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EdR Fund Global Emerging Emerging equities

Emerging equities
Change in NAV (18/10/2017)
148.40 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
148.40 USD
Change in NAV (18/10/2017)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (18/10/2017)
148.40 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 29/09/2017

In September MSCI EM -0.3%, underperformed DM (+ 2.5%), mainly explained by:1) Fed's hawkish near-term message; 2) increasing geopolitical tension 3) China's sovereign rating downgrade by S&P.4) Oil price 7% up and 5) Iron ore price -20%. The best markets were: Argentina (up 12%); Russia (+4.3%) and Thailand (+ 3.5%). The countries with the weakest market performance were: Mexico (- 3.8%); India (- 3.8%) and Poland (-3.9%). China (+.0.6%) outperformed EM. The PBoC surprised the market and announced RRR cut, to be implemented in 2018. Moreover, the Government announced new measures to tighten the real estate sector. August economic activity slowed from July. Nevertheless, August PMI rebounded to 52.4. On the micro side, Alibaba increased its stake from 47% to 51% in Cainiao, a logistic platform. In Asia, Apple's chain was week, on the news that Iphone 8/8+'s demand has been weaker than expected. Nevertheless, the chain bounced back as pre-order of Iphone X seems to be stronger than expectations, according to local media. In India, Manufacturing PMI recovered sharply in August, while IP disappointed (reflecting a continued drag from the GST). In Brazil, we continue to see encouraging signs of economic improvements. Inflation is all time low, and Central Bank cut interest rates by more 100bps. Lojas Renner signaled that 3Q's SSS should be low double digit, above market expectations due to favorable base effect and consumption recovery. The Social security reform was delayed to November (or perhaps to 2019). In Mexico, July GDP proxy plunged 0.7%, much lower than expectations. Central Bank of Mexico kept rate unchanged. In Argentina, economy is recovering. Despegar, a travel agency online, was the first 2017 IPO in 2017, priced at the top of the range. In Russia, the market went up as the currency went up (one of the few EM to appreciate). Moreover, CBR cut interest rate by 50bps. With China going up in the value chain, lower inflation across the board, improving economic activity and structural reforms in China, India and Brazil. We remain constructive for the Emerging Markets equity class. We expect earnings to continue to be revised upwards.

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Change in NAV

Chart – Base 100 (18/10/2017)
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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-USD Cumulative Annualised
Since 01/01/2017

42.32 %

33.16 %

42.32 %

33.16 %

1 Year

27.55 %

26.85 %

27.55 %

26.85 %

3 Year

29.54 %

23.72 %

8.99 %

7.34 %

5 year

36.31 %

24.58 %

6.39 %

4.49 %

Since inception

48.40 %

39.17 %

5.49 %

4.58 %

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

Share class (A-USD)

Benchmark

42.32 %

33.16 %

27.55 %

26.85 %

29.54 %

23.72 %

36.31 %

24.58 %

48.40 %

39.17 %

Annualised

Share class (A-USD)

Benchmark

27.55 %

26.85 %

8.99 %

7.34 %

6.39 %

4.49 %

5.49 %

4.58 %

*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*13.10 %11.96 %4.29 %0.95 %0.32 %1.82 %
3 Year *14.75 %15.73 %6.38 %0.91 %0.29 %0.29 %
Max. drawdownAlphaBeta
Share class A-USDBenchmarkShare class A-USDBenchmarkShare class A-USDBenchmark
1 Year*-13.10 %0.01 %1.04 %
3 Year *-27.92 %0.21 %0.86 %
Max. monthly gain Since inception11.45 %
Max. monthly loss Since inception-19.76 %
Share class A-USD
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 13.10 % 14.75 % 11.96 % 15.73 %
Tracking Error 4.29 % 6.38 %
Sharpe ratio 1.82 % 0.29 %
Alpha 0.01 % 0.21 %
Correlation coefficient 0.95 % 0.91 %
Information ratio 0.32 % 0.29 %
Max. monthly loss -19.76 %
Max. monthly gain 11.45 %
Max. drawdown -13.10 % -27.92 %
Beta 1.04 % 0.86 %

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)
362 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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