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 US Value US equities

US equities
Change in NAV (23/04/2018)
173.88 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
173.88 USD
Change in NAV (23/04/2018)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (23/04/2018)
173.88 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 29/03/2018

Continued US economic growth has persuaded the Fed to stick with its policy of gradual interest rate hikes. Given a climate where inflationary pressures remain modest, the sudden spike in volatility is not linked to the performance of the economy, which is sound. Rather, it was triggered by news of the US Administration's return to protectionism. The drop in sovereign bond yields has prompted renewed interest in defensive sectors. For example, utilities and real estate both reported gains in March, while cyclicals and technology stocks fell rather significantly. Meanwhile, the US Value portfolio has shown itself more resilient in relative terms, thanks in particular to its health and energy sector holdings. Despite oil's continuing climb to $65/bbl on the WTI, a four-year high, energy stocks have only managed a modest rebound and have been posting — as in 2017 — one of the worst sector performances this year. The health sector remained under pressure this month, but the fund benefited from Allergan's climb in the wake of a bold management speech announcing an imminent strategic review. At length, in an environment with long-term rates falling again and the yield curve flattening, bank stocks have had a heavy impact on the portfolio's absolute performance. For example, Bank of America saw its annual gains wiped out despite expectations of over 30% earnings growth this year, with Congress's approval for bank regulation reform. This correction is, we feel, more the result of a valuation-multiple compression phase, rather than an adjustment linked to lower earnings expectations. Our disciplined approach to valuation levels in constructing the portfolio should limit the impact of multiple compression, given the already significant discount on the stocks held. Energy, one of the best represented sectors, is trading at an historic market discount while its profits are likely to continue growing significantly this year. It's the same with many health stocks (such as biotechnology and pharmaceuticals), where valuations only seem to reflect the updating made on approved medicines, but none of the advanced stage products in R&D or those in launch phase.

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Change in NAV

Chart – Base 100 (23/04/2018)
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 R-USD Cumulative Annualised
Since 01/01/2018

0.43 %

0.27 %

0.43 %

0.27 %

1 Year

10.34 %

15.27 %

10.28 %

15.18 %

3 Year

9.84 %

32.05 %

3.17 %

9.70 %

5 year

44.90 %

81.93 %

7.70 %

12.71 %

Since inception

73.88 %

118.98 %

8.50 %

12.26 %

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

Share class (R-USD)

Benchmark

0.43 %

0.27 %

10.34 %

15.27 %

9.84 %

32.05 %

44.90 %

81.93 %

73.88 %

118.98 %

Annualised

Share class (R-USD)

Benchmark

10.28 %

15.18 %

3.17 %

9.70 %

7.70 %

12.71 %

8.50 %

12.26 %

*Rolling periods

Annual performance



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)
802 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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