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EdR Fund Selective Europe Europe equities

Europe equities
Change in NAV (19/10/2017)
01.24 GBP
Olivier  HUET–LU1082946127–
Olivier HUET
Philippe LECOQ–LU1082946127–
Philippe LECOQ
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
01.24 GBP
Change in NAV (19/10/2017)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (19/10/2017)
01.24 GBP
Risk and reward profile
1234567
Recommended holding period
> 5 years
Olivier HUET  
Philippe LECOQ  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The Sub-Fund's investment objective is to create performance via exposure to equity markets, primarily from the European Community, through selecting stocks chosen on a discretionary basis from an investment scope comparable to the MSCI Europe Index expressed in euros.

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Commentary 29/09/2017

September saw two shifts in direction: A rise in long-term rates after continued decline in July and August, and an end to the euro's climb against the US dollar (like the GBP vs USD), launched at the end of 2016. This was especially noticeable since mid-April with political risk fading in the euro zone. It brought relief on both fronts, allowing the equity market to get back to growth, with the support of the recovering euro zone cycle. This has confirmed its strength (climbing almost +2%), its spread (into all countries and participating sectors), and its robust nature — since it is fuelled by domestic factors and therefore less vulnerable to external shocks. Against this backdrop, the more value-type stocks have been trending upward, with financial and cyclical industrial stocks making a recovery, and in particular the automotive sector, which posted a double-digit performance for the month. However, more defensive sectors such as telecoms and utilities are lagging behind. The oil price hike has also been driving integrated oil company stocks. In M&A, note BASF's announcement of its acquisition of various Solvay businesses, Thyssenkrupp's formalisation of an MoU for a 50/50 joint-venture with Tata Steel in the European steel industry, and also Alstom and Siemens' project to create an ‘Airbus on rails'. During the month we initiated a position on Unicredit given the fact that the Italian economy is finally enjoying an upturn. The prospect of the ECB beginning to normalise monetary policy is already reflected in a gradual rise by 10-year bonds. This trend should benefit the banks. Meanwhile, we have reduced our positions on Roche Holding, Inditex, Essilor and Royal Dutch Shell.

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Change in NAV

Chart – Base 100 (19/10/2017)
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 L-GBP Cumulative Annualised
Since 01/01/2017

13.76 %

15.67 %

13.76 %

15.67 %

1 Year

14.81 %

17.01 %

14.81 %

17.01 %

3 Year

34.78 %

48.54 %

10.43 %

14.06 %

Since inception

24.00 %

59.42 %

4.67 %

10.39 %

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

Share class (L-GBP)

Benchmark

13.76 %

15.67 %

14.81 %

17.01 %

34.78 %

48.54 %

24.00 %

59.42 %

Annualised

Share class (L-GBP)

Benchmark

14.81 %

17.01 %

10.43 %

14.06 %

4.67 %

10.39 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class L-GBPBenchmarkShare class L-GBPBenchmarkShare class L-GBPBenchmarkShare class L-GBPBenchmarkShare class L-GBPBenchmark
1 Year*12.80 %11.90 %3.49 %0.96 %-0.37 %1.53 %
3 Year *11.76 %10.90 %3.43 %0.96 %-0.74 %0.99 %
Max. drawdownAlphaBeta
Share class L-GBPBenchmarkShare class L-GBPBenchmarkShare class L-GBPBenchmark
1 Year*-8.18 %-0.03 %1.04 %
3 Year *-21.50 %-0.22 %1.03 %
Max. monthly gain Since inception8.08 %
Max. monthly loss Since inception-11.00 %
Share class L-GBP
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 12.80 % 11.76 % 11.90 % 10.90 %
Tracking Error 3.49 % 3.43 %
Sharpe ratio 1.53 % 0.99 %
Alpha -0.03 % -0.22 %
Correlation coefficient 0.96 % 0.96 %
Information ratio -0.37 % -0.74 %
Max. monthly loss -11.00 %
Max. monthly gain 8.08 %
Max. drawdown -8.18 % -21.50 %
Beta 1.04 % 1.03 %

Fund information

Inception Date (Fund)
19/11/2008
Inception Date (Part)
31/01/2013
Legal form
SICAV
Benchmark
MSCI Europe (NR)
Currency (fund)
EUR
Currency (share class)
GBP
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1082946127
AuM (fund)
38 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
0,650 %
Current management fee
0.700 %
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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