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EdR Fund Global Emerging Emerging equities

Emerging equities
Change in NAV (14/08/2017)
176.23 EUR
Patricia  URBANO–LU1103293855–
Patricia URBANO
Ludovic VAUTHIER–LU1103293855–
Ludovic VAUTHIER
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
176.23 EUR
Change in NAV (14/08/2017)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (14/08/2017)
176.23 EUR
Risk and reward profile
1234567
Recommended holding period
> 5 years
Patricia URBANO  
Ludovic VAUTHIER  
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 31/07/2017

China's Q2 real GDP was stronger than expected, stabilizing at 6.9% YoY supported by a resilient consumption (retail sales were nearly 10% up YoY) and external demand. M2 growth continues to decelerate at 9.4% (after touching a record low in May at 9.6%) reflecting probably the deleveraging of the financial system. In India, GST has been implemented, creating a single fiscal union (vs 29 different state system previously). In India, for the around 20% of the NIFTY companies who have published so far, aggregated EPS growth remains modest at 5%. As expected, consumer names were affected by pre-GST destocking, reporting weak results (Maruti +5%, Asian Paints -20% and +8% for Unilever). With strong refining margin, RIL results were strong (+28%). Ex ICICI Bank, private banks have published very good results with more than 20% EPS growth (HDFC Bk, Yes Bk, IndusInd Bk). In China, very few companies have published so far. In the education sector, TAL has published results better than expected (+82% YoY) and New Oriental has also reported very solid figures (+41% YoY). Baidu surprised positively with 98% EPS growth YoY. In the auto space, Great Wall results were -79% YoY. TSMC results were weak: -8.6% and the company guided for lower sales growth than expected for the Q3. In Korea, the National Assembly passed the FY17 extra budget worth KRW11trn (0.6% of GDP). Samsung Electronics published +88% profit growth due to a still super DRAM cycle. Amore Pacific has disappointed (-57%). In Indonesia, FDI reached an all-time high in the Q2 with USD 8.3 bn. Astra International has reported a modest 7% earnings growth. The Brazilian Central Bank continues to ease its monetary policy with 100 bps interest rate cut and labor reform was passed. In a tough environment, Brazilian consumer companies have positively surprised: Lojas Renner + 10% EPS growth , Localiza +32% EPS growth in a tough employment environment. In Mexico, infrastructure names continue to deliver solid performance. Airports companies, GAP, ASUR and OMA have respectively reported YoY earnings growth of 86%, 135% and +13%.Walmex reported solid 7.2% SSS growth which helps them to more than double their profit (+118%).

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Change in NAV

Chart – Base 100 (14/08/2017)
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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 01/01/2017

16.26 %

11.10 %

16.26 %

11.10 %

1 Year

10.32 %

12.34 %

10.26 %

12.27 %

3 Year

24.40 %

19.66 %

7.54 %

6.16 %

5 year

36.92 %

25.90 %

6.48 %

4.71 %

Since inception

131.20 %

123.32 %

3.51 %

3.36 %

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

Share class (A-EUR)

Benchmark

16.26 %

11.10 %

10.32 %

12.34 %

24.40 %

19.66 %

36.92 %

25.90 %

131.20 %

123.32 %

Annualised

Share class (A-EUR)

Benchmark

10.26 %

12.27 %

7.54 %

6.16 %

6.48 %

4.71 %

3.51 %

3.36 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class A-EURBenchmarkShare class A-EURBenchmarkShare class A-EURBenchmarkShare class A-EURBenchmarkShare class A-EURBenchmark
1 Year*13.93 %13.16 %4.39 %0.95 %-0.89 %1.23 %
3 Year *14.35 %14.09 %6.31 %0.90 %0.23 %0.50 %
Max. drawdownAlphaBeta
Share class A-EURBenchmarkShare class A-EURBenchmarkShare class A-EURBenchmark
1 Year*-10.71 %-0.06 %1.01 %
3 Year *-31.34 %0.17 %0.92 %
Max. monthly gain Since inception24.63 %
Max. monthly loss Since inception-35.23 %
Share class A-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 13.93 % 14.35 % 13.16 % 14.09 %
Tracking Error 4.39 % 6.31 %
Sharpe ratio 1.23 % 0.50 %
Alpha -0.06 % 0.17 %
Correlation coefficient 0.95 % 0.90 %
Information ratio -0.89 % 0.23 %
Max. monthly loss -35.23 %
Max. monthly gain 24.63 %
Max. drawdown -10.71 % -31.34 %
Beta 1.01 % 0.92 %

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)
301 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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