Edmond de Rothschild

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EdR Fund China China equities

China equities
Change in NAV (17/01/2018)
255.73 EUR
Patricia  URBANO–LU1160366065–
Patricia URBANO
Ludovic VAUTHIER–LU1160366065–
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
255.73 EUR
Change in NAV (17/01/2018)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (17/01/2018)
255.73 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 29/12/2017

The China Banking Regulatory Commission (CRBC) was very active in December by releasing 2 drafts. The first one is to impose tighther liquidity risk management for small banks (banks with AUM below RMB 200 bn). The second one is to loosen requirements for administrative approvals required for foreign banks to open up the financial sector. While at the middle of the month PBOC raised interest rates on opened market operations and its reverse repo rates by 5 bps, justified by a good level of liquidity and as a reaction to the FED's rate hike, just before the Lunar New Year, PBOC allowed temporary use of cash reserve up to 2% of their deposit liabilities for 30 days to meet the seasonal liquidity tightness. Industrial production was 6.1% up in November, which was not so bad if we take into account the negative effect on growth from the China's air quality campaign. This relatively good surprise was supported by healthy exports growth (+12.3%). Since 2016, China has removed 115mt of steel capacity, which is in line with its 2020 target range of removing between 100 to 150mt per annum. Tencent Music and Spotify jointly announced equity investments in which TM and Spotify will acquire (undisclosed) minority equity stake in each other through new shares for cash while Tencent will invest in Spotify through secondary shares. In the auto sector, Geely continues to report strong car volumes in Novmber (+38%). Within the portfolio, we have reduced our positions in Chinalife, Sunny Optical. We have sold off Q Technology, Autohome and China Unicom. Going forward in China, we expect a gradual slowdown in growth as the ongoing clean air campaign to come from December up to Q1 2018, local government debt tightening, and excess capacity reductions. Although, we remain confident about China for 2018, it is doubtful that we see the same level of performance from the Chinese market in the next 12 months.

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Change in NAV

Chart – Base 100 (17/01/2018)
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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 K-EUR Cumulative Annualised
Since 01/01/2018

4.20 %

6.16 %

4.20 %

6.16 %

1 Year

46.55 %

39.32 %

46.55 %

39.32 %

3 Year

46.56 %

42.77 %

13.56 %

12.58 %

5 year

109.19 %

82.91 %

15.90 %

12.83 %

Since inception

155.76 %

198.68 %

10.96 %

12.89 %

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

Share class (K-EUR)

Benchmark

4.20 %

6.16 %

46.55 %

39.32 %

46.56 %

42.77 %

109.19 %

82.91 %

155.76 %

198.68 %

Annualised

Share class (K-EUR)

Benchmark

46.55 %

39.32 %

13.56 %

12.58 %

15.90 %

12.83 %

10.96 %

12.89 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class K-EURBenchmarkShare class K-EURBenchmarkShare class K-EURBenchmarkShare class K-EURBenchmarkShare class K-EURBenchmark
1 Year*15.16 %14.32 %6.46 %0.90 %1.22 %2.50 %
3 Year *27.86 %19.71 %14.29 %0.88 %0.02 %0.67 %
Max. drawdownAlphaBeta
Share class K-EURBenchmarkShare class K-EURBenchmarkShare class K-EURBenchmark
1 Year*-10.48 %0.14 %0.96 %
3 Year *-48.87 %-0.09 %1.24 %
Max. monthly gain Since inception31.08 %
Max. monthly loss Since inception-28.68 %
Share class K-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 15.16 % 27.86 % 14.32 % 19.71 %
Tracking Error 6.46 % 14.29 %
Sharpe ratio 2.50 % 0.67 %
Alpha 0.14 % -0.09 %
Correlation coefficient 0.90 % 0.88 %
Information ratio 1.22 % 0.02 %
Max. monthly loss -28.68 %
Max. monthly gain 31.08 %
Max. drawdown -10.48 % -48.87 %
Beta 0.96 % 1.24 %

Fund information

Inception Date (Fund)
08/04/1998
Inception Date (Part)
09/01/2009
Legal form
SICAV
Benchmark
MSCI China (NR)
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
500000.00 EUR
ISIN Code
LU1160366065
AuM (fund)
115 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
0,850 %
Current management fee
0.850 %

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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