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 Value International equities

International equities
Change in NAV (22/11/2017)
101.50 EUR
Christophe  FOLIOT–LU1160360613–
Christophe FOLIOT
Valérie GUELFI–LU1160360613–
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
101.50 EUR
Change in NAV (22/11/2017)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (22/11/2017)
101.50 EUR
Risk and reward profile
1234567
Recommended holding period
> 5 years
Christophe FOLIOT  
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 its net assets by selecting stocks that are listed primarily on the international equity markets, and to outperform the MSCI World index, over the recommended investment period.

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Commentary 31/10/2017

Global Value underperformed its benchmark in October, despite a recovery in US long-term rates and an ongoing rise in oil prices. Energy stocks, nevertheless, have continued to post disappointing performances (with Apache -9%, Kinder Morgan -7%, Paterson -6%), while these same companies published results that were well in-line. This despite oil closing the month above $53/bbl (WTI), and US oil reserves continuing to decline while drilling activity is still restrained. The fund was, however, most penalised by the poor performance of our US specialty stocks in pharmacy (Allergan, Endo) and biotechnology (Gilead). In particular, Allergan suffered from a sharply compressed multiple after losing its patent for a drug representing 10% of its sales, and for which no generic is available yet. As a result the stock is now trading at 10x its forecast earnings for 2018. The telecom equipment maker Nokia fell following its publication of a poor report, revealing a decline in the operating margin within its network division. The Bombardier saga has continued with the announcement of Airbus' investment in the C-Series regional jet programme. The absence of GAFA stocks has impacted the fund's relative performance, in an environment revealing positive surprises from the figures released by Apple and Microsoft. In addition, Nokia's disappointing report saw it severely sanctioned by the market. US financials benefited from the US rate hike and have contributed positively to fund performance. Generali has meanwhile been introduced to the portfolio: the Italian insurer can boast strong capital generation and should continue to benefit from the good property and casualty insurance market and a better mix in life assurance. This start to the quarterly earnings reports highlights the nervousness shown by investors who have harshly sanctioned those with unsatisfactory results.

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Change in NAV

Chart – Base 100 (22/11/2017)
Avertissement
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

-0.42 %

6.61 %

-0.42 %

6.61 %

1 Year

3.68 %

9.58 %

3.68 %

9.58 %

Since inception

1.50 %

13.30 %

0.65 %

5.58 %

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

Share class (C-EUR)

Benchmark

-0.42 %

6.61 %

3.68 %

9.58 %

1.50 %

13.30 %

Annualised

Share class (C-EUR)

Benchmark

3.68 %

9.58 %

0.65 %

5.58 %

*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*12.59 %9.99 %5.43 %0.91 %-0.81 %2.00 %
3 Year *
Max. drawdownAlphaBeta
Share class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmark
1 Year*-12.65 %-0.12 %1.15 %
3 Year *
Max. monthly gain Since inception21.13 %
Max. monthly loss Since inception-14.89 %
Share class C-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 12.59 % 9.99 %
Tracking Error 5.43 %
Sharpe ratio 2.00 %
Alpha -0.12 %
Correlation coefficient 0.91 %
Information ratio -0.81 %
Max. monthly loss -14.89 %
Max. monthly gain 21.13 %
Max. drawdown -12.65 %
Beta 1.15 %

Fund information

Inception Date (Fund)
09/06/2008
Inception Date (Part)
06/08/2015
Legal form
SICAV
Benchmark
MSCI World (NR)
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1160360613
AuM (fund)
172 M (EUR)
Regulatory authority
CSSF
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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