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EdR Europe Midcaps Europe equities

Europe equities
Change in NAV (22/03/2017)
433.84 EUR
Camilla  NATHHORST ODEVALL–FR0010177998–
Ariane HAYATE–FR0010177998–
The identity of the managers presented in this document may change during the life of the product.
Risk and reward profile (1)
Recommended holding period
> 5 years
433.84 EUR
Change in NAV (22/03/2017)
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (22/03/2017)
433.84 EUR
Risk and reward profile
Recommended holding period
> 5 years
Ariane HAYATE  
The identity of the managers presented in this document may change during the life of the product.

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 28/02/2017

The trend in the US economy has remained positive with the publication of the Philadelphia Federal Index showing business growth at its highest since 1984, while the US consumer index also continues to power growth. Janet Yellen noted that the Federal Reserve's employment and inflation targets have nearly been met, but left the door open for a further rate hike in Q2 rather than March. Despite some reluctance at the new US President's protectionist intentions, markets are focused on his promise of fiscal stimulus and deregulation, and have continued to climb. While European markets also rose over the month, they remain in wait for political developments, notably elections in France and Italy. The Bund-OAT spread has temporarily topped 80 bps. However, economic statistics confirm the positive outlook for growth and inflation. There has even been a rise in business confidence, particularly in Germany and France, evidenced by a gain in the Ifo, Germany's business climate index. It is the rebound in production prices that is fuelling the cyclical recovery in industry. Within the portfolio we sold our Nexity stock given the gradual rise in rates, the end of the Pinel plan, and the PTZ (home investment incentive scheme) ending in 2017 (with no further visibility). There is also the uncertainty related to the presidential elections, which could impact buyer psychology. Moreover, conservative forecasts related to these players who see reservations stable at 120k-125k in 2017 (close to the 2007 peak at 127,000) prompt us to be more prudent. Turning to our new investments, a position has been initiated on Intermediate Capital Group, a British fund that offers products invested uniquely in corporate debt. With €22.6 billion assets under management at 2016's end, ICG plans to raise €4 billion per year, which we consider feasible given the performance already achieved, the expanding offer and the attraction this asset class offers to institutional clients. The capital raised is locked in for 6-10 years, which offers good visibility on future revenue.

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Change in NAV

Chart – Base 100 (22/03/2017)
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 performance Annualised performance
Since 01/01/2017 5.48 %  
1 Year 14.23 % 14.23 %
3 Year 31.75 % 9.61 %
5 year 74.88 % 11.82 %
Since inception 469.09 % 8.12 %
Performance A-EUR Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative performance 5.48 % 14.23 % 31.75 % 74.88 % 469.09 %
Annualised performance 14.23 % 9.61 % 11.82 % 8.12 %


VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
1 Year3 Year 1 Year3 Year 1 Year3 Year 1 Year3 Year 1 Year3 Year
Share class A-EUR10.48 %13.54 %3.65 %3.24 %0.95 %0.97 %0.80 %0.84 %1.09 %0.47 %
Benchmark11.33 %13.32 %
1 Year3 Year 1 Year3 Year
Share class A-EUR0.08 %0.22 %0.88 %0.99 %
Share class A-EUR
1 Year 3 Year 1 Year 3 Year
Volatility 10.48 % 13.54 % 11.33 % 13.32 %
Tracking Error 3.65 % 3.24 %
Sharpe ratio 1.09 % 0.47 %
Alpha 0.08 % 0.22 %
Correlation coefficient 0.95 % 0.97 %
Information ratio 0.80 % 0.84 %
Beta 0.88 % 0.99 %

Fund information

Inception Date (Fund)
Inception Date (Part)
Legal form
Mutual Fund
Stoxx Europe Small 200 (NR)
Currency (fund)
Currency (share class)
Distribution Policy
Valuation frequency
Minimum initial investment
1 Share
AuM (fund)
223 M (EUR)
Regulatory authority
EU Regulation
Management company
Edmond de Rothschild Asset Management (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.