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EdR Fund Infrasphere Thematic equities

Thematic equities
Change in NAV (18/08/2017)
138.82 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
138.82 EUR
Change in NAV (18/08/2017)
5
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (18/08/2017)
138.82 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 31/07/2017

Global equities (MSCI ACWI) gained +2.7% (in USD) in June, but the weaker dollar led to an index performance of -0.8% in euros. In the United States, low inflation and the Trump administration's difficulties in passing reforms have continued to fuel the debate on the Fed's agenda, and even its ability to continue monetary normalisation with interest rate hikes and balance sheet reduction. Nevertheless, the macroeconomic numbers have reassured investors, with Q2 GDP up 2.6%. In Europe, the ECB has remained prudent and has not elaborated the conditions for its tapering programme. Maintaining its accommodating tone, coupled with recovering growth in the euro zone, led to strong appreciation of the euro (+3.4%) against the USD. Long-term rates widened slightly in Europe while contracting in the United States. The climate remains relatively positive for long-duration assets such as infrastructure companies. Fund performance came in at -0.8%, in line with the broad MSCI ACWI index. The best contributors to performance this month were Rubis and Airports of Thailand, the worst was CSX. Nevertheless CSX posted excellent results, particularly an improvement in its operating ratio, which confirms the thesis of restructuring and margins improvement following its recent appointment of Hunter Harrison as CEO. Vinci has reported solid Q2 results, especially from its concessions, while its margin on construction proved disappointing. The stock's correction offered an opportunity to strengthen our position, especially since the outlook for the year has been reaffirmed and order intake remains good. Also strengthened was our exposure to water treatment companies in the United Kingdom, following a strong correction to the sector after the terms for the new AMP7 regulatory framework were published. We sold Pinfra, the Mexican highway operator, following its attempt to make a non-rationale investment in oil. The group has meanwhile published very good figures for its concessions division. Pembina has been reduced, mainly due to its high USD exposure.

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Change in NAV

Chart – Base 100 (18/08/2017)
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

1.85 %

1.85 %

1 Year

0.80 %

0.80 %

3 Year

3.68 %

1.21 %

5 year

28.15 %

5.08 %

Since inception

38.82 %

3.46 %

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

Share class (A-EUR)

Benchmark

1.85 %

0.80 %

3.68 %

28.15 %

38.82 %

Annualised

Share class (A-EUR)

Benchmark

0.80 %

1.21 %

5.08 %

3.46 %

*Rolling periods

Annual performance



Statistics

VolatilityMax. drawdown
Share class A-EURBenchmarkShare class A-EURBenchmark
1 Year*8.60 %-7.33 %
3 Year *8.70 %-22.50 %
Max. monthly gain Since inception15.65 %
Max. monthly loss Since inception-21.59 %
Share class A-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 8.60 % 8.70 %
Tracking Error
Max. monthly loss -21.59 %
Max. monthly gain 15.65 %
Max. drawdown -7.33 % -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)
49 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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