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EdR Fund China China equities

China equities
Change in NAV (17/08/2017)
172.35 EUR
Patricia  URBANO–LU1160366651–
Patricia URBANO
Ludovic VAUTHIER–LU1160366651–
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
172.35 EUR
Change in NAV (17/08/2017)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (17/08/2017)
172.35 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 31/07/2017

China's Q2 real GDP was stronger than expected, stabilizing at 6.9% YoY supported by a resilient consumption (retail sales were nearly 10% up YoY) and external demand. M2 growth continues to decelerate at 9.4% (after touching a record low in May at 9.6%). This is probabaly reflecting the deleveraging of the financial system. In June, car sales grew only by 4.6%.Very few Chinese companies have published their quarterly results. In the education sector, TAL has published results better than expected (+82% YoY) and New Oriental has also reported very solid figures (+41% YoY). Baidu surprised positively with 98% EPS growth YoY. During the quarter, the company succeeded to add 19 000 new advertisers and the spending per user has increased 32% YoY. Despite still a good R&D effort (+28% YoY), Baidu succeeded to improve its EBIT margin by 450 bps! In the auto space, there is a huge disparity. While Great Wall results were -79% YoY, penalized by lower ASP and higher marketing expenses, Geely has issued positive profit alert indicating that 1H2017 profit should grow above 100%. It seems that companies with a strong pipeline of new products will not have to give discount and therefore will protect better their margins.Within the portfolio, we made very few changes: to reduce the Apple supply chain exposure, we have booked some profits on AAC Technologies.We continue to remain constructive in China. With closure of capacity in the heavy industry, progressive deleveraging effort in the financial system, good industrial profit growth and more and more innovative companies, we believe that the Chinese transformation is still under-appreciated by investors.

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Change in NAV

Chart – Base 100 (17/08/2017)
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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 I-EUR Cumulative Annualised
Since 01/01/2017

29.92 %

23.17 %

29.92 %

23.17 %

1 Year

31.17 %

25.48 %

31.17 %

25.48 %

3 Year

56.59 %

44.11 %

16.06 %

12.90 %

5 year

106.49 %

71.90 %

15.60 %

11.44 %

Since inception

72.35 %

87.62 %

6.20 %

7.20 %

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

Share class (I-EUR)

Benchmark

29.92 %

23.17 %

31.17 %

25.48 %

56.59 %

44.11 %

106.49 %

71.90 %

72.35 %

87.62 %

Annualised

Share class (I-EUR)

Benchmark

31.17 %

25.48 %

16.06 %

12.90 %

15.60 %

11.44 %

6.20 %

7.20 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmark
1 Year*15.30 %15.25 %7.63 %0.87 %0.23 %1.93 %
3 Year *27.44 %19.79 %14.83 %0.86 %0.21 %0.66 %
Max. drawdownAlphaBeta
Share class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmark
1 Year*-8.51 %0.09 %0.88 %
3 Year *-47.59 %0.17 %1.19 %
Max. monthly gain Since inception43.44 %
Max. monthly loss Since inception-30.04 %
Share class I-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 15.30 % 27.44 % 15.25 % 19.79 %
Tracking Error 7.63 % 14.83 %
Sharpe ratio 1.93 % 0.66 %
Alpha 0.09 % 0.17 %
Correlation coefficient 0.87 % 0.86 %
Information ratio 0.23 % 0.21 %
Max. monthly loss -30.04 %
Max. monthly gain 43.44 %
Max. drawdown -8.51 % -47.59 %
Beta 0.88 % 1.19 %

Fund information

Inception Date (Fund)
08/04/1998
Inception Date (Part)
30/07/2008
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
LU1160366651
AuM (fund)
94 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
0,750 %
Current management fee
0.750 %
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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