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 (17/05/2018)
116.58 USD
Ludovic  VAUTHIER–LU1103296106–
Ludovic VAUTHIER
Xiadong BAO–LU1103296106–
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
116.58 USD
Change in NAV (17/05/2018)
5
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (17/05/2018)
116.58 USD
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 30/04/2018

EM index (-0.6%) underperformed DM index ( 1% up). The main highlights were: (a) the strengthening of USD (DXY index up 2%); (b) US yield going up to 2.95% (c) EM currencies sold off. (d) talks of trade tariffs between US and China and (e) further sanctions on Russia. Oil price rallied 8%, economic activity indicators seemed to stabilize. India (up 4%), outperformed the EM peers. The IT sector presented good set of results, but the general quarterly results indicated mixed performance. In China (up 0.86) the attention was towards the trade conflict between China and US. The highlight was the ZTE sanction due to violation of Iran embargo. Huawei is also under FBI investigation. Industrial profits growth moderated to 3% y/y in March from 16% in Jan/ Feb. On a more positive tone, IP rebound to 6.7% in April, Manufacturing PMI rebounded in April. Chinese companies reported good results, beating expectations. TAL reported a robust 59% revenue growth. China Merchant Bank improved quality, earnings were up 14%. Korea (up 3%), had a strong performance due to: a) the Inter-Korea summit and 2) solid earnings momentum. Brazil was down 4.5% due to BRL depreciation of 4.7%. On the macro data, the soft path in the activity data was confirmed by lower retail sales, lower industrial production and PMI. The former president Lula was arrested. 1Q18 results were mixed. Localiza reported impressive results, with revenue growth of 36% and eps growth of 46%. Itau disappointed, as provisions for corporate grew more than expected. In Mexico (up 1.8%), Walmex results beat expectations, due to strong SSS of 10%, ebitda expansion and lower costs. In Peru (up1.8%), Credicorp showed good set of results, ROE of 19%, above management guidance, 17% eps growth, lower provisions and higher loan growth. Colombia (up 10%) benefitted from higher oil price. The Russian market was severely affected (-17%) after US announced further sanctions on Russian individuals and companies. In Argentina, in order to contain the strong currency depreciation YTD (-20%), Central Bank surprised the market and increased interest rate from 27.25% to 40%. This rate should be enough to stabilize the financial conditions. We remain positive on Emerging Markets.

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Change in NAV

Chart – Base 100 (17/05/2018)
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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 R-USD Cumulative Annualised
Since 01/01/2018

-4.40 %

-0.71 %

-4.40 %

-0.71 %

1 Year

12.89 %

15.95 %

12.89 %

15.95 %

3 Year

18.87 %

17.53 %

5.92 %

5.52 %

5 year

24.06 %

22.91 %

4.40 %

4.21 %

Since inception

16.58 %

13.79 %

2.27 %

1.91 %

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

Share class (R-USD)

Benchmark

-4.40 %

-0.71 %

12.89 %

15.95 %

18.87 %

17.53 %

24.06 %

22.91 %

16.58 %

13.79 %

Annualised

Share class (R-USD)

Benchmark

12.89 %

15.95 %

5.92 %

5.52 %

4.40 %

4.21 %

2.27 %

1.91 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class R-USDBenchmarkShare class R-USDBenchmarkShare class R-USDBenchmarkShare class R-USDBenchmarkShare class R-USDBenchmark
1 Year*17.08 %15.05 %4.91 %0.96 %-0.90 %1.37 %
3 Year *14.86 %15.96 %6.39 %0.92 %0.07 %0.33 %
Max. drawdownAlphaBeta
Share class R-USDBenchmarkShare class R-USDBenchmarkShare class R-USDBenchmark
1 Year*-11.28 %-0.10 %1.09 %
3 Year *-25.86 %0.11 %0.85 %
Max. monthly gain Since inception10.86 %
Max. monthly loss Since inception-16.62 %
Share class R-USD
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 17.08 % 14.86 % 15.05 % 15.96 %
Tracking Error 4.91 % 6.39 %
Sharpe ratio 1.37 % 0.33 %
Alpha -0.10 % 0.11 %
Correlation coefficient 0.96 % 0.92 %
Information ratio -0.90 % 0.07 %
Max. monthly loss -16.62 %
Max. monthly gain 10.86 %
Max. drawdown -11.28 % -25.86 %
Beta 1.09 % 0.85 %

Fund information

Inception Date (Fund)
10/05/1993
Inception Date (Part)
15/07/2011
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
LU1103296106
AuM (fund)
366 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
2,100 %
Current management fee
2.100 %
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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