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EdR Fund Global Emerging Emerging equities

Emerging equities
Change in NAV (15/09/2017)
125.56 USD
Patricia  URBANO–LU1103294747–
Patricia URBANO
Ludovic VAUTHIER–LU1103294747–
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
125.56 USD
Change in NAV (15/09/2017)
5
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (15/09/2017)
125.56 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 31/08/2017

EM MSCI went up by 2%, outperforming DM. EMEA had the strongest performance in the region. The country with the best performance was Argentina (up 14%). In China (up 4%), companies had a strong earning season. Most of the companies beat of met expectations. IT continued to outperform. Tencent's results showed strong top line growth of 59% yoy driven by gaming, online advertising and new business of Payment and cloud. Alibaba's revenues grew 56% yoy and ebitda margin f expanded to 47% (and 63% to ecommerce business). NetEase' results were below expectations on lower operational margin. On the macro side, PMI rebounded in August at 51.7 (higher than expectations).In India, we believe 1Q miss was a blip due to one-off (GST implementation). Eicher Motor indicated that August's bookings for Royal Enfield bikes have returned to usual strong growth. In Korea, the Government surprised the market by proposing higher tax rate on corporate (+3%) and personal income. In Asia, Apple's suppliers had a good run after Apple ‘s management indicated that Iphone delays are exaggerated and guided better than expected 3Q Iphone shipment. In Brazil (up 6%), the economy continued to recover in August. Unemployment rate also improved. The Government signalized its intention to privatize Eletrobras (positive). Results were good. Itau reported better than expected results on lower provision with high ROE of 22%. Randon and Iochpe (industrial secotr) also beat expectations on higher car and truck production and lower costs. In Mexico (-0.4%), Mexico started to renegotiate the Nafta agreement with US. We don't expect major negative surprise, such as higher tariff imports, as Mexico is important for US supply chain. In Russia (up 8%),X5 reported results ahead of expectations on strong top line (27%yoy) and ebitda margin expansion. Sberbank results were 20% up YoY with a stable asset quality. Argentina's economy is also recovering, boosted by robust industrial production (6% yoy) and construction sector growth (20% yoy). The primary election outcome was better than expected. We remain positive on Emerging Markets. We expect further earnings upgrade. We believe valuation is discounted (12mfw P/E of 12;4x and 20%/15% eps growth in 17/18.

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Change in NAV

Chart – Base 100 (15/09/2017)
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Performance I-USD Cumulative Annualised

Since inception

25.56 %

24.37 %

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

Share class (I-USD)

Benchmark

25.56 %

24.37 %

Annualised

Share class (I-USD)

Benchmark

*Rolling periods

Annual performance



Fund information

Inception Date (Fund)
10/05/1993
Inception Date (Part)
11/10/2016
Legal form
SICAV
Benchmark
MSCI Emerging Markets (NR)
Currency (fund)
EUR
Currency (share class)
USD
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
500000.00 USD EQ EUR
ISIN Code
LU1103294747
AuM (fund)
324 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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