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EdR Fund Europe Value & Yield Europe equities

Europe equities
Change in NAV (14/08/2017)
134.86 EUR
Philippe  LECOQ–LU1103284862–
Philippe LECOQ
Anthony PENEL–LU1103284862–
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
134.86 EUR
Change in NAV (14/08/2017)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (14/08/2017)
134.86 EUR
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 31/07/2017

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. No significant transactions were carried out over the month.

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Change in NAV

Chart – Base 100 (14/08/2017)
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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

5.12 %

6.04 %

5.12 %

6.04 %

1 Year

9.31 %

11.72 %

9.26 %

11.65 %

3 Year

20.18 %

21.95 %

6.31 %

6.83 %

5 year

50.09 %

55.00 %

8.45 %

9.16 %

Since inception

61.40 %

57.16 %

8.18 %

7.71 %

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

Share class (J-EUR)

Benchmark

5.12 %

6.04 %

9.31 %

11.72 %

20.18 %

21.95 %

50.09 %

55.00 %

61.40 %

57.16 %

Annualised

Share class (J-EUR)

Benchmark

9.26 %

11.65 %

6.31 %

6.83 %

8.45 %

9.16 %

8.18 %

7.71 %

*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*11.54 %10.45 %2.81 %0.97 %-1.21 %1.36 %
3 Year *12.89 %13.02 %3.95 %0.95 %-0.18 %0.51 %
Max. drawdownAlphaBeta
Share class J-EURBenchmarkShare class J-EURBenchmarkShare class J-EURBenchmark
1 Year*-6.52 %-0.07 %1.07 %
3 Year *-22.19 %-0.03 %0.94 %
Max. monthly gain Since inception14.35 %
Max. monthly loss Since inception-13.96 %
Share class J-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 11.54 % 12.89 % 10.45 % 13.02 %
Tracking Error 2.81 % 3.95 %
Sharpe ratio 1.36 % 0.51 %
Alpha -0.07 % -0.03 %
Correlation coefficient 0.97 % 0.95 %
Information ratio -1.21 % -0.18 %
Max. monthly loss -13.96 %
Max. monthly gain 14.35 %
Max. drawdown -6.52 % -22.19 %
Beta 1.07 % 0.94 %

Fund information

Inception Date (Fund)
02/09/1999
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
LU1103284862
AuM (fund)
444 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

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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