Edmond de Rothschild

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This site provides extensive information about the ranges of Edmond de Rothschild Group funds. In particular, it provides simplified access to key fund-related data (performance, net asset values, features) and their commercial or legal documents.

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EdR Fund China China equities

China equities
Change in NAV (24/04/2018)
132.83 USD
Xiadong  BAO–LU1160367469–
Xiadong BAO
Patricia URBANO–LU1160367469–
Patricia URBANO
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
132.83 USD
Change in NAV (24/04/2018)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (24/04/2018)
132.83 USD
Risk and reward profile
1234567
Recommended holding period
> 5 years
Xiadong BAO  
Patricia URBANO  
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 29/03/2018

China's manufacturing PMI rebounded strongly to 51.5 in March thanks to production recovery after Chinese New Year and improvements of both external and domestic demand. PMI for SMEs picked up the most, suggesting a resilient private sector dynamics. The announcement of 400bn RMB tax reduction package and a state financing guarantee fund to support pledged loans for SMEs and new industries should be supportive for the GDP growth despite the well-paced deleveraging efforts. The merger of the banking authority CBRC and the insurance authority CIRC will ensure a more efficient execution of financial deleveraging. Tencent delivered another year of strong growth for 2017 : +56% for top line and a profit growth of +74%. But market is disappointed by the margin compression of its gaming business and a delay of monetization of PUBG alike games. We remain positive on Tencent as advertising and financial related business stay robust. 3SBio, reported better than expected profit growth +27.7% for 2017. BYD guided a -75-92% 1Q18 result mainly due to e-bus subsidy reduction. In the context of globalization, an escalation from trade friction to a full-scale trade war is a lose-lose situation for the US and China, but when “Made in China 2025” meets “America First”, it is less likely for China to back down from its growing efforts in the innovation fronts. Both parties may continue to raise their voices and increase their negotiation stakes before comfortably sitting along-side the table. Within the portfolio, we continue to reduce market exposure due to uncertainties caused by the escalation of trade conflicts. We increased weighting in the pharmaceutical and innovation-driven (rather than global trade driven) sectors. We stay confident in China's robust domestic consumption demand and prefer sector leaders given their stronger competitiveness and easier access to financing facilities in a rates-hiking environment. The outperformance during the month is largely contributed by overweight positions in pharmaceutical names. Meanwhile, Internet names and automakers had pressures of profit-taking in March.

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Change in NAV

Chart – Base 100 (24/04/2018)
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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 A-USD Cumulative Annualised
Since 01/01/2018

-0.64 %

0.86 %

-0.64 %

0.86 %

1 Year

36.11 %

35.38 %

36.11 %

35.38 %

3 Year

7.14 %

13.90 %

2.32 %

4.43 %

5 year

81.84 %

71.39 %

12.70 %

11.37 %

Since inception

32.82 %

90.63 %

3.28 %

7.61 %

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

Share class (A-USD)

Benchmark

-0.64 %

0.86 %

36.11 %

35.38 %

7.14 %

13.90 %

81.84 %

71.39 %

32.82 %

90.63 %

Annualised

Share class (A-USD)

Benchmark

36.11 %

35.38 %

2.32 %

4.43 %

12.70 %

11.37 %

3.28 %

7.61 %

*Rolling periods

Annual performance



Fund information

Inception Date (Fund)
08/04/1998
Inception Date (Part)
08/07/2009
Legal form
SICAV
Benchmark
MSCI China (NR)
Currency (fund)
EUR
Currency (share class)
USD
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1160367469
AuM (fund)
102 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
1,700 %
Current management fee
1.700 %
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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