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EdR Europe Midcaps Europe equities

Europe equities
NAV (22/02/2017)
276.95 EUR
Camilla  NATHHORST ODEVALL–FR0010614594–
Ariane HAYATE–FR0010614594–
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
276.95 EUR
NAV (22/02/2017)
Risk and reward profile
> 5 years
Recommended holding period
NAV (22/02/2017)
276.95 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 31/01/2017

Having partly priced-in the momentum effect on the economy, and the hoped-for results of the promised Trump measures — to cut corporation tax and support capital repatriation in particular — markets seem to be showing some signs of a pause in reflation. Meanwhile, US consumer and business morale has improved markedly, with industrial production rising more than anticipated, inflation topping the 2% level in December, and unemployment benefit claims at their lowest point since 1973. Federal Reserve chair Janet Yellen has confirmed that the economy is close to full employment, with inflation accelerating. The Fed's incremental hikes in interest rates are therefore becoming increasingly relevant. In Europe, the economic impetus has been just as positive. The number of job-seekers is falling, investment is rising in the euro zone, and inflation has reached 1.1% per year. While UK Prime Minister Theresa May wants to put the terms for Brexit to a Parliamentary vote, the Supreme Court has ruled that MPs must also vote on the initiation of Brexit negotiations. The pound sterling strengthened on this news. We bought three stocks this month, and sold ASOS, which had reached our target price. Subsea 7 should benefit from a recovery in engineering and offshore installation orders, with offshore operations moving back into profit at current oil price levels, after strong deflation within the sector. JC Decaux has also been brought back into the portfolio (having exited in July-August 2015), with the group benefiting from fresh drivers of growth following a breakthrough into new countries (Japan, Latin America), a digital switchover, and a healthy balance sheet to support acquisitions. Dometic is a Swedish supplier of cooling and related equipment (air-conditioning systems, WCs, refrigerators) for recreational vehicles, boats and trucks. The group is taking advantage of a growing trend towards outdoor recreation, and has been posting organic growth of 5% per year ever since the financial crisis.

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Change in NAV

Chart – Base 100 (22/02/2017)
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 E-EUR Cumulative performance Annualised performance
Since 01/01/2017 5.53 %  
1 Year 18.87 % 18.81 %
3 Year 30.04 % 9.13 %
5 year 73.38 % 11.62 %
Since inception 176.95 % 13.54 %
Performance E-EUR Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative performance 5.53 % 18.87 % 30.04 % 73.38 % 176.95 %
Annualised performance 18.81 % 9.13 % 11.62 % 13.54 %


VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
1 Year3 Year 1 Year3 Year 1 Year3 Year 1 Year3 Year 1 Year3 Year
Share class E-EUR13.19 %13.80 %3.67 %3.32 %0.97 %0.97 %0.72 %0.60 %1.08 %0.53 %
Benchmark14.10 %13.74 %
1 Year3 Year 1 Year3 Year
Share class E-EUR0.07 %0.17 %0.90 %0.97 %
Share class E-EUR
1 Year 3 Year 1 Year 3 Year
Volatility 13.19 % 13.80 % 14.10 % 13.74 %
Tracking Error 3.67 % 3.32 %
Sharpe ratio 1.08 % 0.53 %
Alpha 0.07 % 0.17 %
Correlation coefficient 0.97 % 0.97 %
Information ratio 0.72 % 0.60 %
Beta 0.90 % 0.97 %

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)
213 M (EUR)
Regulatory authority
Management company
Edmond de Rothschild Asset Management (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
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.