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 Infrasphere Thematic equities

Thematic equities
Change in NAV (21/11/2017)
145.77 EUR
Emmanuel  PAINCHAULT–LU1160360886–
Emmanuel PAINCHAULT
Pierre PEDROSA–LU1160360886–
Pierre PEDROSA
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
145.77 EUR
Change in NAV (21/11/2017)
5
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (21/11/2017)
145.77 EUR
Risk and reward profile
1234567
Recommended holding period
> 5 years
Emmanuel PAINCHAULT  
Pierre PEDROSA  
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 on the international equity markets, notably in the infrastructure sector, over the recommended minimum investment period.

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Commentary 31/10/2017

International equity markets (MSCI ACWI) rebounded strongly in October (+3.4% in EUR) driven by good earnings reports, convincing announcements from the ECB, the 19th Congress of the Chinese Communist Party, and the rise in oil prices. After several weeks wait, ECB chief Mario Draghi has finally clarified his strategy and announced a reduction in the Bank's asset purchasing programme to €30 billion from January to September 2018, thus pushing the expectations of the next rate hike into 2019. The ECB has thus calmed the markets and triggered a decline in the euro against the USD. In the United States, hopes of a tax deal (Senate vote) by the year end, as well as speculation about the new Chair of the US Federal Reserve, continued to fuel the rise in long-term US interest rates. In China, Xi Jinping sketched the outlines of his next mandate, focusing on the quality of sustainable growth (innovation, etc). Meanwhile, oil rebounded sharply, with Brent crude topping $60/bbl. In this environment of rising rates and reduced risk aversion, infrastructures have been penalised. The fund posted a performance of +1.75%, bringing its gain to +8.3% since the beginning of the year. The best contributors to performance were Jasa Marga, which has achieved its goal of 100% electronic tolls, and Granite Construction, which has published excellent Q3 results, and in particular, a +13% hike in its order book. Vinci, the fund's largest position, has published solid results that confirm the positive trend in construction (thanks to the construction sector in France) and an acceleration in order taking. Concessions have not been left behind either, in particular airports, which benefited from a sharp climb in traffic in Q3 (+12.2% y-o-y). We strengthened on CCR, the Brazilian highway company, which also published good results for Q3, with a combination of recovering traffic (+5% y-o-y), a rise in fares (+3.2% y-o-y), and a drop in financial spending. CCR is one of the stocks with greatest sensitivity to the decrease in interest rates in Brazil, which fell by 0.75 bps to 7.5% (Selic) in October.

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Change in NAV

Chart – Base 100 (21/11/2017)
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 A-EUR Cumulative Annualised
Since 01/01/2017

6.95 %

6.95 %

1 Year

10.56 %

10.56 %

3 Year

4.67 %

1.53 %

5 year

37.51 %

6.57 %

Since inception

45.77 %

3.88 %

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

Share class (A-EUR)

Benchmark

6.95 %

10.56 %

4.67 %

37.51 %

45.77 %

Annualised

Share class (A-EUR)

Benchmark

10.56 %

1.53 %

6.57 %

3.88 %

*Rolling periods

Annual performance



Statistics

VolatilityMax. drawdown
Share class A-EURBenchmarkShare class A-EURBenchmark
1 Year*6.55 %-5.33 %
3 Year *8.48 %-22.50 %
Max. monthly gain Since inception10.16 %
Max. monthly loss Since inception-21.59 %
Share class A-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 6.55 % 8.48 %
Tracking Error
Max. monthly loss -21.59 %
Max. monthly gain 10.16 %
Max. drawdown -5.33 % -22.50 %

Fund information

Inception Date (Fund)
28/12/2007
Inception Date (Part)
28/12/2007
Legal form
SICAV
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1160360886
AuM (fund)
45 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
1,700 %
Current management fee
1.700 %
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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