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EdR Geosphere Natural Resources

Natural Resources
Change in NAV (23/06/2017)
75.26 EUR
Emmanuel  PAINCHAULT–FR0011891365–
Emmanuel PAINCHAULT
Pierre PEDROSA–FR0011891365–
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
75.26 EUR
Change in NAV (23/06/2017)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (23/06/2017)
75.26 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 31/05/2017

The renewal and extension of the pact signed between Opec and some non-Opec countries for a further nine months will maintain visibility to March 2018, so that surplus inventories can be reduced worldwide. The markets, however, remain somewhat sceptical: Brent crude declined -1.6% over the month, while WTI fell -2.0% (in USD). The ongoing pessimism is partly due to resurgent production in Libya (800,000-1,000,000 bbl/day, vs 260,000 bbl/d last September), but mainly to potential US production. A host of E&P companies have set their production growth targets at +15% to +20%. Data from the US Energy Information Administration (EIA), however, shows March's production climbing just 52,000 bbl/d to 9.098 million bbl/d, with production stable at the prolific Eagle Ford and Permian basins (Texas). Real growth is therefore less than was feared, given the weekly estimates. However, we will have to wait for the summer season to see a more significant decline in world inventories. Sentiment remains negative on commodities, and instead is focused on the tightening credit situation in China. Trends in Chinese steel production, prices and stocks, however, are showing strong momentum, driven by infrastructure and real estate. Doubts over underlyings led to a significant sector correction: down -4.9% on the MSCI Energy (in EUR), with a sharp drop in E&P and Petroleum Services, down -3.1% on the MSCI Materials index, of which -4.8% on the Mines & Metals. The fund's performance has been more negatively impacted than the index, given its over-exposure to the most heavily corrected sectors. The main contributor to this downturn was Anadarko, which was also penalised by a fatal accident. The company's financial liability should, however, be limited. In copper, First Quantum and Ivanhoe Mine experienced a major correction, as did ArcelorMittal, in steel. However, we reckon the financial situation of the sector's companies is improving, notably in terms of free cash-flow. Despite having been somewhat penalised, we are maintaining our positions.

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Change in NAV

Chart – Base 100 (23/06/2017)
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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 R-EUR Cumulative Annualised
Since 01/01/2017

-17.32 %

-8.60 %

-17.32 %

-8.60 %

1 Year

-2.41 %

6.59 %

-2.41 %

6.59 %

3 Year

-26.08 %

-3.32 %

-9.57 %

-1.12 %

Since inception

-24.74 %

-1.40 %

-8.98 %

-0.47 %

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

Share class (R-EUR)

Benchmark

-17.32 %

-8.60 %

-2.41 %

6.59 %

-26.08 %

-3.32 %

-24.74 %

-1.40 %

Annualised

Share class (R-EUR)

Benchmark

-2.41 %

6.59 %

-9.57 %

-1.12 %

-8.98 %

-0.47 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class R-EURBenchmarkShare class R-EURBenchmarkShare class R-EURBenchmarkShare class R-EURBenchmarkShare class R-EURBenchmark
1 Year*16.58 %12.63 %7.38 %0.91 %-1.01 %0.93 %
3 Year *
Max. drawdownAlphaBeta
Share class R-EURBenchmarkShare class R-EURBenchmarkShare class R-EURBenchmark
1 Year*-19.11 %-0.16 %1.19 %
3 Year *
Max. monthly gain Since inception23.53 %
Max. monthly loss Since inception-18.15 %
Share class R-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 16.58 % 12.63 %
Tracking Error 7.38 %
Sharpe ratio 0.93 %
Alpha -0.16 %
Correlation coefficient 0.91 %
Information ratio -1.01 %
Max. monthly loss -18.15 %
Max. monthly gain 23.53 %
Max. drawdown -19.11 %
Beta 1.19 %

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)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
500000.00 EUR
ISIN Code
FR0011891365
AuM (fund)
34 M (EUR)
Regulatory authority
AMF
Management company
Edmond de Rothschild Asset Management (France)
Incorporation
France
Maximum management fee
1,150 %
Current management fee
1.150 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value

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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