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EdR Geosphere Natural Resources

Natural Resources
Change in NAV (26/04/2017)
66.08 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
66.08 USD
Change in NAV (26/04/2017)
7
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (26/04/2017)
66.08 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 31/03/2017

March was marked by a return of volatility to oil prices. While this had been kept within in a narrow range ($55-57/bbl for Brent) since the Opec/Non-Opec pact, prices fell to $50/bbl before closing the month near $53/bbl. Concerns about the increase in US crude oil inventories and Opec's ability to hold and renew its reduced production commitments have led traders to unwind their net long positions. These reached a record level, and the correction had the advantage of cleaning up the market. We remain constructive about oil prices. The rise in oil stocks is linked to seasonality, and the quota compliance rate (94% in February) shows the willingness of both Opec and non-Opec countries to reduce the global excess of stocks. In addition, US production finally rose by 60,000 bbl/day in January, while weekly statistics predicted growth of 178,000 bbl/day, a level that could easily be absorbed given the growth in demand. Gold prices remained stable at around $1,249/oz, and were not affected by the 25 bps hike in US interest rates. Copper prices fell slightly with normalisation underway at Grasberg and Escondida. In an environment where the underlyings came out were slightly lower, the fund fell further and underperformed its benchmark. The correction was more pronounced in the Mining & Metals and Exploration & Production sectors, as well as Oil Services sectors — in which we are overexposed (59% when combined against 41% for the index). This is the result of our belief in their ability to significantly raise their cash-flows in 2017. Accordingly, over the month the strongest negative contributions came from Anadarko (E&P), Patterson-UTI and Halliburton (oil services), plus Lundin Mining (copper). For its positive contribution, note the performance of Ivanhoe Mines, which has significantly increased discoveries on the Kakula Project (DRC), and could make its mark in the history of copper. Teck Resources and South32 have been taking advantage of the rebound in metallurgical coal in the wake of Cyclone Debbie in eastern Australia. We take advantage of the markets to reinvest.

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Change in NAV

Chart – Base 100 (26/04/2017)
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Performance

Performance B-USD Cumulative performance Annualised performance
Since 01/01/2017 -4.74 %  
1 Year 5.17 % 5.17 %
Since inception -33.92 % -13.48 %
Performance B-USD Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative performance -4.74 % 5.17 % -33.92 %
Annualised performance 5.17 % -13.48 %


Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
1 Year1 Year1 Year1 Year1 Year
Share class B-USD16.03 %6.48 %0.93 %-0.39 %1.68 %
Benchmark12.14 %
Max. monthly lossMax. monthly gainMax. drawdownAlphaBeta
Since inceptionSince inception1 Year1 Year1 Year
Share class B-USD-17.23 %21.43 %-8.90 %-0.12 %1.23 %
Benchmark
Share class B-USD
Benchmark
1 Year 3 Year 1 Year 3 Year
Volatility 16.03 % 12.14 %
Tracking Error 6.48 %
Sharpe ratio 1.68 %
Alpha -0.12 %
Correlation coefficient 0.93 %
Information ratio -0.39 %
Max. monthly loss -17.23 %
Max. monthly gain 21.43 %
Max. drawdown -8.90 %
Beta 1.23 %

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)
39 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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