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EdR Geosphere Natural Resources

Natural Resources
Change in NAV (16/08/2017)
119.63 EUR
Emmanuel  PAINCHAULT–FR0010127522–
Emmanuel PAINCHAULT
Pierre PEDROSA–FR0010127522–
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
119.63 EUR
Change in NAV (16/08/2017)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (16/08/2017)
119.63 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 Fund's investment objective, over a recommended investment period of more than five years, is to outperform its benchmark index, with exposure to commodity and energy-linked stocks.

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Commentary 31/07/2017

Oil prices rebounded sharply in July, with Brent climbing more than 8% (to $52/bbl) and WTI almost 9% (to $50/bbl). The catalysts driving this recovery are multiple: First, the decline in US inventories has accelerated. Second, the Opec/Non-Opec meeting came up with its share of surprises. Saudi Arabia has agreed to limit its exports to 6.6 million bbl/day from August, and the option remains open for production cuts to be extended beyond March 2018 among the cartel. Third, US drilling activity has stabilized. In the light of which, Anardako has announced a capex cut for 2017, stating that ‘current market conditions require lower capital intensity'. As mentioned last month, the improvement in fundamentals is real, and sentiment — previously negative — seems to be becoming more optimistic. Metals also rebounded strongly this month, energised by the USD's weakness and the recovery in the world economy, especially in China. Industrial production, new housing starts, and fixed asset investment continue to augur well on Chinese demand for metals. Iron ore climbed some 13.5% to €73.7 per metric ton in June, thanks to sustained steel demand in China. ArcelorMittal, the world leader in steel, has upgraded its projection for 2017 global demand to 2.5-3%. With a 7% increase to $6300/metric ton, copper has reached its highest level in two years. China could consider banning imports of certain scrap metal products (category 7) by the end of 2018, which would increase demand for refined copper. Gold is up 2.3% (in USD) at $1270 per oz while central bankers have adopted a more accommodating tone. Despite the hike in oil prices, the MSCI Energy was unchanged at its close (+0.1% in EUR), demonstrating a certain lack of investor interest in the sector. In contrast, the Metals & Mining sector posted a strong performance, climbing some 8.2% (in EUR) over the month. Gold mines were also up, by 0.4% (in EUR). The fund posted a performance of +3.1%, significantly outperforming its benchmark, thanks to our overexposure to Metals & Mining.

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Change in NAV

Chart – Base 100 (16/08/2017)
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 C-EUR Cumulative Annualised
Since 01/01/2017

-17.93 %

-10.73 %

-17.93 %

-10.73 %

1 Year

-8.76 %

1.48 %

-8.76 %

1.48 %

3 Year

-26.46 %

-3.11 %

-9.71 %

-1.04 %

5 year

-23.21 %

8.09 %

-5.14 %

1.57 %

Since inception

19.63 %

74.91 %

1.42 %

4.49 %

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

Share class (C-EUR)

Benchmark

-17.93 %

-10.73 %

-8.76 %

1.48 %

-26.46 %

-3.11 %

-23.21 %

8.09 %

19.63 %

74.91 %

Annualised

Share class (C-EUR)

Benchmark

-8.76 %

1.48 %

-9.71 %

-1.04 %

-5.14 %

1.57 %

1.42 %

4.49 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmark
1 Year*16.85 %12.14 %7.86 %0.90 %-1.03 %0.40 %
3 Year *20.72 %16.26 %7.89 %0.94 %-1.02 %-0.03 %
Max. drawdownAlphaBeta
Share class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmark
1 Year*-22.28 %-0.17 %1.25 %
3 Year *-47.93 %-0.64 %1.20 %
Max. monthly gain Since inception12.67 %
Max. monthly loss Since inception-15.78 %
Share class C-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 16.85 % 20.72 % 12.14 % 16.26 %
Tracking Error 7.86 % 7.89 %
Sharpe ratio 0.40 % -0.03 %
Alpha -0.17 % -0.64 %
Correlation coefficient 0.90 % 0.94 %
Information ratio -1.03 % -1.02 %
Max. monthly loss -15.78 %
Max. monthly gain 12.67 %
Max. drawdown -22.28 % -47.93 %
Beta 1.25 % 1.20 %

Fund information

Inception Date (Fund)
22/11/2004
Inception Date (Part)
22/11/2004
Legal form
Mutual Fund
Benchmark
60% MSCI World Energy (NR)
40% MSCI World Materials (NR)
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
FR0010127522
AuM (fund)
34 M (EUR)
Regulatory authority
AMF
Management company
Edmond de Rothschild Asset Management (France)
Incorporation
France
Maximum management fee
2,000 %
Current management fee
2.000 %
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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