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EdR Fund Europe Value & Yield Europe equities

Europe equities
Change in NAV (22/06/2017)
142.77 USD
Philippe  LECOQ–LU1103283542–
Philippe LECOQ
Anthony PENEL–LU1103283542–
Anthony PENEL
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
142.77 USD
Change in NAV (22/06/2017)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (22/06/2017)
142.77 USD
Risk and reward profile
1234567
Recommended holding period
> 5 years
Philippe LECOQ  
Anthony PENEL  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

EdR Europe Value & Yield is invested in European large capitalisations. Along with an active cash management, the sub-fund selects high quality undervalued stocks and/or the ones able to deliver an above average return. Defensive stocks and cash represent at least 50% of the portfolio while financial and cyclical stocks cannot exceed 50%.

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Commentary 31/05/2017

Confirmation of a positive macroeconomic climate (with a very strong Eurozone Composite PMI and German IFO) has boosted investor confidence. Markets progressed and then consolidated following Emmanuel Macron's election as President of France, but then contracted on rumours of Donald Trump's dismissal, and suspicions of corruption surrounding the president of Brazil. Despite these multiple pressures, European markets closed up in May. Corporate reporting remained a strong influence throughout the month. Quarterly earnings reports were highly positive overall in Europe, posting one of their strongest growth runs in the last seven years. Q1 earnings were climbed +23% in Europe, helped by top-line sales growth exceeding 10%. Variations between sectors continued to be significant, with further strong growth in the consumer, agribusiness, utilities and telecom sectors, while mining stocks, chemicals and energy continued to suffer due to falling commodities and oil prices. M&A transactions continued throughout the month. The Swiss chemical group Clariant announced a $13bn stock merger-of-equals with Huntsman, to build in size and market share. An epilogue to the Zodiac/Safran saga seems close as the offer has been approved by Zodiac's family shareholders and the boards of both companies. Pressure has gone up a notch at PPG with a June 1 deadline to file a fourth bid for Akzo (before the six-month legal cooling-off period kicks in). Meanwhile, Accor announced its Board of Directors' green light for the planned spin-off of its HotelInvest subsidiary from the rest of the group, to facilitate a sale later. A position was initiated on ProSieben during the month. The group's benefits include a high dividend and strong growth in its digital activity.

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Change in NAV

Chart – Base 100 (22/06/2017)
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 A-USD Cumulative Annualised
Since 01/01/2017

15.15 %

15.53 %

15.15 %

15.53 %

1 Year

12.37 %

15.98 %

12.37 %

15.98 %

3 Year

-4.85 %

-1.47 %

-1.64 %

-0.49 %

5 year

47.08 %

56.04 %

8.02 %

9.30 %

Since inception

42.77 %

46.27 %

4.62 %

4.94 %

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

Share class (A-USD)

Benchmark

15.15 %

15.53 %

12.37 %

15.98 %

-4.85 %

-1.47 %

47.08 %

56.04 %

42.77 %

46.27 %

Annualised

Share class (A-USD)

Benchmark

12.37 %

15.98 %

-1.64 %

-0.49 %

8.02 %

9.30 %

4.62 %

4.94 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class A-USDBenchmarkShare class A-USDBenchmarkShare class A-USDBenchmarkShare class A-USDBenchmarkShare class A-USDBenchmark
1 Year*13.52 %12.31 %3.14 %0.97 %-1.63 %1.34 %
3 Year *12.72 %13.24 %3.92 %0.96 %-0.36 %-0.02 %
Max. drawdownAlphaBeta
Share class A-USDBenchmarkShare class A-USDBenchmarkShare class A-USDBenchmark
1 Year*-13.18 %-0.10 %1.07 %
3 Year *-25.22 %-0.12 %0.92 %
Max. monthly gain Since inception14.95 %
Max. monthly loss Since inception-17.89 %
Share class A-USD
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 13.52 % 12.72 % 12.31 % 13.24 %
Tracking Error 3.14 % 3.92 %
Sharpe ratio 1.34 % -0.02 %
Alpha -0.10 % -0.12 %
Correlation coefficient 0.97 % 0.96 %
Information ratio -1.63 % -0.36 %
Max. monthly loss -17.89 %
Max. monthly gain 14.95 %
Max. drawdown -13.18 % -25.22 %
Beta 1.07 % 0.92 %

Fund information

Inception Date (Fund)
02/09/1999
Inception Date (Part)
06/08/2009
Legal form
SICAV
Benchmark
MSCI Europe (NR)
Currency (fund)
EUR
Currency (share class)
USD
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1103283542
AuM (fund)
475 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
1,700 %
Current management fee
1.700 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value
Subscription fee
3.00 % max

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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