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Edmond de Rothschild Fund Asean Equity

Change in NAV (16/10/2017)
106.04 USD
Alan  RICHARDSON (Lead PM)–LU1583297863–
Alan RICHARDSON (Lead PM)
Joe Lam(ASEANEquityAnalyst)–LU1583297863–
Joe Lam(ASEANEquityAnalyst)
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
106.04 USD
Change in NAV (16/10/2017)
5
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (16/10/2017)
106.04 USD
Risk and reward profile
1234567
Recommended holding period
> 5 years
Alan RICHARDSON (Lead PM)  
Joe Lam(ASEANEquityAnalyst)  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The Sub-Fund's investment objective, over a recommended investment period of more than 5 years, is to grow net asset value by investing in companies registered predominantly in Asean Countries.

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Commentary 29/09/2017

“Accumulate bull market corrections caused by US policy volatility”Market Review and Outlook ASEAN markets rose 0.4% (in USD terms) sustaining at 2-year highs. The market's advance was led by Thailand especially retailers and energy stocks. Thai retailers are expected to report faster same-store sales growth supported by policy stimulus ahead of elections in 2018. Energy stocks rose from higher oil prices in anticipation of OPEC maintaining production caps in 2018. ASEAN capital market volatility could increase in 4Q17 on higher bond yields and USD strength from US policy change: earlier-than-expected rate hike in December 2017, central bank balance sheet tapering and tax cuts. Stock market corrections however should be accumulated since underlying fundamentals are expected to remain intact, namely, faster non-inflationary growth in 2018 supporting the market uptrend from bear market lows since January 2016. Portfolio Strategy The ASEAN Fund gained 0.7% (in USD terms) outperforming the benchmark by 0.3% pts. Overweighting Thailand and energy stocks added value while underweighting financials detracted value. The fund increased Singapore banks and upstream energy stocks. Singapore banks should benefit from tighter capital markets in 4Q17 as majority of interest-earning assets are linked to interbank rates. Oil producers and equipment fabricators benefit from higher oil prices if OPEC and Russia maintain production discipline in 2018. Singapore REITs were sold as valuations are unattractive in an environment of rising bond yields. Technology companies serving the Apple supply chain were sold as they have already priced-in earnings contribution from new iPhone models.

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Change in NAV

Chart – Base 100 (16/10/2017)
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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 K-USD Cumulative Annualised

Since inception

6.04 %

6.03 %

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

Share class (K-USD)

Benchmark

6.04 %

6.03 %

Annualised

Share class (K-USD)

Benchmark

*Rolling periods

Annual performance



Fund information

Inception Date (Fund)
06/07/2017
Inception Date (Part)
06/07/2017
Legal form
SICAV
Benchmark
MSCI AC South East Asia USD Index
Currency (fund)
USD
Currency (share class)
USD
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
500000.00 EUR
ISIN Code
LU1583297863
AuM (fund)
92 M (USD)
Regulatory authority
CSSF
EU Regulation
UCITS
Management company
Edmond de Rothschild Asset Management (Luxembourg)
Delegated Management Company
SAMSUNG ASSET MANAGEMENT (HONG KONG) LIMITED
Incorporation
Luxembourg
Maximum management fee
0,850 %
Current management fee
0.850 %
Subscription and redemption conditions
Daily before 4.30 pm C.E.T.on next day's net asset value

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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