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EdR Fund Infrasphere Thematic equities

Thematic equities
Change in NAV (15/09/2017)
178.07 EUR
Emmanuel  PAINCHAULT–LU1160362239–
Emmanuel PAINCHAULT
Pierre PEDROSA–LU1160362239–
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
178.07 EUR
Change in NAV (15/09/2017)
5
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (15/09/2017)
178.07 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 31/08/2017

Global equity markets (MSCI ACWI) were steady in August (+0.2% in USD), against a backdrop of geopolitical tensions between the United States and North Korea. The US dollar's fall against the euro, once again, brought index performance into negative territory (-0.4% in euros). At the macro level, the Q2 upgrade to US GDP growth at +3% y-o-y sent a reassuring signal about the resilience of the economic cycle. In China, August's PMI manufacturing indicators were up (at 51.7 vs 51.4 in July). So the momentum of the global economy remains sound. Long-term interest rate fell sharply in the United States, impacted, among other things, by the FOMC minutes, which showed some members of the US Federal Reserve were concerned about the low level of inflation, which complicates monetary normalization measures. The Jackson Hole conference did not clarify the directions that Fed chair Janet Yellen and ECB chief Mario Draghi wish to pursue in their respective monetary policies. The climate remains positive for long-duration assets such as infrastructure companies. The fund recorded a performance of +0.7%, outperforming the general index (MSCI ACWI), taking performance to +3.9% since the beginning of the year. The worst contributor to performance this month was the Midstream sector in North America, suffering from the negative sentiment impacting the energy sector since the beginning of the year, more specifically related to oil price volatility. The best contributors were Granite Construction, Eiffage and Dong Energy. Granite awarded $165 million military infrastructure project. Eiffage posted better than expected results in H1 — in all its business lines. Operating income climbed +7.4% while net income soared +30.8%, thanks to better financial cost control. The outlook has strengthened and confirms that construction recovery is still underway in France. Dong Energy also posted good results in Q2, thanks in particular to a good performance of the off-shore wind division. It has raised its 2017 guidance following the farm-down of its Race Bank wind farm in the North Sea.

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Change in NAV

Chart – Base 100 (15/09/2017)
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 I-EUR Cumulative Annualised
Since 01/01/2017

5.34 %

5.34 %

1 Year

6.83 %

6.83 %

3 Year

7.29 %

2.37 %

5 year

40.76 %

7.07 %

Since inception

78.07 %

6.59 %

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

Share class (I-EUR)

Benchmark

5.34 %

6.83 %

7.29 %

40.76 %

78.07 %

Annualised

Share class (I-EUR)

Benchmark

6.83 %

2.37 %

7.07 %

6.59 %

*Rolling periods

Annual performance



Statistics

VolatilityMax. drawdown
Share class I-EURBenchmarkShare class I-EURBenchmark
1 Year*8.60 %-7.07 %
3 Year *8.30 %-21.78 %
Max. monthly gain Since inception15.75 %
Max. monthly loss Since inception-21.53 %
Share class I-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 8.60 % 8.30 %
Tracking Error
Max. monthly loss -21.53 %
Max. monthly gain 15.75 %
Max. drawdown -7.07 % -21.78 %

Fund information

Inception Date (Fund)
28/12/2007
Inception Date (Part)
04/09/2008
Legal form
SICAV
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
500000.00 EUR
ISIN Code
LU1160362239
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
0,750 %
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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