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EdR Europe Midcaps Europe equities

Europe equities
Change in NAV (16/08/2017)
148.13 USD
Camilla  NATHHORST ODEVALL–FR0010998112–
Camilla NATHHORST ODEVALL
Ariane HAYATE–FR0010998112–
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
148.13 USD
Change in NAV (16/08/2017)
5
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (16/08/2017)
148.13 USD
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 31/07/2017

Corporate earnings reports punctuated July when 60% of the companies in our portfolio published. On the plus side, we find Kion with a margin boosted by its business, Supply Chain Solution. Worldline raised its goals and announced two new acquisitions. What's more, the electronic payments sector has been buoyant since the beginning of the month in the wake of M&A announcements that will consolidate the sector. It will be recollected that we are shareholders in Wirecard and NETS. At Evolution Gaming sales soared 56% in Q2 with an accretive impact on the margin. VTG's price climbed significantly in the wake of its Nacco acquisition, adding 14,000 items of rolling stock to its network in Europe. In contrast, Showroomprive was seriously corrected due to disappointing margins. It was pretty similar for Tarkett, where the much-appreciated CEO, Michel Giannuzzi, resigned, and the group will likely be hit more heavily than expected by raw material price hikes. On the macroeconomic front, various preliminary PMI's for July show a decline in manufacturing activity after hitting a high last month (56.8 vs 57.4 in June), while tertiary activity held steady with its index at 55.4. According to the IMF, the economic recovery in the euro zone seems set to continue as the organisation has upped its growth forecasts to +1.9% this year (+0.2 bps) and +1.7% next year (+01 bps). However, the ECB wants to be conservative, and its chief, Mario Draghi, said that patience is still required. So we will have to wait until the autumn to see changes in the terms of the asset repurchasing programme. This patience over QE suggests that the ECB does not want to rush the markets or dampen the current economic momentum in the euro zone. Mario Draghi's more accommodating tone and the publication of ECB minutes confirming Europe's return to growth, as well as a number of reflationary trends, resulted in the euro appreciating strongly against foreign currencies: with the USD/EUR +3.6% to 1.18, EUR/CHF +4.6% to 1.14, and EUR/GBP +2.2% to 0.895.

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Change in NAV

Chart – Base 100 (16/08/2017)
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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 01/01/2017

24.06 %

24.35 %

24.06 %

24.35 %

1 Year

22.47 %

22.28 %

22.47 %

22.28 %

3 Year

28.15 %

19.48 %

8.59 %

6.10 %

5 year

71.57 %

75.04 %

11.39 %

11.84 %

Since inception

48.13 %

46.81 %

6.18 %

6.03 %

Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative

Share class (B-USD)

Benchmark

24.06 %

24.35 %

22.47 %

22.28 %

28.15 %

19.48 %

71.57 %

75.04 %

48.13 %

46.81 %

Annualised

Share class (B-USD)

Benchmark

22.47 %

22.28 %

8.59 %

6.10 %

11.39 %

11.84 %

6.18 %

6.03 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class B-USDBenchmarkShare class B-USDBenchmarkShare class B-USDBenchmarkShare class B-USDBenchmarkShare class B-USDBenchmark
1 Year*10.07 %9.32 %3.57 %0.93 %0.43 %2.75 %
3 Year *14.56 %14.42 %3.12 %0.98 %0.97 %0.36 %
Max. drawdownAlphaBeta
Share class B-USDBenchmarkShare class B-USDBenchmarkShare class B-USDBenchmark
1 Year*-9.84 %0.02 %1.01 %
3 Year *-21.80 %0.25 %0.98 %
Max. monthly gain Since inception15.58 %
Max. monthly loss Since inception-22.98 %
Share class B-USD
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 10.07 % 14.56 % 9.32 % 14.42 %
Tracking Error 3.57 % 3.12 %
Sharpe ratio 2.75 % 0.36 %
Alpha 0.02 % 0.25 %
Correlation coefficient 0.93 % 0.98 %
Information ratio 0.43 % 0.97 %
Max. monthly loss -22.98 %
Max. monthly gain 15.58 %
Max. drawdown -9.84 % -21.80 %
Beta 1.01 % 0.98 %

Fund information

Inception Date (Fund)
22/12/1994
Inception Date (Part)
28/01/2011
Legal form
Mutual Fund
Benchmark
Stoxx Europe Small 200 (NR)
Currency (fund)
EUR
Currency (share class)
USD
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
FR0010998112
AuM (fund)
339 M (EUR)
Regulatory authority
AMF
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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