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 (04/12/2018)
116.87 EUR
Philippe  LECOQ–LU1161527624–
Philippe LECOQ
Olivier HUET–LU1161527624–
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
116.87 EUR
Change in NAV (04/12/2018)
5
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (04/12/2018)
116.87 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 31/07/2018

July was a little easier on the trade war front, especially between Europe and the United States. This development was welcomed by narrowing credit-spreads in a climate of modestly rising rates, and climbing European equity indices. Recently published corporate reports have confirmed the growth expected at the start of the year, at nearly 10%, without, however, showing any strong trends. While the currency effect is expected to be less punishing at current levels in the second half, markets are putting a high premium on the risk of a turnaround in the economic cycle. Such risk is being heightened by persistent uncertainty, fuelled by destabilising rhetoric from the US Administration. As a result, all business models premised on medium-term improvement (especially when based on restructuring plans) have been shunned in favour of good quality reports and those still looking good over the short term. M&A activity remains strong, with, for example, the acquisition of Syntel by Atos, GAES (hearing aid leader in Spain) by Amplifon, and a Canadian off-road tyre maker by Michelin. Covestro has been added to the portfolio. In fact, since Bayer's almost total exit as a shareholder, the group has become a target in a chemistry sector that is in a phase of consolidation. Low valuations related to price concerns over polyurethanes and polycarbonates, as well as balance sheet strength, have made an opportunity for a potential acquirer. Meanwhile, we have sold Croda International, cashing in our profits in the wake of the stock's recent performance.

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Change in NAV

Chart – Base 100 (04/12/2018)
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 N-EUR Cumulative Annualised

-7.79 %

-4.51 %

0.43 %

1.93 %

Since inception

16.87 %

18.08 %

3.90 %

4.16 %

Since 01/01/2018 1 year* 3 years* 5 years* Since inception
Cumulative

Share class (N-EUR)

Benchmark

16.87 %

18.08 %

Annualised

Share class (N-EUR)

Benchmark

-7.79 %

-4.51 %

0.43 %

1.93 %

3.90 %

4.16 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class N-EURBenchmarkShare class N-EURBenchmarkShare class N-EURBenchmarkShare class N-EURBenchmarkShare class N-EURBenchmark
1 Year*14.42 %12.94 %4.64 %0.95 %-0.75 %-0.28 %
3 Year *10.46 %10.00 %3.95 %0.93 %-0.30 %0.08 %
Max. drawdownAlphaBeta
Share class N-EURBenchmarkShare class N-EURBenchmarkShare class N-EURBenchmark
1 Year*-15.24 %-0.06 %1.06 %
3 Year *-18.99 %-0.09 %0.97 %
Max. monthly gain Since inception8.03 %
Max. monthly loss Since inception-8.44 %
Share class N-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 14.42 % 10.46 % 12.94 % 10.00 %
Tracking Error 4.64 % 3.95 %
Sharpe ratio -0.28 % 0.08 %
Alpha -0.06 % -0.09 %
Correlation coefficient 0.95 % 0.93 %
Information ratio -0.75 % -0.30 %
Max. monthly loss -8.44 %
Max. monthly gain 8.03 %
Max. drawdown -15.24 % -18.99 %
Beta 1.06 % 0.97 %

Fund information

Inception Date (Fund)
05/12/2006
Inception Date (Part)
06/11/2014
Legal form
SICAV
Benchmark
MSCI Europe (NR)
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
5000000.00 EUR
ISIN Code
LU1161527624
AuM (fund)
517 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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