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EdR Fund Global Emerging Emerging equities

Emerging equities
Change in NAV (24/05/2017)
121.96 EUR
Patricia  URBANO–LU1161527202–
Patricia URBANO
Ludovic VAUTHIER–LU1161527202–
The identity of the managers presented in this document may change during the life of the product.
Risk and reward profile (1)
Recommended holding period
> 5 years
121.96 EUR
Change in NAV (24/05/2017)
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (24/05/2017)
121.96 EUR
Risk and reward profile
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.

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 28/04/2017

Emerging Markets index (MSCI) went up by 2%, outperforming Developed Markets (up 1.3%). EMEA index (up 3.9%) had the strongest performance in the region, driven by the favorable result of 1st round of France's presidential election. Asia performed in line with EM, and LatAm underperformed (flattish). The countries with the best performance were: Poland (+12%); Turkey(+10%) and Argentina (+3.7%). While Peru (-4%) and Thailand (-1%) underperformed. Iron ore and oil fell by 16.5% and 8.7%, respectively. The best sectors were: consumption and industrials, while financials lagged. The stocks that contributed the most for the fund's performance were Yandex, Sunny Optical and Tal Education. The main detractors were Cemig, Credicorp and Vale. On the macro side the main highlights were: i) in China (up3%), credit growth decelerated from 11.6% to 10.6% in March; and April's PMI confirmed the downward trend from 51.8 in March to 51.2 in April; (ii) in India, there was some encouraging progress of GST; (iii) in Brazil, structural reforms also advanced – labor reform was approved and social security reform was sent to the special commission. Moreover, the Central Bank indicated that it can increase the magnitude of interest rate cuts. (iv) in Mexico, consumer and business confidence and PMI rebounded in April. (v) Turkey's currency appreciated 2.4% as President Erdogan consolidated his power through a constitutional referendum. In terms of 1Q17 results, China's IT, industrials and consumption beat expectations, India's results have been in line, Mexican banks better than expected and Brazil so far has surprised on banks' results (lower provisions) and consumption. Samsung Electronics was one of the highlights of 1Q results. The company announced a cancellation of treasury shares (13% of total outstanding shares). We remain positive on Emerging Markets on upwards earnings revisions and discounted valuations.

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Change in NAV

Chart – Base 100 (24/05/2017)
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 C-EUR Cumulative Annualised
Since 01/01/2017 12.75 % 12.75 %
1 Year 23.83 % 23.83 %
Since inception 21.96 % 18.45 %
Since 01/01/2017 1 Year 3 Year 5 year Since inception

12.75 %

23.83 %

21.96 %


23.83 %

18.45 %


VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
1 Year1 Year1 Year1 Year1 Year
Share class C-EUR14.16 %4.90 %0.94 %-0.22 %1.81 %
Benchmark14.22 %
Max. monthly lossMax. monthly gainMax. drawdownAlphaBeta
Since inceptionSince inception1 Year1 Year1 Year
Share class C-EUR-4.81 %4.36 %-10.70 %0.01 %0.94 %
Share class C-EUR
1 Year 3 Year 1 Year 3 Year
Volatility 14.16 % 14.22 %
Tracking Error 4.90 %
Sharpe ratio 1.81 %
Alpha 0.01 %
Correlation coefficient 0.94 %
Information ratio -0.22 %
Max. monthly loss -4.81 %
Max. monthly gain 4.36 %
Max. drawdown -10.70 %
Beta 0.94 %

Fund information

Inception Date (Fund)
Inception Date (Part)
Legal form
MSCI Emerging Markets (NR)
Currency (fund)
Currency (share class)
Distribution Policy
Valuation frequency
Minimum initial investment
1 Share
AuM (fund)
266 M (EUR)
Regulatory authority
EU Regulation
Management company
Edmond de Rothschild Asset Management (Luxembourg)
Delegated Management Company
Edmond de Rothschild Asset Management (France)
Maximum management fee
0,850 %
Current management fee
0.850 %
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.