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EdR Fund Global Healthcare Thematic equities

Thematic equities
Change in NAV (15/11/2017)
308.82 EUR
Adeline  SALAT-BAROUX–LU1160357403–
Adeline SALAT-BAROUX
Valérie GUELFI–LU1160357403–
Valérie GUELFI
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
308.82 EUR
Change in NAV (15/11/2017)
6
1234567
Risk and reward profile
5 years
Recommended holding period
Change in NAV (15/11/2017)
308.82 EUR
Risk and reward profile
1234567
Recommended holding period
5 years
Adeline SALAT-BAROUX  
Valérie GUELFI  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The objective is to grow net assets by investing in companies operating in the healthcare sector, over the recommended investment period.

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Commentary 31/10/2017

The fund posted a sharp fall in October. The biggest negative came from Celgene, which corrected by nearly 30% over the month. The company had announced that it was discontinuing a clinical trial on Crohn's disease. This news disappointed investors despite the company's highly extensive clinical trial programme, with some 13 Phase III results to be published in 2018. Investors then focused on the risk associated with the Revlimid franchise, the patent for which expires in 2023. The disappointment here came mainly from Celene's downgrade to its 2020 sales expectations (now between €19-20 billion against $21 billion previously). This negative reaction seems grossly excessive for a company that is nevertheless still likely to post 15% growth in sales and some 20% in earnings for the next three years. Overall, major US biotech stocks are currently trading at 13x their 2017 earnings against a market of 18x — a very substantial discount. Fund performance was also impacted by a sharp drop in Allergan stock. A Federal Court has delivered an unfavourable opinion on its Restasis patent. This unexpected announcement contributes to a patent loss only a year ahead of expectations. Nevertheless, the news does not at all put our investment thesis on Allergan in doubt. Our broad exposure to major biotech and specialty pharma stocks, which suffered most this month, was unfavourable to us. Medical equipment stocks have continued to benefit from the positive momentum, but valuation multiples are becoming excessively high. We have little exposure, however, to this market segment.

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Change in NAV

Chart – Base 100 (15/11/2017)
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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 I-EUR Cumulative Annualised
Since 01/01/2017

-4.34 %

3.90 %

-4.34 %

3.90 %

1 Year

-5.15 %

4.52 %

-5.15 %

4.52 %

3 Year

13.21 %

22.42 %

4.22 %

6.96 %

5 year

94.07 %

109.44 %

14.17 %

15.92 %

Since inception

208.82 %

237.29 %

14.58 %

15.81 %

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

Share class (I-EUR)

Benchmark

-4.34 %

3.90 %

-5.15 %

4.52 %

13.21 %

22.42 %

94.07 %

109.44 %

208.82 %

237.29 %

Annualised

Share class (I-EUR)

Benchmark

-5.15 %

4.52 %

4.22 %

6.96 %

14.17 %

15.92 %

14.58 %

15.81 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmark
1 Year*17.76 %13.39 %6.33 %0.95 %-0.55 %1.18 %
3 Year *16.45 %14.65 %4.81 %0.96 %-0.36 %0.55 %
Max. drawdownAlphaBeta
Share class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmark
1 Year*-9.79 %-0.12 %1.26 %
3 Year *-24.75 %-0.17 %1.08 %
Max. monthly gain Since inception13.85 %
Max. monthly loss Since inception-17.62 %
Share class I-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 17.76 % 16.45 % 13.39 % 14.65 %
Tracking Error 6.33 % 4.81 %
Sharpe ratio 1.18 % 0.55 %
Alpha -0.12 % -0.17 %
Correlation coefficient 0.95 % 0.96 %
Information ratio -0.55 % -0.36 %
Max. monthly loss -17.62 %
Max. monthly gain 13.85 %
Max. drawdown -9.79 % -24.75 %
Beta 1.26 % 1.08 %

Fund information

Inception Date (Fund)
30/04/1985
Inception Date (Part)
06/08/2009
Legal form
SICAV
Benchmark
MSCI AC World Health Care (NR)
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
500000.00 EUR
ISIN Code
LU1160357403
AuM (fund)
419 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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