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EdR Fund China China equities

China equities
Change in NAV (20/06/2017)
172.30 EUR
Patricia  URBANO–LU1160365505–
Patricia URBANO
Ludovic VAUTHIER–LU1160365505–
Ludovic VAUTHIER
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
172.30 EUR
Change in NAV (20/06/2017)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (20/06/2017)
172.30 EUR
Risk and reward profile
1234567
Recommended holding period
> 5 years
Patricia URBANO  
Ludovic VAUTHIER  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The objective is to achieve long-term growth of the Sub-Fund's capital by investing its assets in equities of companies whose activities are predominantly linked to China.

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Commentary 31/05/2017

As expected, Chinese economic indicators are slowing down in April : PPI came down to 6.4% (vs its peak at 7.8% in feb), Industrial profits growth is moderating to 14% YoY (vs 31.5% in feb). However, import and export growth accelerated in May (14.8% and 8.7% respectively vs 11.9% and 8% in April). Manufacturing PMI remains firm at 51.2 and retail sales growth is buoyant at 10.7% and real investment grew 9.8%. PBOC and HK Monetary Authority jointly announced the establishment of mutual bond market access between HK and mainland China (Bond Connect). PBOC is easing market fears by mentioning that deleveraging is not monetary tightening. Bank loans growth is stabilizing at 12.9 YoY (vs 12.4% in March). The 1% Yuan appreciation in May is reducing depreciation concerns. Moody's has downgraded China long-term currency and foreign-currency issuer ratings to A1 from Aa3 and its outlook to stable from negative.Within the portfolio, we have increased our position in Baozun, an internet company helping foreign brands to increase their online presence on the Chinese net.Despite a lower economic activity, the MSCI China gained 5% m/m, outperforming the MCSI EM by 2%. We believe that this outperformance is here to stay as consumption remains very strong, internet innovation remains very strong and deleveraging and closure of heavy industries efforts are excellent measures for the medium term.

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Change in NAV

Chart – Base 100 (20/06/2017)
Avertissement
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 R-EUR Cumulative Annualised
Since 01/01/2017

22.72 %

18.00 %

22.72 %

18.00 %

1 Year

32.96 %

38.24 %

32.96 %

38.24 %

3 Year

48.05 %

53.84 %

13.96 %

15.43 %

5 year

66.08 %

68.81 %

10.67 %

11.03 %

Since inception

72.30 %

143.10 %

6.74 %

11.24 %

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

Share class (R-EUR)

Benchmark

22.72 %

18.00 %

32.96 %

38.24 %

48.05 %

53.84 %

66.08 %

68.81 %

72.30 %

143.10 %

Annualised

Share class (R-EUR)

Benchmark

32.96 %

38.24 %

13.96 %

15.43 %

10.67 %

11.03 %

6.74 %

11.24 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class R-EURBenchmarkShare class R-EURBenchmarkShare class R-EURBenchmarkShare class R-EURBenchmarkShare class R-EURBenchmark
1 Year*15.09 %15.70 %8.52 %0.85 %-1.06 %2.10 %
3 Year *27.31 %20.36 %13.75 %0.87 %-0.14 %0.76 %
Max. drawdownAlphaBeta
Share class R-EURBenchmarkShare class R-EURBenchmarkShare class R-EURBenchmark
1 Year*-8.75 %-0.03 %0.81 %
3 Year *-48.68 %-0.24 %1.17 %
Max. monthly gain Since inception42.46 %
Max. monthly loss Since inception-35.70 %
Share class R-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 15.09 % 27.31 % 15.70 % 20.36 %
Tracking Error 8.52 % 13.75 %
Sharpe ratio 2.10 % 0.76 %
Alpha -0.03 % -0.24 %
Correlation coefficient 0.85 % 0.87 %
Information ratio -1.06 % -0.14 %
Max. monthly loss -35.70 %
Max. monthly gain 42.46 %
Max. drawdown -8.75 % -48.68 %
Beta 0.81 % 1.17 %

Fund information

Inception Date (Fund)
08/04/1998
Inception Date (Part)
17/02/2009
Legal form
SICAV
Benchmark
MSCI China (NR)
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1160365505
AuM (fund)
89 M (EUR)
Regulatory authority
CSSF
EU Regulation
UCITS
Management company
Edmond de Rothschild Asset Management (Luxembourg)
Delegated Management Company
Edmond de Rothschild Asset Management (France)
Incorporation
Luxembourg
Maximum management fee
2,100 %
Current management fee
2.100 %
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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