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 (17/01/2018)
156.22 USD
Patricia  URBANO–LU1103293939–
Patricia URBANO
Ludovic VAUTHIER–LU1103293939–
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
156.22 USD
Change in NAV (17/01/2018)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (17/01/2018)
156.22 USD
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 29/12/2017

Emerging Market MSCI index went up by 3% (and 34% in 2017), outperforming the Developed Market index(up 1.5% and 21% in 2017). Crude oil price went up by 5% on expectations of higher synchronized global economic growth. China went up by 2%, underperformed EM due to the Government increasing efforts towards financial deleveraging and regulatory tightening to control shadow banking lending. India was up 5%. BJP had several victories in key state assembly elections, reinforcing President Modi leadership. Nevertheless, RBI left its policy rates unchanged at 6%. Inflation rate jumped from 3.6% in October to 4.9% in November. Moreover, several Indian companies raised capital to enhance their balance sheet to deleverage or to be prepared for higher demand. Chile and South Africa had the best performance (16% and 9%) after positive election outcome. In South Africa, Cyril Ramaphosa won the ANC congress election. In Chile, the victory of Pinera in the presidential elections was also an assurance. Brazil was up 4.7%. Although, IP and Retail sales disappointed, inflation came lower than expected. Central Bank cut interest rates again by 50bps to 7%. Consumer and business confidence continued to improve. Pension reform was delayed to February. Embraer and Boeing confirmed that they are talking about a potential combination of their business. Argentina was up 3% and 73% in 2017. The Government surprised positively and approved the pension reform. In Peru, Kuczynski survived an impeachment vote. Mexico was flat, as Mexican companies could be less competitive after US tax reform approval. Moreover, inflation remains high. Central Bank increased interest rate again by 25bps to 7.25%. All in all, we remain optimist on Emerging Markets for 2018. We expect China to continue to move up the value chain. Perhaps China wont have the same performance as it did in 2017, but we remain positive. Brazil and Argentina economies are recovering. India could be a positive surprise if capex comes back earlier than expected. South Africa, we need to closely monitor the outcome of the ANC election which could be a game changer for the country's prospects. We expect 13% eps growth. EM is trading at 12x 12m fwd P/E versus DM at 16x (and 10% eps growth).

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Change in NAV

Chart – Base 100 (17/01/2018)
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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-USD Cumulative Annualised
Since 01/01/2018

4.24 %

5.56 %

4.24 %

5.56 %

1 Year

44.84 %

39.62 %

44.84 %

39.62 %

3 Year

39.18 %

36.90 %

11.63 %

11.01 %

5 year

36.13 %

28.03 %

6.36 %

5.06 %

Since inception

56.22 %

51.46 %

6.02 %

5.59 %

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

Share class (A-USD)

Benchmark

4.24 %

5.56 %

44.84 %

39.62 %

39.18 %

36.90 %

36.13 %

28.03 %

56.22 %

51.46 %

Annualised

Share class (A-USD)

Benchmark

44.84 %

39.62 %

11.63 %

11.01 %

6.36 %

5.06 %

6.02 %

5.59 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class A-USDBenchmarkShare class A-USDBenchmarkShare class A-USDBenchmarkShare class A-USDBenchmarkShare class A-USDBenchmark
1 Year*11.85 %10.47 %4.32 %0.93 %1.50 %3.48 %
3 Year *14.27 %15.57 %6.49 %0.91 %0.14 %0.55 %
Max. drawdownAlphaBeta
Share class A-USDBenchmarkShare class A-USDBenchmarkShare class A-USDBenchmark
1 Year*-7.23 %0.06 %1.05 %
3 Year *-27.92 %0.19 %0.83 %
Max. monthly gain Since inception11.45 %
Max. monthly loss Since inception-16.57 %
Share class A-USD
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 11.85 % 14.27 % 10.47 % 15.57 %
Tracking Error 4.32 % 6.49 %
Sharpe ratio 3.48 % 0.55 %
Alpha 0.06 % 0.19 %
Correlation coefficient 0.93 % 0.91 %
Information ratio 1.50 % 0.14 %
Max. monthly loss -16.57 %
Max. monthly gain 11.45 %
Max. drawdown -7.23 % -27.92 %
Beta 1.05 % 0.83 %

Fund information

Inception Date (Fund)
10/05/1993
Inception Date (Part)
01/06/2010
Legal form
SICAV
Benchmark
MSCI Emerging Markets (NR)
Currency (fund)
EUR
Currency (share class)
USD
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1103293939
AuM (fund)
379 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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