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 Europe Midcaps Europe equities

Europe equities
Change in NAV (24/04/2018)
291.14 EUR
Camilla  NATHHORST ODEVALL–FR0010614594–
Camilla NATHHORST ODEVALL
Ariane HAYATE–FR0010614594–
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
291.14 EUR
Change in NAV (24/04/2018)
5
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (24/04/2018)
291.14 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 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. 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 and the Bank of England, which hinted that it would its tighten rates in May. The UK and EU have reached an agreement on Brexit transition, opening the way for trade talks and giving the pound a boost. 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. Meanwhile, the market has strongly sanctioned companies that have been investing (in Capex, R&D, M&A, customer acquisition) for medium-term returns. A position on Fnac-Darty was initiated this month, taking advantage of the stock's recent dip, resulting mainly from negative news on the sector. However, the stock should still benefit from the synergies promised by the merger, the partnership with Carrefour on supplies, its omni-channel strategy, and even a very attractive valuation. We have sold Interparfums, an illiquid stock with a valuation that is becoming rather high. It is likely to be impacted in 2018 by a weaker dollar and a drop in new product launches. Zooplus was also sold on grounds of tightening valuation and fears of margins not growing any further, with the group continuing to invest in price, logistics and digital action.

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Change in NAV

Chart – Base 100 (24/04/2018)
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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 E-EUR Cumulative Annualised
Since 01/01/2018

-2.85 %

0.59 %

-2.85 %

0.59 %

1 Year

0.52 %

6.49 %

0.52 %

6.49 %

3 Year

9.32 %

14.91 %

3.01 %

4.74 %

5 year

58.73 %

73.08 %

9.68 %

11.59 %

Since inception

191.14 %

227.29 %

12.33 %

13.77 %

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

Share class (E-EUR)

Benchmark

-2.85 %

0.59 %

0.52 %

6.49 %

9.32 %

14.91 %

58.73 %

73.08 %

191.14 %

227.29 %

Annualised

Share class (E-EUR)

Benchmark

0.52 %

6.49 %

3.01 %

4.74 %

9.68 %

11.59 %

12.33 %

13.77 %

*Rolling periods

Annual performance



Fund information

Inception Date (Fund)
22/12/1994
Inception Date (Part)
16/02/2009
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
FR0010614594
AuM (fund)
291 M (EUR)
Regulatory authority
AMF
Management company
Edmond de Rothschild Asset Management (France)
Incorporation
France
Maximum management fee
2,400 %
Current management fee
2.400 %
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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