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EdR Fund Infrasphere Thematic equities

Thematic equities
Change in NAV (21/06/2017)
187.36 EUR
Emmanuel  PAINCHAULT–LU1160361934–
Emmanuel PAINCHAULT
Pierre PEDROSA–LU1160361934–
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
187.36 EUR
Change in NAV (21/06/2017)
5
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (21/06/2017)
187.36 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 31/05/2017

Emmanuel Macron's victory in the French presidential elections was welcomed by global equity markets with a gain of +1.9% in USD (MSCI ACWI) in May. But the euro's appreciation over the period pares the performance down to -1.2% in EUR term. The positive momentum has continued, supported by macroeconomic indicators confirming global economy improvement, and particularly in Europe. Manufacturing PMIs in the euro zone in May were at their highest since 2011. In the US, manufacturing (ISM) rose modestly, while in China PMI indices fell short of expectations (Caixin). The Opec meeting held in May resulted in an extension of oil production cuts (firstly announced last November) to March 2018. The Federal Reserve's minutes have confirmed the likelihood of a new rate hike, which the market is anticipating as early as June. But the Fed's committee members are still dovish, and have promised not to raise rates further if the slowdown seen at the beginning of the year proves not to be transitory. Long term rates fell over the month in both Europe and the United States, once again to the benefit of our Infrastructure theme. The fund has gained +0.6% to outperform the general indices. Performance has climbed +5.2% since the beginning of the year vs +3.2% on the MSCI ACWI. European companies have been good contributors to performance, among them Enel, Dong Energy, Rubis and Italgas. Dong Energy announced the sale of its Oil & Gas business, making it an almost pure-play offshore wind turbines operator. Italgas has published its strategic plan for 2017-23, which sees its regulated assets base climbing +4.5% p.a. and its dividend at 4% p.a. through to 2019. The fund's exposure to US construction stocks was reduced this month in favour of Eversource, in the wake of the controversy surrounding President Trump and his alleged links with Russia. In Brazil, President Michel Temer has also run into trouble following allegations of corruption, leading to a sharp correction on the market and currency (the real). We took advantage of the opportunity to initiate a position on the highways operator, CCR, which should benefit from a recovery of road traffic into the year.

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Change in NAV

Chart – Base 100 (21/06/2017)
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 K-EUR Cumulative Annualised
Since 01/01/2017

6.20 %

6.20 %

1 Year

8.66 %

8.66 %

3 Year

13.50 %

4.30 %

5 year

52.03 %

8.73 %

Since inception

87.36 %

8.88 %

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

Share class (K-EUR)

Benchmark

6.20 %

8.66 %

13.50 %

52.03 %

87.36 %

Annualised

Share class (K-EUR)

Benchmark

8.66 %

4.30 %

8.73 %

8.88 %

*Rolling periods

Annual performance



Statistics

VolatilityMax. drawdown
Share class K-EURBenchmarkShare class K-EURBenchmark
1 Year*9.55 %-7.34 %
3 Year *9.02 %-22.66 %
Max. monthly gain Since inception0.49 %
Max. monthly loss Since inception-12.85 %
Share class K-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 9.55 % 9.02 %
Tracking Error
Max. monthly loss -12.85 %
Max. monthly gain 0.49 %
Max. drawdown -7.34 % -22.66 %

Fund information

Inception Date (Fund)
28/12/2007
Inception Date (Part)
03/02/2010
Legal form
SICAV
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
500000.00 EUR
ISIN Code
LU1160361934
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
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

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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