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 Global Emerging Emerging equities

Emerging equities
Change in NAV (17/04/2018)
183.44 EUR
Ludovic  VAUTHIER–LU1103293855–
Ludovic VAUTHIER
Patricia URBANO–LU1103293855–
Patricia URBANO
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
183.44 EUR
Change in NAV (17/04/2018)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (17/04/2018)
183.44 EUR
Risk and reward profile
1234567
Recommended holding period
> 5 years
Ludovic VAUTHIER  
Patricia URBANO  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The objective, over a recommended investment period of more than 5 years, is to grow net asset value by investing in companies registered predominantly in emerging countries (Asia, Latin America, Caribbean, Eastern Europe, Middle East, Africa).

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Commentary 29/03/2018

In March, the EM index fell 2%, outperforming the MSCI World (-2.4%). The most important drivers were: 1) US Fed raising rates with a hawkish forecast; 2) the global growth slowdown; 3) the protectionist measures announced by US and fear of that could escalate to a trade war; and 4) tech sector correction. Oil prices went up 5% partly in anticipation of OPEC supply cut extension. The healthcare sector in China and the consumption in Brazil contributed the most for the performance of the fund. The main detractors were the Chinese tech and the Russian bank sectors. China (-3%) sold off after Trump's administration announced 25% tariff on at least US$50bn imports from China (0.1% impact on China GDP growth). On the macro side, Central Bank of China increased short term interest rates by 5bps. The March Manufacturing PMI rebounded to 51.5. After NPC meeting, Mr. Xi Jinping secured the important condition required for ongoing stability in China: the term limit of the Chinese presidency has been removed. Furthermore, the deleveraging process was reaffirmed as a priority this year. In terms of results, Chinese companies reported strong numbers, beating expectations. Tencent reported top line and net profit growth of 56% and 74%. 3SBio net profit grew 31% in 2017. Korea (+3%), had a good performance due to some release of geopolitical noises. India (-4%), the market continued to underperform on weaker numbers on the economy recovery and higher oil prices. Brazil (-2%), the Central Bank reduced interest rates, with a surprising dovish speech. Private banks are more constructive in terms of loan growth this year. Iochpe kept the positive trend of recovering results in 4Q17. Domestic sales were up 27%. Mexico (-0.3%), positive news on the Nafta negotiation led the market to outperform its peers. In Russia (-3.7%, albeit higher oil prices), Sberbank reported strong 4Q18 results, earnings up 27% yoy, ROE of 20%. South Africa market went down 4.5% (ex-Nasper). Nasper corrected 16% after selling 2% of its stake in Tencent , and not buying back Nasper shares.The SARB cut 25bp of repo rate. We remain positive on Emerging Markets. Despite the turbulence, emerging market eps growth estimates continued to be revised upwards.

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Change in NAV

Chart – Base 100 (17/04/2018)
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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 A-EUR Cumulative Annualised
Since 01/01/2018

-4.07 %

-2.10 %

-4.07 %

-2.10 %

1 Year

7.06 %

6.14 %

6.98 %

6.07 %

3 Year

5.41 %

4.20 %

1.77 %

1.38 %

5 year

37.88 %

37.98 %

6.63 %

6.65 %

Since inception

140.85 %

137.30 %

3.59 %

3.52 %

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

Share class (A-EUR)

Benchmark

-4.07 %

-2.10 %

7.06 %

6.14 %

5.41 %

4.20 %

37.88 %

37.98 %

140.85 %

137.30 %

Annualised

Share class (A-EUR)

Benchmark

6.98 %

6.07 %

1.77 %

1.38 %

6.63 %

6.65 %

3.59 %

3.52 %

*Rolling periods

Annual performance



Fund information

Inception Date (Fund)
10/05/1993
Inception Date (Part)
10/05/1993
Legal form
SICAV
Benchmark
MSCI Emerging Markets (NR)
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1103293855
AuM (fund)
361 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
1,700 %
Current management fee
1.700 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value
Subscription fee
3.00 % max
Performance fee
15,000 %

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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