchmarkShare class A-USDBenchmark
1 Year*2.90 %-5.58 %
3 Year *3.52 %-15.83 %
Max. monthly gain Since inception2.74 %
Max. monthly loss Since inception-3.57 %
Share class A-USD
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 2.90 % 3.52 %
Tracking Error
Max. monthly loss -3.57 %
Max. monthly gain 2.74 %
Max. drawdown -5.58 % -15.83 %

Fund information

Inception Date (Fund)
26/10/2007
Inception Date (Part)
26/10/2007
Legal form
Mutual Fund
Currency (fund)
USD
Currency (share class)
USD
Distribution Policy
Accumulation
Valuation frequency
Weekly
Minimum initial investment
20000.00 USD
ISIN Code
FR0010537340
AuM (fund)
2 M (USD)
Regulatory authority
AMF
EU Regulation
AIFM
Management company
Edmond de Rothschild Asset Management (France)
Incorporation
France
Maximum management fee
1,350 %
Current management fee
1.350 %
Subscription and redemption conditions
Subscriptions: by 12:30 C.E.T. on the business day preceding the establishement of the net asset value (a Thursday in most cases). Redemptions: by 12:30 C.E.T. 30 calendars days before the date the net asset value is established
Subscription fee
5.00 % 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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