Edmond de Rothschild

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This site provides extensive information about the ranges of Edmond de Rothschild Group funds. In particular, it provides simplified access to key fund-related data (performance, net asset values, features) and their commercial or legal documents.

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EdR Fund Europe Value & Yield Europe equities

Europe equities
Change in NAV (21/02/2018)
111.62 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
111.62 EUR
Change in NAV (21/02/2018)
5
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (21/02/2018)
111.62 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 31/01/2018

European equity indices posted a marked uptrend in January, thanks to a global economic momentum that remains sustained, synchronous, and reinvigorated by tax reforms in the United States that will prolong the US cycle. The IMF has announced an upgrade to its economic outlook, and the political horizon is clearing up in Germany following a coalition government deal between the SPD and CDU. Despite this buoyant environment, two key facts raise questions and are having some impact on the market trend. One is the rise in sovereign rates (with the 10-year US bond rate climbing from 2.4% at end 2017 to 2.7% at January's end, as well as the German bund up from 0.4% to around 0.7%). The other is the growing weakness manifested by the USD. The ongoing rise in sovereign rates on both sides of the Atlantic may be justified by an improvement in growth prospects, coupled with signs of renewed inflation. But the USD's decline raises more questions about its causes, its consequences (the euro's relative strength is cutting into some of the earnings growth European companies are enjoying), and its remedies. The ECB seems to have initially contributed to the euro's appreciation by hinting at a necessary adjustment to monetary policy given the improvement in the economic situation, before it becomes worrying. At the sector level, the outperformance posted by discounted financial and cyclical stocks reflects this reflationary trend. Meanwhile, M&A, and more generally business transformation activity, are both keeping strong. Successive bids such as Sanofi's for Bioverativ and Ablynx, Kering's Puma spin-off, and Altice Europe's US spin-off, Barcelo's offer on Spain's NH Hotel, and news of an ambitious transformation plan by Carrefour's new CEO Alexandre Bompard, among others, are in this flurry. During the month we reduced our positions on Munich Re, Accor, Sampo, Royal Dutch Shell and Total. Meanwhile, we have sold our positions on Airbus and Peugeot, while strengthening on ABN Amro, Daimler, Enel and ProSiebenSat1.

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Change in NAV

Chart – Base 100 (21/02/2018)
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 01/01/2018

0.14 %

-2.06 %

0.14 %

-2.06 %

1 Year

4.32 %

4.49 %

4.32 %

4.49 %

Since inception

11.62 %

20.72 %

5.98 %

10.46 %

Since 01/01/2018 1 Year 3 Year 5 year Since inception
Cumulative

Share class (C-EUR)

Benchmark

0.14 %

-2.06 %

4.32 %

4.49 %

11.62 %

20.72 %

Annualised

Share class (C-EUR)

Benchmark

4.32 %

4.49 %

5.98 %

10.46 %

*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*8.90 %7.73 %3.17 %0.94 %-0.42 %1.51 %
3 Year *
Max. drawdownAlphaBeta
Share class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmark
1 Year*-7.62 %-0.04 %1.08 %
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 8.90 % 7.73 %
Tracking Error 3.17 %
Sharpe ratio 1.51 %
Alpha -0.04 %
Correlation coefficient 0.94 %
Information ratio -0.42 %
Max. drawdown -7.62 %
Beta 1.08 %

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)
367 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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