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EdR Fund Europe Synergy Europe equities

Europe equities
Change in NAV (16/08/2017)
147.54 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
147.54 EUR
Change in NAV (16/08/2017)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (16/08/2017)
147.54 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 31/07/2017

In July, European equity markets continued the gentle downtrend begun in mid-May. The background this month comprised oil rebounding over $50 per barrel (with Brent crude +7.5%), a rise in the euro (+3.6% against the USD, and +2.2% against the GBP), and the Q2 corporate reports. The ECB's statements — carefully measured as they were — with the inflation prospects far from their desired level, were interpreted by investors as a step towards an ultra-accommodating policy shift in the autumn. The euro's climb, especially against the US dollar, strongly penalised European exporting companies heavily engaged in the USD zone (such as pharmaceuticals and airlines). The flood of 2017 corporate reports left a mixed impression, as good reports did not necessarily produce strong stock performances in most cases, while disappointing reports, even when on line, were severely penalised. Astrazeneca disappointed (with negative initial results on an oncology trial), as did profit warnings on Ericsson, GEA Group and Atlas Copco. Positive reports were to be found in highly diverse sectors, such as luxury, with Kering or LVMH, food with Heineken, or automobiles with Peugeot SA, which has announced a record operating margin. Meanwhile, the tobacco industry has been hit heavily by the FDA's proposed new restrictions on nicotine content. Our positions on Carrefour and Ericsson were strengthened during the month.

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Change in NAV

Chart – Base 100 (16/08/2017)
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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 J-EUR Cumulative Annualised
Since 01/01/2017

7.54 %

6.85 %

7.54 %

6.85 %

1 Year

13.93 %

13.44 %

13.93 %

13.44 %

3 Year

28.07 %

22.88 %

8.57 %

7.09 %

5 year

55.52 %

56.00 %

9.23 %

9.30 %

Since inception

66.90 %

58.53 %

8.77 %

7.86 %

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

Share class (J-EUR)

Benchmark

7.54 %

6.85 %

13.93 %

13.44 %

28.07 %

22.88 %

55.52 %

56.00 %

66.90 %

58.53 %

Annualised

Share class (J-EUR)

Benchmark

13.93 %

13.44 %

8.57 %

7.09 %

9.23 %

9.30 %

8.77 %

7.86 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class J-EURBenchmarkShare class J-EURBenchmarkShare class J-EURBenchmarkShare class J-EURBenchmarkShare class J-EURBenchmark
1 Year*10.93 %10.45 %4.39 %0.92 %0.43 %1.36 %
3 Year *12.61 %13.02 %3.51 %0.96 %0.35 %0.51 %
Max. drawdownAlphaBeta
Share class J-EURBenchmarkShare class J-EURBenchmarkShare class J-EURBenchmark
1 Year*-8.32 %0.04 %0.96 %
3 Year *-22.95 %0.13 %0.93 %
Max. monthly gain Since inception13.71 %
Max. monthly loss Since inception-16.09 %
Share class J-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 10.93 % 12.61 % 10.45 % 13.02 %
Tracking Error 4.39 % 3.51 %
Sharpe ratio 1.36 % 0.51 %
Alpha 0.04 % 0.13 %
Correlation coefficient 0.92 % 0.96 %
Information ratio 0.43 % 0.35 %
Max. monthly loss -16.09 %
Max. monthly gain 13.71 %
Max. drawdown -8.32 % -22.95 %
Beta 0.96 % 0.93 %

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)
777 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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