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EdR Europe Midcaps Europe equities

Europe equities
Change in NAV (26/04/2017)
137.60 USD
Camilla  NATHHORST ODEVALL–FR0010998112–
Ariane HAYATE–FR0010998112–
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
137.60 USD
Change in NAV (26/04/2017)
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (26/04/2017)
137.60 USD
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 31/03/2017

ECB chief Mario Draghi has kept his monetary policy unchanged, arguing that rates should remain low until the year end. The Dutch parliamentary elections seem to have temporarily calmed investor concerns at political risk in Europe, with Prime Minister Mark Rutte's Liberals having soundly beaten the far-right Euro-sceptic party. UK Prime Minister Theresa May formally triggered Article 50 of the Lisbon Treaty on March 29, launching the Brexit process and leaving two years in which the UK must negotiate the terms of its exit from the EU. Economic indicators show private sector activity rising sharply in Europe with the composite PMI index at 56.7, confirming the vitality of the economy. The +0.25% hike in the Federal Reserve's key rats in March confirmed the recent dynamism of the US economy. Investors now anticipate two more rate hikes this year, plus three in 2018. European equities continued to climb in March and mid-caps generally reacted well to corporate earnings reports including those of Interparfums, Just Eat, Amplifon and Autogrill. The fund benefited from a buy-back offer for the minority interests in EDP Renovaveis, issued by its parent company EDP with a modest 10% premium. With the market price above this offer, and no reason to believe the offer would be raised (EDP already owns 77.5% of the capital), we sold our EDPR shares. Meanwhile, we took advantage of the recent decline in oil & gas sector stocks – caused by weakening oil prices – to strengthen our positions (on Lundin Petroleum, Weir Group and Schoeller-Bleckmann). A position has been initiated on Spie. This successful defensive company is expanding mainly through acquisitions, and its earnings are set to climb over the next three years thanks to its takeover of SAG in Germany. Aurelius has impacted the fund's performance, attacked by Gotham City Research which took a short position before the publication of a very aggressive report. We do not believe Aurelius has cheated, but the company will have to step up its efforts at transparency.

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Change in NAV

Chart – Base 100 (26/04/2017)
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 B-USD Cumulative performance Annualised performance
Since 01/01/2017 15.24 %  
1 Year 13.33 % 13.33 %
3 Year 9.50 % 3.07 %
5 year 53.43 % 8.93 %
Since inception 37.60 % 5.24 %
Performance B-USD Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative performance 15.24 % 13.33 % 9.50 % 53.43 % 37.60 %
Annualised performance 13.33 % 3.07 % 8.93 % 5.24 %


VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
1 Year3 Year 1 Year3 Year 1 Year3 Year 1 Year3 Year 1 Year3 Year
Share class B-USD11.29 %14.31 %3.48 %3.31 %0.95 %0.97 %-0.24 %0.51 %0.78 %-0.09 %
Benchmark11.63 %13.95 %
Max. monthly lossMax. monthly gainMax. drawdownAlphaBeta
Since inceptionSince inception1 Year3 Year 3 Year 1 Year3 Year
Share class B-USD-22.98 %16.17 %-16.55 %-21.80 %0.15 %0.93 %1.00 %
Share class B-USD
1 Year 3 Year 1 Year 3 Year
Volatility 11.29 % 14.31 % 11.63 % 13.95 %
Tracking Error 3.48 % 3.31 %
Sharpe ratio 0.78 % -0.09 %
Alpha 0.15 %
Correlation coefficient 0.95 % 0.97 %
Information ratio -0.24 % 0.51 %
Max. monthly loss -22.98 %
Max. monthly gain 16.17 %
Max. drawdown -16.55 % -21.80 %
Beta 0.93 % 1.00 %

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)
247 M (EUR)
Regulatory authority
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.