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EdR Fund Europe Synergy Europe equities

Europe equities
Change in NAV (18/10/2017)
117.01 EUR
Philippe  LECOQ–LU1161527384–
Philippe LECOQ
Olivier HUET–LU1161527384–
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
117.01 EUR
Change in NAV (18/10/2017)
5
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (18/10/2017)
117.01 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 29/09/2017

September saw two shifts in direction: A rise in long-term rates after continued decline in July and August, and an end to the euro's climb against the US dollar (like the GBP vs USD), launched at the end of 2016. This was especially noticeable since mid-April with political risk fading in the euro zone. It brought relief on both fronts, allowing the equity market to get back to growth, with the support of the recovering euro zone cycle. This has confirmed its strength (climbing almost +2%), its spread (into all countries and participating sectors), and its robust nature — since it is fuelled by domestic factors and therefore less vulnerable to external shocks. Against this backdrop, the more value-type stocks have been trending upward, with financial and cyclical industrial stocks making a recovery, and in particular the automotive sector, which posted a double-digit performance for the month. However, more defensive sectors such as telecoms and utilities are lagging behind. The oil price hike has also been driving integrated oil company stocks. In M&A, note BASF's announcement of its acquisition of various Solvay businesses, Thyssenkrupp's formalisation of an MoU for a 50/50 joint-venture with Tata Steel in the European steel industry, and also Alstom and Siemens' project to create an ‘Airbus on rails'. During the month we initiated positions on Unicredit and Generali to strengthen our hitherto modest exposure to financial funds, and to Italy which has seen its economy recovering. The prospect of the ECB beginning to normalise monetary policy is already reflected in a gradual rise by 10-year bonds. This should benefit the banks and insurers. Meanwhile, we have reduced Metro Wholesale & Food.

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Change in NAV

Chart – Base 100 (18/10/2017)
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 O-EUR Cumulative Annualised
Since 01/01/2017

9.36 %

10.62 %

9.36 %

10.62 %

1 Year

17.33 %

17.36 %

17.32 %

17.36 %

Since inception

20.50 %

22.37 %

12.73 %

13.85 %

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

Share class (O-EUR)

Benchmark

9.36 %

10.62 %

17.33 %

17.36 %

20.50 %

22.37 %

Annualised

Share class (O-EUR)

Benchmark

17.32 %

17.36 %

12.73 %

13.85 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class O-EURBenchmarkShare class O-EURBenchmarkShare class O-EURBenchmarkShare class O-EURBenchmarkShare class O-EURBenchmark
1 Year*10.52 %9.88 %4.60 %0.90 %-0.18 %1.69 %
3 Year *
Max. drawdownBeta
Share class O-EURBenchmarkShare class O-EURBenchmark
1 Year*-7.67 %0.96 %
3 Year *
Max. monthly gain Since inception
Max. monthly loss Since inception
Share class O-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 10.52 % 9.88 %
Tracking Error 4.60 %
Sharpe ratio 1.69 %
Correlation coefficient 0.90 %
Information ratio -0.18 %
Max. drawdown -7.67 %
Beta 0.96 %

Fund information

Inception Date (Fund)
05/12/2006
Inception Date (Part)
29/03/2016
Legal form
SICAV
Benchmark
MSCI Europe (NR)
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Distribution
Valuation frequency
Daily
Minimum initial investment
5000000.00 EUR
ISIN Code
LU1161527384
AuM (fund)
772 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
0,550 %
Current management fee
0.550 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value

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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