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 (21/02/2018)
110.88 USD
Camilla  NATHHORST ODEVALL–FR0013233673–
Camilla NATHHORST ODEVALL
Ariane HAYATE–FR0013233673–
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
110.88 USD
Change in NAV (21/02/2018)
5
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (21/02/2018)
110.88 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.
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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 31/01/2018

European equity indices posted an uptrend in January, thanks to a global economic momentum that remains sustained and synchronous. In Europe, the euro zone's composite PMI reached its highest level on record at 58.6 in January. Across the Channel, Q4 saw UK economic growth accelerating, suggesting that the impact of the Brexit vote was not as harsh as anticipated. The political horizon also improved in Germany with agreement on a coalition government between the SPD and the CDU parties. In the United States, tax reform remains a factor in extending the US cycle, with an optimism shared by the IMF which has announced an upgrade to its economic outlook. Signs of a resurgence in inflation within the developed economies are strengthening. Apart from Brent crude rising above $70/bbl, a new high since December 2014, core inflation has recently started climbing again on both sides of the Atlantic. However, the decline of the USD (with the eurodollar closing the month at 1.24) is raising questions and needs to be tracked because too weak a dollar would cut sharply into the earnings growth excepted in Europe. The outperformance posted by discounted cyclicals and financial stocks, reflecting the reflationary trend, has benefited Large Caps, which outperformed Mid Caps this month. Within the portfolio, two stocks were sold: Nets, following a private equity tender; and Cineworld, after a switch in management strategy (with a large acquisition in the United States, in a declining market). Wirecard has been reduced while the following positions were strengthened: Dufry (a duty-free operator), Atresmedia (Spanish TV) and SMCP/Sandro-Maje-Claudie Pierlot (apparel and accessories).

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Change in NAV

Chart – Base 100 (21/02/2018)
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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 JH-USD Cumulative Annualised

Since inception

10.88 %

10.95 %

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

Share class (JH-USD)

Benchmark

10.88 %

10.95 %

Annualised

Share class (JH-USD)

Benchmark

*Rolling periods

Annual performance



Fund information

Inception Date (Fund)
22/12/1994
Inception Date (Part)
13/03/2017
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
500000.00 USD
ISIN Code
FR0013233673
AuM (fund)
315 M (EUR)
Regulatory authority
AMF
EU Regulation
UCITS
Management company
Edmond de Rothschild Asset Management (France)
Incorporation
France
Maximum management fee
1,000 %
Current management fee
1.000 %
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.

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