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 Europe Synergy Europe equities

Europe equities
Change in NAV (11/12/2017)
200.24 EUR
Philippe  LECOQ–LU1102947196–
Philippe LECOQ
Olivier HUET–LU1102947196–
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
200.24 EUR
Change in NAV (11/12/2017)
5
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (11/12/2017)
200.24 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 30/11/2017

Stock markets consolidated in November on an uptrend in the euro. This was fuelled by issues facing the US administration and doubts over its tax reform project. There was also the prospect of a great German coalition, in a climate of strengthening activity indicators in the euro zone reaching a six-year high. In addition, they've been faced with a flattening yield curve in the light of persistent weakness and intriguing inflation, despite the strength of activity. In a dearth of corporate news following the end of the quarterly reporting season, the market went into profit-taking mode, in which valuations have not encouraged any additional risk-taking. The market appears to be vulnerable in special situations (such as Altice's credit risk, GAFA and other technology valuations, etc) even if the risks are not systemic and there is no sign of a turnaround in the business cycle. The strength of the economic recovery in the euro zone (with the composite PMI setting a new record at 57.5 pts vs 56 pts in October) and the persistence of highly positive financial conditions for corporate financing, together support the prospect of yet again attaining earnings growth of around 10% in 2018. This contrasts with the situation in the United Kingdom where the government has downgraded its 2018 growth forecast from 1.6% to 1.4%. On the M&A markets, Altran having announced its acquisition of Aricent, is aiming to become an undisputed world leader in the field of engineering and R&D services. Meanwhile Allianz is busy buying out the minority stake in Euler Hermes, while Axalta has finally opted not to merge with Akzonobel, following a more attractive offer from Nippon Paint; and Fortum has officially submitted an offer for Uniper's entire share capital. We have reduced our positions on Bouygues, ADP, Wartsila Corporation, Sage Group and Rémy Cointreau.

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Change in NAV

Chart – Base 100 (11/12/2017)
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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

7.70 %

10.18 %

7.70 %

10.18 %

1 Year

9.70 %

12.12 %

9.64 %

12.05 %

3 Year

23.96 %

23.48 %

7.41 %

7.28 %

5 year

50.84 %

56.04 %

8.56 %

9.30 %

Since inception

60.19 %

11.15 %

4.55 %

1.00 %

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

Share class (I-EUR)

Benchmark

7.70 %

10.18 %

9.70 %

12.12 %

23.96 %

23.48 %

50.84 %

56.04 %

60.19 %

11.15 %

Annualised

Share class (I-EUR)

Benchmark

9.64 %

12.05 %

7.41 %

7.28 %

8.56 %

9.30 %

4.55 %

1.00 %

*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*9.01 %8.75 %3.44 %0.92 %-0.83 %1.95 %
3 Year *12.58 %13.12 %3.47 %0.96 %0.16 %0.49 %
Max. drawdownAlphaBeta
Share class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmark
1 Year*-7.66 %-0.03 %0.95 %
3 Year *-22.91 %0.08 %0.92 %
Max. monthly gain Since inception13.98 %
Max. monthly loss Since inception-19.73 %
Share class I-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 9.01 % 12.58 % 8.75 % 13.12 %
Tracking Error 3.44 % 3.47 %
Sharpe ratio 1.95 % 0.49 %
Alpha -0.03 % 0.08 %
Correlation coefficient 0.92 % 0.96 %
Information ratio -0.83 % 0.16 %
Max. monthly loss -19.73 %
Max. monthly gain 13.98 %
Max. drawdown -7.66 % -22.91 %
Beta 0.95 % 0.92 %

Fund information

Inception Date (Fund)
05/12/2006
Inception Date (Part)
11/05/2007
Legal form
SICAV
Benchmark
MSCI Europe (NR)
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
500000.00 EUR
ISIN Code
LU1102947196
AuM (fund)
766 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 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value
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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