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 (20/06/2018)
140.77 EUR
Ludovic  VAUTHIER–LU1103294663–
Ludovic VAUTHIER
Xiadong BAO–LU1103294663–
Xiadong BAO
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
140.77 EUR
Change in NAV (20/06/2018)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (20/06/2018)
140.77 EUR
Risk and reward profile
1234567
Recommended holding period
> 5 years
Ludovic VAUTHIER  
Xiadong BAO  
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 31/05/2018

The EM index fell 3.8%, underperforming the DM index (-0.5%). The rising US treasury yields (breaking the psychologically important 3% level) and higher oil prices weighted especially on countries with external vulnerability or weak debt dynamics. All that aggravated by the political turmoil in Italy and Trump's threat to impose import tariff for the auto sector. China (+1.25%) and Russia (+1.2%) outperformed EM peers, while Argentina (-22%), Brazil (-16%) and Turkey (-13%) lagged. In China, 226 A shares (Chinese local shares) were included into the MSCI Emerging Markets (1.5%). On the macro side, Manufacturing PMI and industrial production improved. The Government restate that the deleveraging is a priority, but with more support to the economy stability. Moutai reported good results (31.2% and 38.9% of revenue and profit growth). Ctrip also reported better than expected results, driven by international tourism. The management expects the top line growth to accelerate in the following quarters. In India, PMI improved, but the outlook remains uncertain due to higher oil prices and the credit cycle issues. Brazil was not only negatively affected by the Argentinean FX crisis, but also by the truckers strike, which led Petrobras to reduce its diesel price by 10% and the Government to resume the oil subsidy program until year end (large fiscal drag). It is worth noting that Thailand and China also announced subsidies for fuel prices. Moreover, Itau (largest Brazilian private bank) reported results weaker than expected because higher provisions. In Mexico was down 13% driven by uncertainties on the Nafta renegotiation and Amlo's gaining vote intention. Argentina had strong portfolio outflow that drove the currency to depreciate 18%. As a response the Central Bank increased interest rate to 40% (1200 points up during the month). During the month, we decreased our exposure in Brazil and reinforced the Chinese healthcare and internet sectors. Despite the increasing volatility we remain positive on Emerging Markets due to higher earnings growth and discounted valuation

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Change in NAV

Chart – Base 100 (20/06/2018)
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 I-EUR Cumulative Annualised
Since 01/01/2018

-4.70 %

-1.29 %

-4.70 %

-1.29 %

1 Year

5.49 %

6.55 %

5.49 %

6.55 %

3 Year

20.36 %

17.66 %

6.36 %

5.56 %

5 year

56.17 %

53.50 %

9.32 %

8.94 %

Since inception

61.89 %

54.42 %

4.39 %

3.95 %

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

Share class (I-EUR)

Benchmark

-4.70 %

-1.29 %

5.49 %

6.55 %

20.36 %

17.66 %

56.17 %

53.50 %

61.89 %

54.42 %

Annualised

Share class (I-EUR)

Benchmark

5.49 %

6.55 %

6.36 %

5.56 %

9.32 %

8.94 %

4.39 %

3.95 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmark
1 Year*15.60 %13.48 %4.89 %0.95 %0.09 %0.70 %
3 Year *13.18 %13.50 %6.14 %0.89 %0.15 %0.32 %
Max. drawdownAlphaBeta
Share class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmark
1 Year*-10.81 %-0.01 %1.10 %
3 Year *-25.72 %0.12 %0.87 %
Max. monthly gain Since inception21.36 %
Max. monthly loss Since inception-27.33 %
Share class I-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 15.60 % 13.18 % 13.48 % 13.50 %
Tracking Error 4.89 % 6.14 %
Sharpe ratio 0.70 % 0.32 %
Alpha -0.01 % 0.12 %
Correlation coefficient 0.95 % 0.89 %
Information ratio 0.09 % 0.15 %
Max. monthly loss -27.33 %
Max. monthly gain 21.36 %
Max. drawdown -10.81 % -25.72 %
Beta 1.10 % 0.87 %

Fund information

Inception Date (Fund)
10/05/1993
Inception Date (Part)
02/04/2007
Legal form
SICAV
Benchmark
MSCI Emerging Markets (NR)
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
500000.00 EUR
ISIN Code
LU1103294663
AuM (fund)
351 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
0,750 %
Current management fee
0.750 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value
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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