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 (11/12/2017)
140.84 EUR
Patricia  URBANO–LU1161527111–
Patricia URBANO
Ludovic VAUTHIER–LU1161527111–
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
140.84 EUR
Change in NAV (11/12/2017)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (11/12/2017)
140.84 EUR
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 30/11/2017

In November; EM MSCI index went up 0.2%, underperforming DM index (up 2%). USD strengthened on hopes of US tax cuts. Oil prices continued to go up (up 3%). OPEC/NOPEC announced the extension of its production cutting agreement. Russia (up3.5%) had the best performance in EM due to higher oil prices and lower interest rates. China (up 1.7%) also outperformed its EM peers. Tencent and Sunny Optical rallied. Tencent published results above expectations with a topline growth of 61% YoY. Tencent Video became the leader in fee-based subscription application in China, doubling the number of susbscribers YoY to over 43m. Non-GAAP EPS rose 45% YoY, 4% above consensus. Sunny Optical has been included in the Hang Seng index (not expected). The company continued to expand margin due to its market share gain with the Chinese OEM and change in pixel mix lens portfolio. On the macro side, CPI and PPI came stronger than expected in October (1.9% and 6.9%, respectively). Industrial profits grew 25% yoy (versus 27% yoy in September). Taiwan was down 2.2%, driven by tech underperformance. All the Asian Apple supply chain had the same trend of profit taking. India fell 1.2%, driven by subdue 3Q results due to GST implementation. Moving to Latin America, the region underperformed by far the other EM regions. Chile fell 12% on:1) presidential election result (first round), which proved to be much tighter than expected, and 2) high valuations. Argentina corrected by 5% on corruption allegations, involving Banco Macro. Moreover, the Central Bank of Argentina surprised the market, increasing the interest rates by 250bps due to sticky inflation. Brazil fell 3% . Despite the ongoing economic recovery, lower unemployment rate; the possibility that the pension reform be delayed to 2019 trigged the correction. In Mexico, the highlight was the resignation of the Finance Minister Meade to become a candidate of PRI on next year's presidential election. We remain constructive on Emerging Markets outlook. 3Q results were good. We expect more earning revisions upwards. Asian results surprised on the top line; Latin America surprised on ebitda, due to operation leverage as the economy gets better. China is moving upper in the chain, more innovative.

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Change in NAV

Chart – Base 100 (11/12/2017)
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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 N-EUR Cumulative Annualised
Since 01/01/2017

28.54 %

18.43 %

28.54 %

18.43 %

1 Year

26.20 %

16.53 %

26.04 %

16.43 %

Since inception

40.84 %

34.58 %

22.34 %

19.11 %

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

Share class (N-EUR)

Benchmark

28.54 %

18.43 %

26.20 %

16.53 %

40.84 %

34.58 %

Annualised

Share class (N-EUR)

Benchmark

26.04 %

16.43 %

22.34 %

19.11 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class N-EURBenchmarkShare class N-EURBenchmarkShare class N-EURBenchmarkShare class N-EURBenchmarkShare class N-EURBenchmark
1 Year*13.39 %12.07 %4.69 %0.94 %2.17 %1.70 %
3 Year *
Max. drawdownAlphaBeta
Share class N-EURBenchmarkShare class N-EURBenchmarkShare class N-EURBenchmark
1 Year*-5.95 %0.14 %1.04 %
3 Year *
Max. monthly gain Since inception
Max. monthly loss Since inception
Share class N-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 13.39 % 12.07 %
Tracking Error 4.69 %
Sharpe ratio 1.70 %
Alpha 0.14 %
Correlation coefficient 0.94 %
Information ratio 2.17 %
Max. drawdown -5.95 %
Beta 1.04 %

Fund information

Inception Date (Fund)
10/05/1993
Inception Date (Part)
31/03/2016
Legal form
SICAV
Benchmark
MSCI Emerging Markets (NR)
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
5000000.00 EUR
ISIN Code
LU1161527111
AuM (fund)
363 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
0,550 %
Current management fee
0.550 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value

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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