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 (20/04/2018)
151.20 EUR
Philippe  LECOQ–LU1102947519–
Philippe LECOQ
Olivier HUET–LU1102947519–
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
151.20 EUR
Change in NAV (20/04/2018)
5
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (20/04/2018)
151.20 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 29/03/2018

Equity markets corrected in March given a double whammy: the risk of a trade war (with US protectionism on the rise), and leading indicators that show economic activity at record highs beginning to flatten out or even peak, especially in the euro zone. Long bonds, which started dipping in early February, have continued to slide — though with no gap opening between core and peripheral issues — despite the Italian elections failing to produce a solid coalition. The risk of the euro climbing in this protectionist environment has forced the ECB to adopt a more cautious tone on its monetary policy, in contrast to the US Federal Reserve and the Bank of England, which hinted that it would its tighten rates in May. The UK and EU have reached an agreement on Brexit transition, opening the way for trade talks and giving the pound a boost. Market valuations now include a risk premium consistent with a higher volatility environment, and in line with downgraded earnings prospects, due mainly to lower commodities and foreign-exchange effects. While one cannot rule out the risk that a number of US technology segments may not be sustainable, it seems that even a partial surrender has left less room for the euphoria and complacency in evidence at the beginning of the year. Activity has been buoyant on the business transformation front. Within the portfolio, note that Elliott Management, the activist fund, took a stake in Telecom Italia as it heads towards the spin-off of its fixed network and for a governance overhaul. The new, unsolicited offer by Melrose on GKN, although immediately rejected by GKN, has been accepted by a majority of the shareholders in the UK-based industrial equipment maker. Meanwhile, Akzo Nobel has announced the sale of its specialty chemicals division for €10 billion. We seized on this opportunity to reduce the position, but we feel its new profile as a pure player in Paints & Coatings still warrants a revaluation.

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Change in NAV

Chart – Base 100 (20/04/2018)
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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 J-EUR Cumulative Annualised
Since 01/01/2018

2.58 %

-1.08 %

2.58 %

-1.08 %

1 Year

3.21 %

3.74 %

3.21 %

3.74 %

3 Year

6.04 %

1.18 %

1.97 %

0.39 %

5 year

51.80 %

50.97 %

8.70 %

8.58 %

Since inception

71.04 %

61.80 %

8.25 %

7.37 %

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

Share class (J-EUR)

Benchmark

2.58 %

-1.08 %

3.21 %

3.74 %

6.04 %

1.18 %

51.80 %

50.97 %

71.04 %

61.80 %

Annualised

Share class (J-EUR)

Benchmark

3.21 %

3.74 %

1.97 %

0.39 %

8.70 %

8.58 %

8.25 %

7.37 %

*Rolling periods

Annual performance



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
500000.00 EUR
ISIN Code
LU1102947519
AuM (fund)
658 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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