Edmond de Rothschild

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This site provides extensive information about the ranges of Edmond de Rothschild Group funds. In particular, it provides simplified access to key fund-related data (performance, net asset values, features) and their commercial or legal documents.

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EdR Equity Euro Core Europe equities

Europe equities
Change in NAV (20/04/2018)
189.37 USD
Marc  HALPERIN–FR0010896209–
Marc HALPERIN
Anthony PENEL–FR0010896209–
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
189.37 USD
Change in NAV (20/04/2018)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (20/04/2018)
189.37 USD
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 29/03/2018

Equity markets corrected in March given a double whammy: the risk of a trade war (with US protectionism on the rise), and leading indicators that show economic activity at record highs beginning to flatten out or even peak, especially in the euro zone. Long bonds, which started dipping in early February, have continued to slide — though with no gap opening between core and peripheral issues — despite the Italian elections failing to produce a solid coalition. The risk of the euro climbing in this protectionist environment has forced the ECB to adopt a more cautious tone on its monetary policy, in contrast to the US Federal Reserve. This triggered sector rotation favouring more defensive stocks, especially utilities and healthcare, while cyclicals such as industrials, financials and consumer discretionaries suffered more. Market valuations now include a risk premium consistent with a higher volatility environment, and in line with downgraded earnings prospects, due mainly to lower commodities and foreign-exchange effects. While one cannot rule out the risk that a number of US technology segments may not be sustainable, it seems that even a partial surrender has left less room for the euphoria and complacency in evidence at the beginning of the year. Meanwhile, the market has strongly sanctioned companies that have been investing (in Capex, R&D, M&A, customer acquisition) for medium-term returns. We took advantage of Nokia's rebound in March, as we have since the beginning of the year, to sell the position: While accelerating 5G deployment could benefit this stock in 2019, we are more concerned by its short-term prospects and product positioning. A position was initiated in Technip FMC, which stands out as the most interesting oil services company in Europe, in terms of product innovation, margin levels and balance sheet strength. After four years' restructuring, its cost structure has been significantly reduced, enabling it to benefit from significant operating leverage when oil prices stabilise.

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Change in NAV

Chart – Base 100 (20/04/2018)
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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 B-USD Cumulative Annualised
Since 01/01/2018

4.49 %

3.03 %

4.49 %

3.03 %

1 Year

23.94 %

22.10 %

23.94 %

22.10 %

3 Year

27.96 %

23.60 %

8.56 %

7.31 %

5 year

58.32 %

56.86 %

9.61 %

9.41 %

Since inception

89.37 %

74.27 %

8.43 %

7.29 %

Since 01/01/2018 1 Year 3 Year 5 year Since inception
Cumulative

Share class (B-USD)

Benchmark

4.49 %

3.03 %

23.94 %

22.10 %

27.96 %

23.60 %

58.32 %

56.86 %

89.37 %

74.27 %

Annualised

Share class (B-USD)

Benchmark

23.94 %

22.10 %

8.56 %

7.31 %

9.61 %

9.41 %

8.43 %

7.29 %

*Rolling periods

Annual performance



Fund information

Inception Date (Fund)
21/01/1981
Inception Date (Part)
01/06/2010
Legal form
Mutual Fund
Benchmark
MSCI EMU (NR)
Currency (fund)
EUR
Currency (share class)
USD
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
FR0010896209
AuM (fund)
745 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

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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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