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EdR Fund US Value & Yield US equities

US equities
Change in NAV (22/09/2017)
163.22 USD
Christophe  FOLIOT–LU1103305881–
Christophe FOLIOT
Adeline SALAT-BAROUX–LU1103305881–
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
163.22 USD
Change in NAV (22/09/2017)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (22/09/2017)
163.22 USD
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 31/08/2017

US equity markets held relatively steady over the month in USD. The currency depreciated by almost 1% against the euro over the period in an environment marked by political tensions. These were international, with missile launches by North Korea; and internal, with the events at Charlottesville and the troubled positioning of the US president on the extreme right's responsibility. EdR Value & Yield suffered considerably from its exposure to energy stocks in August, which explains over half its underperformance for the month. The sector fell -6% over the month, taking its performance since the beginning of the year to -17% in a climate of declining oil prices on the WTI, which fell from $50/bbl to $46/bbl. However, we remain convinced that the sector's depressed valuations largely integrate the negative investor sentiment, while the fundamentals themselves are stabilising. During the summer we neither initiated nor sold any positions. The only significant move was to reduce JP Morgan's weight in the portfolio after reaching an excellent market price that lead to a reduction in its stock market discount. The months go by they, but are similar in terms of disappointment on the relative performance of our Value style, in which the gaps are widening and now becoming historic. However, it is difficult to predict ¬– over the short term – when the Value trend will switch round, and (inevitably) start working strongly in the other direction.

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Change in NAV

Chart – Base 100 (22/09/2017)
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 R-USD Cumulative Annualised
Since 01/01/2017

1.59 %

12.93 %

1.59 %

12.93 %

1 Year

9.73 %

16.60 %

9.73 %

16.60 %

3 Year

6.55 %

31.16 %

2.13 %

9.45 %

5 year

57.67 %

83.55 %

9.52 %

12.90 %

Since inception

63.22 %

103.63 %

8.23 %

12.17 %

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

Share class (R-USD)

Benchmark

1.59 %

12.93 %

9.73 %

16.60 %

6.55 %

31.16 %

57.67 %

83.55 %

63.22 %

103.63 %

Annualised

Share class (R-USD)

Benchmark

9.73 %

16.60 %

2.13 %

9.45 %

9.52 %

12.90 %

8.23 %

12.17 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class R-USDBenchmarkShare class R-USDBenchmarkShare class R-USDBenchmarkShare class R-USDBenchmarkShare class R-USDBenchmark
1 Year*11.75 %8.17 %6.73 %0.83 %-1.42 %1.76 %
3 Year *15.54 %10.12 %8.98 %0.83 %-0.91 %0.83 %
Max. drawdownAlphaBeta
Share class R-USDBenchmarkShare class R-USDBenchmarkShare class R-USDBenchmark
1 Year*-7.65 %-0.21 %1.19 %
3 Year *-32.81 %-0.81 %1.28 %
Max. monthly gain Since inception21.56 %
Max. monthly loss Since inception-19.04 %
Share class R-USD
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 11.75 % 15.54 % 8.17 % 10.12 %
Tracking Error 6.73 % 8.98 %
Sharpe ratio 1.76 % 0.83 %
Alpha -0.21 % -0.81 %
Correlation coefficient 0.83 % 0.83 %
Information ratio -1.42 % -0.91 %
Max. monthly loss -19.04 %
Max. monthly gain 21.56 %
Max. drawdown -7.65 % -32.81 %
Beta 1.19 % 1.28 %

Fund information

Inception Date (Fund)
28/12/2000
Inception Date (Part)
15/07/2011
Legal form
SICAV
Benchmark
S&P 500 (NR)
Currency (fund)
EUR
Currency (share class)
USD
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1103305881
AuM (fund)
857 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
2,100 %
Current management fee
2.100 %
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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