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EdR Fund Europe Synergy Europe equities

Europe equities
Change in NAV (20/04/2017)
144.37 EUR
Philippe  LECOQ–LU1102946461–
Philippe LECOQ
Olivier HUET–LU1102946461–
Olivier HUET
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
144.37 EUR
Change in NAV (20/04/2017)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (20/04/2017)
144.37 EUR
Risk and reward profile
1234567
Recommended holding period
> 5 years
Philippe LECOQ  
Olivier HUET  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The sub-fund aims to generate consistent outperformance over a complete business cycle through a selection of stocks potentially targeted in takeover deals, which are favoured by periods of growth, and restructuring stocks, which are at an advantage in periods of market decline. The added value lies in the fund manager's know-how in picking European stocks that are likely to be targeted in major events.

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Commentary 31/03/2017

European markets ended the quarter in a climate of confidence, temporarily reassured over political risk in Europe, the maintenance of monetary policy by Mario Draghi, and confident in the recent dynamism of the US economy. The economic data published in the euro zone is trending well with growth accelerating on the Eurozone PMI Composite index to its highest level in 71 months, and with good figures from the German IFO. Companies are publishing their seasonal earnings reports in a market on an uptrend. Most major European stocks outperformed their sales forecasts, confirming an acceleration in top-line growth in many sectors and in profit levels. The consensus has continued to issue upgrades week after week, in particular on cyclical stocks (such as Lafarge, Valéo, GKN and Meggitt). Banking stocks were driven upward following Intesa (after giving up on its proposed acquisition of Generali). The consumer discretionary and technology sectors, top performers since the beginning of the year, have continued to grow. On the M&A scene, Amundi launched a capital increase to finance its acquisition of Pioneer. Peugeot is acquiring Opel from General Motors, and Standard Life is merging with Aberdeen AM. AkzoNobel has refused two takeover bids from PPG and has begun procedures aimed at spinning-off its specialty chemicals business. Similarly, Unilever is preparing to sell off some of its food brands for £6 billion, as announced in the last few weeks. Danone, meanwhile, has pledged to divest its US subsidiary Stonyfield in order to finalise its WhiteWave buyout in the United States. We strengthened Qiagen and Dialog Semiconductor during the month, while reducing Telecom Italia and Atos

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Change in NAV

Chart – Base 100 (20/04/2017)
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

Performance B-EUR Cumulative performance Annualised performance
Since 01/01/2017 6.51 %  
1 Year 12.97 % 12.97 %
3 Year 25.10 % 7.72 %
5 year 56.69 % 9.39 %
Since inception 56.31 % 8.05 %
Performance B-EUR Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative performance 6.51 % 12.97 % 25.10 % 56.69 % 56.31 %
Annualised performance 12.97 % 7.72 % 9.39 % 8.05 %


Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
1 Year3 Year 1 Year3 Year 1 Year3 Year 1 Year3 Year 1 Year3 Year
Share class B-EUR12.31 %12.51 %4.89 %3.59 %0.92 %0.96 %-0.03 %0.12 %1.46 %0.56 %
Benchmark12.89 %13.00 %
AlphaBeta
1 Year3 Year 1 Year3 Year
Share class B-EUR0.04 %0.08 %0.88 %0.92 %
Benchmark
Share class B-EUR
Benchmark
1 Year 3 Year 1 Year 3 Year
Volatility 12.31 % 12.51 % 12.89 % 13.00 %
Tracking Error 4.89 % 3.59 %
Sharpe ratio 1.46 % 0.56 %
Alpha 0.04 % 0.08 %
Correlation coefficient 0.92 % 0.96 %
Information ratio -0.03 % 0.12 %
Beta 0.88 % 0.92 %

Fund information

Inception Date (Fund)
05/12/2006
Inception Date (Part)
15/07/2011
Legal form
SICAV
Benchmark
MSCI Europe (NR)
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Distribution
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1102946461
AuM (fund)
762 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 and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value
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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