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EdR Fund China China equities

China equities
Change in NAV (18/10/2017)
190.59 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
190.59 EUR
Change in NAV (18/10/2017)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (18/10/2017)
190.59 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 29/09/2017

Despite the fact that PBOC has removed the 20% reserve requirement on foreign exchange forwards, which reduces the cost of FX forward trading, the Yuan was the most stable Emerging currency, only loosing 0.5% vs USD in September. S&P has downgraded China's sovereign credit rating to A+ from AA- and changed its outlook to stable to negative. Without any surprise, investors did not pay any attention to this downgrade as the Government has done tangible efforts to contain debt by moderatin g the credit growth and is closing overcapacity in heavy industries. Several tier 3 cities are tightening the rule for their property markets by banning re-sale of properties purchased within the last 2 to 5 years to avoid speculative buying. Internet giant names continue their shopping. Tencent took a 5% stake in CICC. To strengthen its retail ambition, Alibaba has increased its stake in the logistic company Cainiao (from 47% to 51%) and bought through its distribution video games company Aliaba Culture & Entertainment Enjoy Information, a game studio. The Vice Minister of China's Ministry of Industry and Information Technology said that the Government is working with others departments on a timetable to end production and sales of fossil fuel vehicles. Within the portfolio, we have reduced our positions by selling off Shenhua Energy, BBMG. We have added auto names: Geely, Guangzhou Auto and BYD (battery and electric vehicles producer). We have also increased our position in 3SBIO after its acquisition of the CDMO business of the Canadian company Therapure. To benefit from the Chinese automation, we have introduced Airtac and Chroma Ate. We remain constructive about the Chinese market, more and more lead by innovative companies. On October 18th, the 19th Communist Party Congress will give guidance about the future economic policy. We do not expect any massive disruption from the current economic policy despite the reshuffle of the communist party leaders.

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Change in NAV

Chart – Base 100 (18/10/2017)
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 I-EUR Cumulative Annualised
Since 01/01/2017

43.67 %

35.04 %

43.67 %

35.04 %

1 Year

33.30 %

30.00 %

33.30 %

30.00 %

3 Year

66.49 %

63.72 %

18.48 %

17.82 %

5 year

132.18 %

86.16 %

18.34 %

13.23 %

Since inception

90.59 %

105.70 %

7.24 %

8.13 %

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

Share class (I-EUR)

Benchmark

43.67 %

35.04 %

33.30 %

30.00 %

66.49 %

63.72 %

132.18 %

86.16 %

90.59 %

105.70 %

Annualised

Share class (I-EUR)

Benchmark

33.30 %

30.00 %

18.48 %

17.82 %

18.34 %

13.23 %

7.24 %

8.13 %

*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*15.21 %14.60 %6.52 %0.90 %0.25 %1.84 %
3 Year *27.42 %19.70 %14.56 %0.86 %0.06 %0.77 %
Max. drawdownAlphaBeta
Share class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmark
1 Year*-8.51 %0.05 %0.94 %
3 Year *-47.59 %-0.04 %1.20 %
Max. monthly gain Since inception31.08 %
Max. monthly loss Since inception-30.04 %
Share class I-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 15.21 % 27.42 % 14.60 % 19.70 %
Tracking Error 6.52 % 14.56 %
Sharpe ratio 1.84 % 0.77 %
Alpha 0.05 % -0.04 %
Correlation coefficient 0.90 % 0.86 %
Information ratio 0.25 % 0.06 %
Max. monthly loss -30.04 %
Max. monthly gain 31.08 %
Max. drawdown -8.51 % -47.59 %
Beta 0.94 % 1.20 %

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)
111 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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