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EdR Fund Europe Value & Yield Europe equities

Europe equities
Change in NAV (18/07/2017)
119.58 EUR
Philippe  LECOQ–LU1161528275–
Philippe LECOQ
Anthony PENEL–LU1161528275–
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
119.58 EUR
Change in NAV (18/07/2017)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (18/07/2017)
119.58 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 30/06/2017

Macroeconomic factors were the main drivers on European markets in June. The indices fell back in a complicated geopolitical environment in the wake of the defeat suffered by Theresa May's Conservative party in the UK elections. This resulted in the Tories' loss of their absolute majority in the United Kingdom, and raised new questions about the Brexit negotiations. Uncertainty over possible changes to monetary policy (which would become less accommodative in the euro zone) and its influence on a potential hike in interest rates also weighed heavily against a backdrop falling oil prices. At the sector level — with the exception of banks that are sensitive to rate hikes and reassured by the bailouts staged for Banco Popular in Spain plus the Veneto and Vincenza banks in Italy — all sectors on the market are in decline. However, the euro zone indicators published in June proved positive (with the PMI manufacturing up in particular), and confirmed a positive recovery in activity. Air traffic is still holding up well, as are airplane and equipment manufacturers. New car registrations are still on the rise in Europe. And M&A activity has continued at an equally dynamic pace. The activist investor, ThirdPoint's, acquisition of a stake in Nestlé has revived the agribusiness compartment on the stock market. Alexandre Bompard, ex-CEO of Fnac Darty, replaced Georges Plassat as head of Carrefour on June 16. Diageo has announced its acquisition of the super-premium tequila maker, Casamigos, at exceptional valuation multiples. Meanwhile, the European Union has given a green light to Vivendi's proposed takeover of Telecom Italia. Given Vivendi's incomprehensable strategy and governance, we have sold our position.

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Change in NAV

Chart – Base 100 (18/07/2017)
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

6.76 %

7.53 %

6.76 %

7.53 %

1 Year

11.95 %

15.81 %

11.95 %

15.81 %

Since inception

24.48 %

24.59 %

8.33 %

8.36 %

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

Share class (O-EUR)

Benchmark

6.76 %

7.53 %

11.95 %

15.81 %

24.48 %

24.59 %

Annualised

Share class (O-EUR)

Benchmark

11.95 %

15.81 %

8.33 %

8.36 %

*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*11.78 %10.70 %2.97 %0.97 %-1.43 %1.64 %
3 Year *
Max. drawdownAlphaBeta
Share class O-EURBenchmarkShare class O-EURBenchmarkShare class O-EURBenchmark
1 Year*-6.46 %-0.09 %1.07 %
3 Year *
Max. monthly gain Since inception9.13 %
Max. monthly loss Since inception-7.36 %
Share class O-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 11.78 % 10.70 %
Tracking Error 2.97 %
Sharpe ratio 1.64 %
Alpha -0.09 %
Correlation coefficient 0.97 %
Information ratio -1.43 %
Max. monthly loss -7.36 %
Max. monthly gain 9.13 %
Max. drawdown -6.46 %
Beta 1.07 %

Fund information

Inception Date (Fund)
02/09/1999
Inception Date (Part)
23/10/2014
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
LU1161528275
AuM (fund)
459 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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