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 (14/06/2018)
100.00 EUR
Camilla  NATHHORST ODEVALL–FR0013307709–
Camilla NATHHORST ODEVALL
Ariane HAYATE–FR0013307709–
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
100.00 EUR
Change in NAV (14/06/2018)
5
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (14/06/2018)
100.00 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.
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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 31/05/2018

Market volatility rose sharply in during May, driven by the return of political risk to the euro zone. In the wake of Italian President Mattarella's rejection of Five Star's first proposal to form a new government, the party's efforts to highlight what they called a denial of democracy — and blame the European Union — risked triggering a gain for the anti-establishment parties in the next round of elections. The spread between Italian and German sovereign bonds reached almost 300 bps, threatening a bond crisis and leading to a fall in bank stocks. The announcement of the impending appointment of a coalition government combining the Five Star Movement and the League helped calm the situation at the month end. In contrast, the sacking of Spanish Prime Minister, Mariano Rajoy, did not even trouble the markets. In addition, concerns of a trade war have resurfaced, with a temporary failure in trade negotiations. And on top of this come the application of US tariffs on imports of steel and aluminium from the European Union, Mexico and Canada; plus the threat of customs tariffs on European auto exports to the United States, among others. Leading economic indicators point to a slowdown, but remain at high levels, while underlying inflation has picked up in the euro zone. The pound sterling and UK interest rates fell, with the Bank of England not tightening further in May. The UK market benefited from this and significantly outperformed the euro zone, driven by commodities, oil and pharmaceuticals. At the portfolio level, we cashed in our gains on oil stocks. The developments in Italy also prompted us to reduce exposure to the country. We currently hold four Italian stocks in the portfolio (Fineco, Prysmian, Amplifon, and Autogrill) which, apart from Fineco, have little exposure to their domestic market. Wirecard (on-line payments system) was also sold off. The group's outlook still appears very sound to us, but its current valuation (+40% above historic levels) no longer seems justified. Atresmedia and Evry have been sold, given their reduced growth prospects. Meanwhile, we have taken our profits on the Intermediate Capital Group ICG (private financing) and VTG (rail freight).

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Change in NAV

Chart – Base 100 (14/06/2018)
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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 CR-EUR Cumulative Annualised

3.53 %

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

Share class (CR-EUR)

Benchmark

3.53 %

Annualised

Share class (CR-EUR)

Benchmark

*Rolling periods

Annual performance



Fund information

Inception Date (Fund)
22/12/1994
Inception Date (Part)
10/01/2018
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
FR0013307709
AuM (fund)
245 M (EUR)
Regulatory authority
AMF
Management company
Edmond de Rothschild Asset Management (France)
Incorporation
France
Maximum management fee
1,700 %
Current management fee
1.700 %
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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