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EdR Fund Europe Value & Yield Europe equities

Europe equities
Change in NAV (15/11/2017)
111.46 EUR
Philippe  LECOQ–LU1161528432–
Philippe LECOQ
Anthony PENEL–LU1161528432–
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
111.46 EUR
Change in NAV (15/11/2017)
5
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (15/11/2017)
111.46 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 31/10/2017

Equity markets closed October with yet another rise, reassured by the buoyant environment: The ECB has extended its asset repurchasing programme until September 2018, while reducing its amount from €60 billion to €30 billion, from January onward. This means a reduced risk of interest rates rising again and a halt to the euro's climb — two clearly positive factors that are supporting equity valuations in the euro zone. The Bank of England has raised its key rate 25 bps to 0.50% for the first time in over 10 years. At the macroeconomic level, the euro zone once again distinguished itself by positive figures testifying to the current economic momentum. This, with the PMI Composite reaching a record high at 56.7 (vs 55.7 in August) and the PMI Manufacturing stable in October at 58.5 (vs 56.8 in September) and 56.1 in France. It should be noted that following Catalonia's declaration of independence by the regional parliament, the region was put under Madrid's supervision, with early elections scheduled for December 21. Driven by organic growth, the Q3 results reflect the acceleration in the cycle, with operational leverage varying from one sector to another: This was strong for industrial cyclicals, tech stocks and luxury, but undermined by rising energy and material costs in the construction sector; and less visible in banking (with the low risk cost already priced-in, and no early prospect of significant rate hikes). During the month we strengthened the position on Unicredit given the fact that the Italian economy is finally enjoying an upturn, and we also strengthened ProSiebenSat 1. Meanwhile, we reduced the positions on Airbus, CNH, Vinci, Peugeot and Daimler.

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Change in NAV

Chart – Base 100 (15/11/2017)
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 C-EUR Cumulative Annualised
Since 01/01/2017

5.64 %

8.08 %

5.64 %

8.08 %

1 Year

13.17 %

15.46 %

13.17 %

15.46 %

Since inception

11.46 %

20.85 %

6.91 %

12.36 %

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

Share class (C-EUR)

Benchmark

5.64 %

8.08 %

13.17 %

15.46 %

11.46 %

20.85 %

Annualised

Share class (C-EUR)

Benchmark

13.17 %

15.46 %

6.91 %

12.36 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmark
1 Year*9.99 %8.87 %3.21 %0.95 %-0.82 %2.69 %
3 Year *
Max. drawdownAlphaBeta
Share class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmark
1 Year*-7.62 %-0.07 %1.07 %
3 Year *
Max. monthly gain Since inception
Max. monthly loss Since inception
Share class C-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 9.99 % 8.87 %
Tracking Error 3.21 %
Sharpe ratio 2.69 %
Alpha -0.07 %
Correlation coefficient 0.95 %
Information ratio -0.82 %
Max. drawdown -7.62 %
Beta 1.07 %

Fund information

Inception Date (Fund)
02/09/1999
Inception Date (Part)
01/04/2016
Legal form
SICAV
Benchmark
MSCI Europe (NR)
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1161528432
AuM (fund)
420 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
0,850 %
Current management fee
0.850 %
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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