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EdR Fund US Value & Yield US equities

US equities
Change in NAV (17/11/2017)
02.25 GBP
Christophe  FOLIOT–LU1103305618–
Christophe FOLIOT
Adeline SALAT-BAROUX–LU1103305618–
Adeline SALAT-BAROUX
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
02.25 GBP
Change in NAV (17/11/2017)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (17/11/2017)
02.25 GBP
Risk and reward profile
1234567
Recommended holding period
> 5 years
Christophe FOLIOT  
Adeline SALAT-BAROUX  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The Sub-Fund actively selects undervalued and recovery stocks that have a healthy balance sheet and whose prospects are improving. The Sub-Fund is invested in North American large capitalisations.

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Commentary 31/10/2017

The US equity markets continued to climb in October, in a climate where economic data kept posting positive performances. US Value & Yield underperformed its benchmark during the month, despite a recovery in US long-term rates and an ongoing rise in oil prices. Energy stocks, meanwhile, continued to post disappointing performances, with the sector down over the month, while all the indicators were looking good. With earnings on-line, oil closed the month above $54/bbl (WTI), while US oil reserves continued to decline and drilling activity remained on a leash. The fund, however, was penalised in particular by the poor performance of our US specialty stocks in pharmacy (Allergan, Endo) and biotechnology (Gilead). In particular, Allergan suffered from a sharply compressed multiple after losing its patent for a drug representing 10% of its sales, and for which a no generic is available yet. As a result, the stock is now trading at 10x its forecast earnings for 2018. On the other hand, the technology sector, in which we have invested very little, posted a performance of more than +7% over the month, and has seen prices of FAANG stocks soaring. We have none, given their very high valuation levels. The Bombardier saga has run on with the announcement of Airbus' equity investment in its regional C-Series airliner programme, which will strengthen its commercial offer and improve the cost structure. By selling half its C-Series to Airbus, some experts have estimated that the value of the programme has doubled — allowing Bombardier stock to soar by +30% over the month. The current situation, which is partially disconnected from fundamentals analysis, complicates our investment approach in the short-term. However, we are convinced that cash generation and earnings will remain the key ratios for valuing a company in the medium and long term.

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Change in NAV

Chart – Base 100 (17/11/2017)
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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

-2.60 %

9.17 %

-2.60 %

9.17 %

1 Year

0.45 %

12.65 %

0.45 %

12.65 %

3 Year

35.54 %

56.54 %

10.66 %

16.10 %

5 year

122.77 %

144.32 %

17.35 %

19.54 %

Since inception

125.00 %

141.44 %

16.24 %

17.77 %

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

Share class (L-GBP)

Benchmark

-2.60 %

9.17 %

0.45 %

12.65 %

35.54 %

56.54 %

122.77 %

144.32 %

125.00 %

141.44 %

Annualised

Share class (L-GBP)

Benchmark

0.45 %

12.65 %

10.66 %

16.10 %

17.35 %

19.54 %

16.24 %

17.77 %

*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*14.75 %12.20 %6.79 %0.89 %-1.35 %1.50 %
3 Year *13.05 %10.11 %9.23 %0.71 %-0.59 %1.66 %
Max. drawdownAlphaBeta
Share class L-GBPBenchmarkShare class L-GBPBenchmarkShare class L-GBPBenchmark
1 Year*-11.93 %-0.17 %1.07 %
3 Year *-29.57 %-0.25 %0.91 %
Max. monthly gain Since inception12.38 %
Max. monthly loss Since inception-13.10 %
Share class L-GBP
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 14.75 % 13.05 % 12.20 % 10.11 %
Tracking Error 6.79 % 9.23 %
Sharpe ratio 1.50 % 1.66 %
Alpha -0.17 % -0.25 %
Correlation coefficient 0.89 % 0.71 %
Information ratio -1.35 % -0.59 %
Max. monthly loss -13.10 %
Max. monthly gain 12.38 %
Max. drawdown -11.93 % -29.57 %
Beta 1.07 % 0.91 %

Fund information

Inception Date (Fund)
28/12/2000
Inception Date (Part)
29/06/2012
Legal form
SICAV
Benchmark
S&P 500 (NR)
Currency (fund)
EUR
Currency (share class)
GBP
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1103305618
AuM (fund)
820 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
0,600 %
Current management fee
0.600 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value
Subscription fee
3.00 % max

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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