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 Infrastructures Thematic equities

Thematic equities
Change in NAV (19/02/2018)
179.79 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
179.79 EUR
Change in NAV (19/02/2018)
5
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (19/02/2018)
179.79 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 31/01/2018

International equity markets (MSCI ACWI) got off to a strong start for 2018, posting a performance of 1.8% (in euros) for January. The upturn is widespread across all major markets: the United States, Europe, Japan and the Emerging markets, all supported by a positive economic outlook and earnings prospects. The IMF has upgraded its global growth forecast from +2.2% to +3.9% for 2018 and 2019. The USD lost more than 3% in January (on the DXY Index). This downtrend accelerated in the wake of comments by US Treasury Secretary Steven Mnuchin on the dollar's weakness, trading at 1.25 against the euro. US long-term rates closed the month at 2.7%, up +30 bps year-to-date. In her final address as Fed chair, Janet Yellen anticipated a rise in inflation for 2018 that would stabilise, in the medium term, around the 2% target. In fact, the possibility of further rate increases was alluded to. European interest rates have shown similar momentum, in the wake of less accommodating rhetoric by the ECB, and expectations of an end to QE, perhaps even as early as this year. This climate of widespread rate hikes is a negative (at least in terms of sentiment) for infrastructure as an investment theme. Fund performance came to -1.4% in January, strongly outperforming the FTSE Core Infrastructure index (-3.7% in euros), but below the general index. This outperformance against the thematic index was due to our efforts to desensitise the portfolio to interest rate risk. The best contributors to the month's performance were Eiffage, Orsted and Guandong Investment. Eiffage has continued to benefit from the positive climate: it won the €1.7 billion jackpot for the construction of the first section of line 16 as part of the Grand Paris Metro project, and highway tolls in France are set to rise in February. Having revised its guidance earlier this month, Orsted finally published an excellent figure for Q4, a robust balance sheet (with negative net debt) and a promising outlook with its Capex down. We have also initiated a position in India on Adani Ports, which should benefit from the growing trade between India and the rest of the world.

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Change in NAV

Chart – Base 100 (19/02/2018)
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 01/01/2018

-6.01 %

-6.01 %

1 Year

-0.22 %

-0.22 %

3 Year

-2.42 %

-0.81 %

5 year

32.13 %

5.73 %

Since inception

79.79 %

7.56 %

Since 01/01/2018 1 Year 3 Year 5 year Since inception
Cumulative

Share class (K-EUR)

Benchmark

-6.01 %

-0.22 %

-2.42 %

32.13 %

79.79 %

Annualised

Share class (K-EUR)

Benchmark

-0.22 %

-0.81 %

5.73 %

7.56 %

*Rolling periods

Annual performance



Statistics

VolatilityMax. drawdown
Share class K-EURBenchmarkShare class K-EURBenchmark
1 Year*7.17 %-5.46 %
3 Year *8.39 %-22.66 %
Max. monthly gain Since inception7.36 %
Max. monthly loss Since inception-12.85 %
Share class K-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 7.17 % 8.39 %
Tracking Error
Max. monthly loss -12.85 %
Max. monthly gain 7.36 %
Max. drawdown -5.46 % -22.66 %

Fund information

Inception Date (Fund)
28/12/2007
Inception Date (Part)
03/02/2010
Legal form
SICAV
Benchmark
MSCI AC World (NR)
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
500000.00 EUR
ISIN Code
LU1160361934
AuM (fund)
40 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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