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EdR Geosphere Natural Resources

Natural Resources
Change in NAV (26/05/2017)
126.61 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
126.61 EUR
Change in NAV (26/05/2017)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (26/05/2017)
126.61 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 28/04/2017

April saw high volatility on commodities prices. Brent crude began the month at $52/bbl, hit a high at $56/bbl, before closing at $51/bbl, influenced in part by US air strikes on military bases in Syria, and the risk of a growing tensions in the region. Opec members raised their quota compliance levels in March to 104%, showing very strong commitment to a reduction of global oil stocks. The International Energy Agency thus expects oil stocks to fall over the coming months. The trend is nevertheless for an extension of Opec and Non-Opec production cuts in order to reduce stocks to their historic average. A decision will be taken on May 25. Geopolitical tensions have also fuelled volatility in the gold price. It ended down after hitting a five-month high at $1295/oz. Coal price volatility is related to Cyclone Debbie, which temporarily impacted production in Australia, the world's largest coal exporter. Iron ore prices have stabilised above $60/tonne after dropping 30% in two months, while traders are worried about credit-tightening measures in China and their impact on properties demand. These fundamentals, not very promising over the short-term, led to a correction in the energy sector - E&P and oil services in particular - as well as metals and mining, including gold; while chemicals and wood/paper were rising. Such fairly widespread decreases led to a -2.8% index correction, and a rather sharper one to the fund, at -5.8%, despite our high cash level (close to 8%). Among the main contributors to this decline were stocks in these sectors, in particular Anadarko, Fortescue, Oasis Petroleum and Patterson-UTI. Gains posted by International Forest Products, International Paper and Oceana Gold were not enough to offset this. Nevertheless, we remain confident in the sector's free cash-flow generation capacity as a whole, while companies remain cautious about industrial investment and are focused on improving shareholder return.

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Change in NAV

Chart – Base 100 (26/05/2017)
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

Performance C-EUR Cumulative Annualised
Since 01/01/2017 -13.14 % -13.14 %
1 Year 4.56 % 4.56 %
3 Year -20.52 % -7.34 %
5 year -13.35 % -2.82 %
Since inception 26.61 % 1.90 %
Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative

-13.14 %

4.56 %

-20.52 %

-13.35 %

26.61 %

Annualised

4.56 %

-7.34 %

-2.82 %

1.90 %



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
1 Year3 Year 1 Year3 Year 1 Year3 Year 1 Year3 Year 1 Year3 Year
Share class C-EUR16.72 %20.45 %6.53 %7.63 %0.93 %0.94 %-1.28 %-1.04 %1.11 %0.15 %
Benchmark13.20 %16.19 %
Max. monthly lossMax. monthly gainMax. drawdownAlphaBeta
Since inceptionSince inception1 Year3 Year 1 Year3 Year 1 Year3 Year
Share class C-EUR-15.78 %12.67 %-13.75 %-47.93 %-0.19 %-0.66 %1.18 %1.19 %
Benchmark
Share class C-EUR
Benchmark
1 Year 3 Year 1 Year 3 Year
Volatility 16.72 % 20.45 % 13.20 % 16.19 %
Tracking Error 6.53 % 7.63 %
Sharpe ratio 1.11 % 0.15 %
Alpha -0.19 % -0.66 %
Correlation coefficient 0.93 % 0.94 %
Information ratio -1.28 % -1.04 %
Max. monthly loss -15.78 %
Max. monthly gain 12.67 %
Max. drawdown -13.75 % -47.93 %
Beta 1.18 % 1.19 %

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)
36 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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