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EdR Euro Leaders Europe equities

Europe equities
Change in NAV (24/04/2017)
370.63 EUR
Marc  HALPERIN–FR0010172825–
Marc HALPERIN
Anthony PENEL–FR0010172825–
Anthony PENEL
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
370.63 EUR
Change in NAV (24/04/2017)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (24/04/2017)
370.63 EUR
Risk and reward profile
1234567
Recommended holding period
> 5 years
Marc HALPERIN  
Anthony PENEL  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The UCITS' investment objective is to seek performance through exposure to equity markets, primarily in the Eurozone, by selecting, on a discretionary basis, securities from an investment scope comparable to the MSCI EMU index.

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Commentary 31/03/2017

Despite a period of consolidation in which the market doubted President Donald Trump's ability to implement his economic promises after the setback to his healthcare reform, European markets continued to climb in March. Investors seem to have put their doubts about the outcome of the French presidential elections aside given tangible signs of recovery, with, for example, SMIs showing a March composite index at 57 in Germany and even 57.6 in France . While the Federal Reserve decided, as expected, to hike US rates by 25 bps, the ECB took a further step towards tapering, stating that there was no need to reduce rates any further. Note that inflation in the euro zone fell from a four-year high to 2%. Most companies have published earnings reports above market expectations, confirming the acceleration in sales growth and earnings, particularly for cyclical stocks (Adecco, Valeo, Dassault Systèmes, etc). Banking stocks were driven upward in the wake of Intesa — after giving up on its proposed acquisition of Generali. The consumer discretionary and technology sectors, top performers since the beginning of the year, have continued to grow. A large number of M&A transactions are still driving the market. Amundi launched a capital increase to finance its buy-out of Pioneer, Peugeot acquired Opel from General Motors, and Standard Life is merging with Aberdeen. AkzoNobel has refused two takeover bids from PPG and has begun procedures aimed at spinning-off its specialty chemicals business. Danone, meanwhile, has pledged to divest its US subsidiary Stonyfield in order to finalise its WhiteWave buyout in the United States. This month we bought Securitas, the world leader in private security. The company is enjoying a structural increase in spending around the world, and growth at its technology division, which includes cameras, drones and detectors, and seems to have been underestimated by the consensus.

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Change in NAV

Chart – Base 100 (24/04/2017)
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

Performance D-EUR Cumulative performance Annualised performance
Since 01/01/2017 9.44 %  
1 Year 18.50 % 18.39 %
3 Year 27.84 % 8.52 %
5 year 84.40 % 13.01 %
Since inception 85.09 % 5.22 %
Performance D-EUR Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative performance 9.44 % 18.50 % 27.84 % 84.40 % 85.09 %
Annualised performance 18.39 % 8.52 % 13.01 % 5.22 %


Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
1 Year3 Year 1 Year3 Year 1 Year3 Year 1 Year3 Year 1 Year3 Year
Share class D-EUR14.47 %15.46 %3.97 %3.55 %0.96 %0.97 %-0.46 %-0.19 %1.53 %0.52 %
Benchmark14.30 %14.79 %
Max. drawdownAlphaBeta
1 Year3 Year 1 Year3 Year 1 Year3 Year
Share class D-EUR-14.17 %-25.36 %-0.02 %-0.06 %0.97 %1.02 %
Benchmark
Share class D-EUR
Benchmark
1 Year 3 Year 1 Year 3 Year
Volatility 14.47 % 15.46 % 14.30 % 14.79 %
Tracking Error 3.97 % 3.55 %
Sharpe ratio 1.53 % 0.52 %
Alpha -0.02 % -0.06 %
Correlation coefficient 0.96 % 0.97 %
Information ratio -0.46 % -0.19 %
Max. drawdown -14.17 % -25.36 %
Beta 0.97 % 1.02 %

Fund information

Inception Date (Fund)
21/01/1981
Inception Date (Part)
24/03/2005
Legal form
Mutual Fund
Benchmark
MSCI EMU (NR)
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Distribution
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
FR0010172825
AuM (fund)
220 M (EUR)
Regulatory authority
AMF
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

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(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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