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EdR Fund Europe Value & Yield Europe equities

Europe equities
Change in NAV (26/04/2017)
194.88 EUR
Philippe  LECOQ–LU1103285596–
Philippe LECOQ
Anthony PENEL–LU1103285596–
Anthony PENEL
The identity of the managers presented in this document may change during the life of the product.
Risk and reward profile (1)
Recommended holding period
> 5 years
194.88 EUR
Change in NAV (26/04/2017)
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (26/04/2017)
194.88 EUR
Risk and reward profile
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.

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 31/03/2017

European markets ended the quarter in a climate of confidence, temporarily reassured over political risk in Europe, the maintenance of monetary policy by Mario Draghi, and confident in the recent dynamism of the US economy. The economic data published in the euro zone is trending well with growth accelerating in the Eurozone PMI Composite index to its highest level in 71 months, and with good figures from the German IFO. Companies are publishing their seasonal earnings reports in a market on an uptrend. Most major European stocks outperformed their sales forecasts, confirming an acceleration in top-line growth in many sectors and in profit levels. The consensus has continued to issue upgrades week after week, in particular on cyclical stocks (such as Lafarge, Valéo, GKN and Meggitt). Banking stocks were driven upward following Intesa (after giving up on its proposed acquisition of Generali). The consumer discretionary and technology sectors, top performers since the beginning of the year, have continued to grow. On the M&A scene, Amundi launched a capital increase to finance its acquisition of Pioneer. Peugeot is acquiring Opel from General Motors, and Standard Life is merging with Aberdeen AM. AkzoNobel has refused two takeover bids from PPG and has begun procedures aimed at spinning-off its specialty chemicals business. Similarly, Unilever is preparing to sell off some of its food brands for £6 billion, as announced in the last few weeks. Danone, meanwhile, has pledged to divest its US subsidiary Stonyfield in order to finalise its WhiteWave buyout in the United States. We sold Sanofi this month, while strengthening on Smith & Nephew and reducing Airbus, Vinci and BAE Systems.

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Change in NAV

Chart – Base 100 (26/04/2017)
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 R-EUR Cumulative performance Annualised performance
Since 01/01/2017 6.10 %  
1 Year 7.48 % 7.48 %
3 Year 15.77 % 4.99 %
5 year 52.61 % 8.82 %
Since inception 94.88 % 8.48 %
Performance R-EUR Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative performance 6.10 % 7.48 % 15.77 % 52.61 % 94.88 %
Annualised performance 7.48 % 4.99 % 8.82 % 8.48 %


VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
1 Year3 Year 1 Year3 Year 1 Year3 Year 1 Year3 Year 1 Year3 Year
Share class R-EUR13.40 %12.68 %3.27 %3.80 %0.97 %0.96 %-2.74 %-0.71 %1.46 %0.56 %
Benchmark12.89 %13.00 %
Max. monthly lossMax. monthly gainAlphaBeta
Since inceptionSince inception1 Year3 Year 1 Year3 Year
Share class R-EUR-15.63 %14.41 %-0.15 %-0.17 %1.01 %0.93 %
Share class R-EUR
1 Year 3 Year 1 Year 3 Year
Volatility 13.40 % 12.68 % 12.89 % 13.00 %
Tracking Error 3.27 % 3.80 %
Sharpe ratio 1.46 % 0.56 %
Alpha -0.15 % -0.17 %
Correlation coefficient 0.97 % 0.96 %
Information ratio -2.74 % -0.71 %
Max. monthly loss -15.63 %
Max. monthly gain 14.41 %
Beta 1.01 % 0.93 %

Fund information

Inception Date (Fund)
Inception Date (Part)
Legal form
MSCI Europe (NR)
Currency (fund)
Currency (share class)
Distribution Policy
Valuation frequency
Minimum initial investment
1 Share
AuM (fund)
494 M (EUR)
Regulatory authority
EU Regulation
Management company
Edmond de Rothschild Asset Management (Luxembourg)
Delegated Management Company
Edmond de Rothschild Asset Management (France)
Maximum management fee
2,100 %
Current management fee
2.100 %
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.