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EdR Geosphere Natural Resources

Natural Resources
Change in NAV (15/11/2017)
129.63 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
129.63 EUR
Change in NAV (15/11/2017)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (15/11/2017)
129.63 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 31/10/2017

With a hike of nearly 8% in USD, Brent crude has climbed back over $60/bbl, for the first time in two years. The increase was driven by an improvement in fundamentals. These include a decline in Opec production, some of this being temporary and related to the unrest in Iraqi Kurdistan; to lower exports, a slower pace of growth in US production, less drilling activity, and good global demand. All these factors have also contributed to a sharp decline in oil stocks. The Opec and non-Opec countries committed to reducing production cut, now plan to continue their effort beyond the limit previously set for March 2018. Metals are also up significantly (+4% on the LME index). Nickel, +18% in USD, has closed the gap it had with other metals since the beginning of the year, the market finally realising its importance in the next generation of batteries for electric vehicles. Gold was unchanged, waiting for news of the next president of the US Federal Reserve. The energy sector has benefited only moderately from the hike in oil prices. Integrated companies are, however, benefiting from a strong improvement in their free cash-flows, while E&P is progressing moderately, but oil service companies are down on concerns over their 2018 activity levels. The materials sector posted the best performance, thanks in particular to chemicals and the sterling performance by Mining & Metals. Gold companies are down. The fund has gained +2.9% in euros, in line with its index. Its performance was penalised by Apache, whose Alpine High's potential is better in the long term than the short run; as was Peyto, hit by the drop in gas prices in Canada, plus oil services (Schlumberger, Patterson-UTI) and gold miners (Oceana, Endeavor). However, the fund benefited from its positions on Total and Royal Dutch, from ArcelorMittal, thanks to a strong improvement in the steel market, and from mining companies, particularly in lithium (Galaxy). We strengthened our cobalt exposure in two exploration companies, Clean Teq (Australia) and European Cobalt (Slovakia, Finland), plus in lithium with Neo Litium (exploration, Argentina), and with Umicore in recycling.

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Change in NAV

Chart – Base 100 (15/11/2017)
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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 C-EUR Cumulative Annualised
Since 01/01/2017

-11.07 %

-4.37 %

-11.07 %

-4.37 %

1 Year

-5.54 %

2.37 %

-5.54 %

2.37 %

3 Year

-12.55 %

7.45 %

-4.37 %

2.42 %

5 year

-12.61 %

20.84 %

-2.66 %

3.86 %

Since inception

29.63 %

87.38 %

2.02 %

4.95 %

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

Share class (C-EUR)

Benchmark

-11.07 %

-4.37 %

-5.54 %

2.37 %

-12.55 %

7.45 %

-12.61 %

20.84 %

29.63 %

87.38 %

Annualised

Share class (C-EUR)

Benchmark

-5.54 %

2.37 %

-4.37 %

2.42 %

-2.66 %

3.86 %

2.02 %

4.95 %

*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*16.25 %11.45 %8.31 %0.88 %-1.11 %1.09 %
3 Year *20.20 %16.52 %7.40 %0.94 %-0.93 %0.20 %
Max. drawdownAlphaBeta
Share class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmark
1 Year*-22.37 %-0.21 %1.24 %
3 Year *-45.08 %-0.57 %1.15 %
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 16.25 % 20.20 % 11.45 % 16.52 %
Tracking Error 8.31 % 7.40 %
Sharpe ratio 1.09 % 0.20 %
Alpha -0.21 % -0.57 %
Correlation coefficient 0.88 % 0.94 %
Information ratio -1.11 % -0.93 %
Max. monthly loss -15.78 %
Max. monthly gain 12.67 %
Max. drawdown -22.37 % -45.08 %
Beta 1.24 % 1.15 %

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)
23 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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