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EdR Geosphere Natural Resources

Natural Resources
Change in NAV (21/09/2017)
67.79 USD
Emmanuel  PAINCHAULT–FR0011891340–
Emmanuel PAINCHAULT
Pierre PEDROSA–FR0011891340–
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
67.79 USD
Change in NAV (21/09/2017)
7
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (21/09/2017)
67.79 USD
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 31/08/2017

Brent crude was unchanged over the month, ranging between €50/bbl and €52/bbl. In the United States, WTI dropped nearly -6%, to between $46/bbl and $50/bbl. Both Opec and non-Opec countries reiterated support for their pact on production cuts, in particular those that were lagging on their commitments. US oil inventories have continued their almost uninterrupted decline since early April (-15% over the period), while the rig count has begun to drop. The market is worried about the extent of refinery maintenance, which could reverse the trend. The decline in Saudi Arabia's exports should help to stabilise the market. August's end saw the arrival of Hurricane Harvey, the worst since 2005. However, oil capacity has survived without damage. Meanwhile, the base metals complex has continued to climb, with the LME index gaining +8% over the month. Aluminium and copper are at their highest levels in three years, and in a decade for zinc. All have benefited from the strong PMI performances, infrastructure spending in China, and the USD's decline. Gold, up +4%, has also profited on the geopolitical tensions. However, this good performance by the underlyings has only moderately benefited the sectors themselves. It was the gold mining sector (+7.5% in euros) that saw the largest gains, ahead of Mining & Metals (+4%), while the energy sector (down -4.5%) has continued to be penalised by the market, especially in E&P and petroleum services (-8% and -11% respectively). Accordingly, the fund has dipped 2%, in line with its index. The poor performances posted by Anadarko, Apache, EOG, Patterson and Pioneer were offset by positive numbers from First Quantum, Teck Resources, Randgold, Methanex and Rio Tinto. In the portfolio, new positions have been initiated on Galaxy Resources and Orocobre, two players in lithium's future, an essential component in Electric Vehicle batteries. Galaxy has been developing its Mt Catlin project in Australia while Orocobre is in production in Argentina. Our small investments in Africa Oil, Faroe Petroleum and Range Resources (with their fundamentals deteriorating and limiting any appreciation potential) have been sold; as was Pembina, too, after a solid performance.

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Change in NAV

Chart – Base 100 (21/09/2017)
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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 B-USD Cumulative Annualised
Since 01/01/2017

-2.28 %

5.48 %

-2.28 %

5.48 %

1 Year

5.07 %

14.91 %

5.07 %

14.91 %

3 Year

-28.88 %

-8.18 %

-10.71 %

-2.80 %

Since inception

-32.21 %

-11.39 %

-11.22 %

-3.64 %

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

Share class (B-USD)

Benchmark

-2.28 %

5.48 %

5.07 %

14.91 %

-28.88 %

-8.18 %

-32.21 %

-11.39 %

Annualised

Share class (B-USD)

Benchmark

5.07 %

14.91 %

-10.71 %

-2.80 %

-11.22 %

-3.64 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class B-USDBenchmarkShare class B-USDBenchmarkShare class B-USDBenchmarkShare class B-USDBenchmarkShare class B-USDBenchmark
1 Year*15.37 %9.84 %8.00 %0.89 %-0.98 %0.68 %
3 Year *22.50 %16.68 %7.82 %0.96 %-1.02 %-0.36 %
Max. drawdownAlphaBeta
Share class B-USDBenchmarkShare class B-USDBenchmarkShare class B-USDBenchmark
1 Year*-17.91 %-0.19 %1.39 %
3 Year *-56.90 %-0.53 %1.30 %
Max. monthly gain Since inception17.70 %
Max. monthly loss Since inception-17.23 %
Share class B-USD
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 15.37 % 22.50 % 9.84 % 16.68 %
Tracking Error 8.00 % 7.82 %
Sharpe ratio 0.68 % -0.36 %
Alpha -0.19 % -0.53 %
Correlation coefficient 0.89 % 0.96 %
Information ratio -0.98 % -1.02 %
Max. monthly loss -17.23 %
Max. monthly gain 17.70 %
Max. drawdown -17.91 % -56.90 %
Beta 1.39 % 1.30 %

Fund information

Inception Date (Fund)
22/11/2004
Inception Date (Part)
17/06/2014
Legal form
Mutual Fund
Benchmark
60% MSCI World Energy (NR)
40% MSCI World Materials (NR)
Currency (fund)
EUR
Currency (share class)
USD
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
FR0011891340
AuM (fund)
26 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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