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EdR Fund Global Emerging Emerging equities

Emerging equities
Change in NAV (21/07/2017)
127.45 EUR
Patricia  URBANO–LU1161527202–
Patricia URBANO
Ludovic VAUTHIER–LU1161527202–
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
127.45 EUR
Change in NAV (21/07/2017)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (21/07/2017)
127.45 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 30/06/2017

Emerging markets returned 0.5% versus Developed Markets of 0.2%, driven by further weakness of USD (-1.3% in June, - 6.4% YTD) . Brent Crude fell 4.5%. The best performance markets were Mexico (+4%); Taiwan (3.5%) and China (+2%) while Argentina (-6%), and Russia(-5%) had the weakest return. The stocks that contributed the most to the portfolio performance were: Geely, Alibaba and Sunny Optical. The main laggers were: Eicher, Pampa and Pao de Açucar. China outperformed EM index. MSCI announced inclusion of A-shares to its indices. Moreover, Manufacturing PMI in June rose to 51.7 (consensus: 51,0). Industrial profits grew 16.7% in May versus April's 14% even with PPI decelerating to 5.5% from April's 6.4%. On the corporate side, Alibaba guided a robust revenue growth of 45-49% YoY growth (significantly above consensus). Geely's return (16% up) has been driven its successful model launches. Taiwan's good momentum was due to Apple supply chain names and panel plays.. India (-1%) underperformed its peers due to growth uncertainty due to GST implementation. On a more constructive tone, RBI has done the right steps to solve the asset quality issues in the banking sector. In Latin America, Mexico strong performance was mainly driven by the currency appreciation (up 2.8%). In addition, consumer and business confidence continued to climb. Central Bank of Mexico after hiking another 25bps, indicated that the tightening cycle may be ended. Concerning politics, the PRI won the State of Mexico election, diminishing some concerns to next year's election. In Brazil, Federal prosecutor Janot charged President Temer of accepting bribe. Despite the political instability, the economy continues to recover. In May, the unemployment rate fell for the first time since October 2014. And with inflation under control, real wages continue to rise. ay's positive IP (+0.8%) was driven by capital goods (+3.5%) and durable consumer goods (+6.7%). Argentina corrected strongly (-6%). Against expectations, Argentinean market was not reclassified as Emerging Market by MSCI. Nevertheless, the fundamentals of Argentina's investment case remain unchanged. We remain positive on Emerging Markets, given positive earnings revisions and discounted valuation.

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Change in NAV

Chart – Base 100 (21/07/2017)
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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 C-EUR Cumulative Annualised
Since 01/01/2017

17.82 %

12.87 %

17.82 %

12.87 %

1 Year

13.51 %

17.42 %

13.51 %

17.42 %

Since inception

27.45 %

27.40 %

19.98 %

19.94 %

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

Share class (C-EUR)

Benchmark

17.82 %

12.87 %

13.51 %

17.42 %

27.45 %

27.40 %

Annualised

Share class (C-EUR)

Benchmark

13.51 %

17.42 %

19.98 %

19.94 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmark
1 Year*13.98 %13.60 %4.66 %0.94 %-1.14 %1.50 %
3 Year *
Max. drawdownAlphaBeta
Share class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmark
1 Year*-10.70 %-0.07 %0.97 %
3 Year *
Max. monthly gain Since inception
Max. monthly loss Since inception
Share class C-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 13.98 % 13.60 %
Tracking Error 4.66 %
Sharpe ratio 1.50 %
Alpha -0.07 %
Correlation coefficient 0.94 %
Information ratio -1.14 %
Max. drawdown -10.70 %
Beta 0.97 %

Fund information

Inception Date (Fund)
10/05/1993
Inception Date (Part)
22/03/2016
Legal form
SICAV
Benchmark
MSCI Emerging Markets (NR)
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1161527202
AuM (fund)
279 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
0,850 %
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.

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