Edmond de Rothschild

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This site provides extensive information about the ranges of Edmond de Rothschild Group funds. In particular, it provides simplified access to key fund-related data (performance, net asset values, features) and their commercial or legal documents.

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EdR Goldsphere Gold & Precious Metals

Gold & Precious Metals
Change in NAV (19/01/2018)
70.88 EUR
Emmanuel  PAINCHAULT–FR0010664052–
Emmanuel PAINCHAULT
Pierre PEDROSA–FR0010664052–
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
70.88 EUR
Change in NAV (19/01/2018)
7
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (19/01/2018)
70.88 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 UCITS' objective, over a recommended investment period of more than 5 years, is to outperform the benchmark index, the FTSE Gold Mines Price Index, by selecting securities, on a discretionary basis, predominantly in the gold sector and linked to the exploration, extraction, transformation and/or marketing of gold.

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Commentary 29/12/2017

As anticipated, the US Federal Reserve raised its key interest rates by +25 bps in December. For 2018, and despite anticipations of accelerating growth, the Fed has maintained its outlook at three rate hikes. As in previous rate hikes, gold came under pressure in the weeks leading up to the announcement, but then began a rebound. The elections in Catalonia contributed to an increase in geopolitical risk. The tax reform passed in the United States also brought its share of uncertainties, but its approval did not lead to a correction on gold. Inflation remains the most uncertain element in the year ahead. The low unemployment rate, coupled with the economy's resilience, could contribute to an increase in inflation which, were it to occur, would drive the gold price up towards $1,400/oz. Without a recovery, gold should remain in the $1200-1300/oz range. The global environment remains positive for gold mining companies in terms of cash flow generation. Over the month, this sector gained +3.7% in euros (+4.9% in USD), taking a lead on gold itself (+1.1% in EUR and +2.2% in USD). The fund has significantly outperformed its benchmark. We maintained a substantial cash position (+9%) in the run-up to the rate hike announcement, and reinvested most of it on the day the news came out, enabling the fund to capture the rebound that followed. The position on Barrick Gold was reduced to below 5% and replaced with Goldcorp. Goldcorp has significantly underperformed in the last few years, while Barrick Gold has benefited from a significant revaluation related to its balance sheet restructuring and lower cost structure. That momentum is now beginning to swing round. Goldcorp is refocusing on its assets and should benefit from improved profitability. Indeed, 2019 and 2020 will be years of very strong free cash-flow generation. While more modest in 2018, this trend reversal should prompt the market to revalue the company. We have also strengthened our positions on mid-sized companies (such as Kinross and B2Gold), as well as on Pretium, which is in the start-up phase, Nighthawk in exploration, and Agnico Eagle, among the majors.

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Change in NAV

Chart – Base 100 (19/01/2018)
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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 E-EUR Cumulative Annualised
Since 01/01/2018

-0.87 %

-0.19 %

-0.87 %

-0.19 %

1 Year

-13.89 %

-10.60 %

-13.89 %

-10.60 %

3 Year

-3.06 %

9.47 %

-1.03 %

3.05 %

5 year

-43.75 %

-38.74 %

-10.86 %

-9.32 %

Since inception

-29.58 %

-22.52 %

-3.70 %

-2.70 %

Since 01/01/2018 1 Year 3 Year 5 year Since inception
Cumulative

Share class (E-EUR)

Benchmark

-0.87 %

-0.19 %

-13.89 %

-10.60 %

-3.06 %

9.47 %

-43.75 %

-38.74 %

-29.58 %

-22.52 %

Annualised

Share class (E-EUR)

Benchmark

-13.89 %

-10.60 %

-1.03 %

3.05 %

-10.86 %

-9.32 %

-3.70 %

-2.70 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class E-EURBenchmarkShare class E-EURBenchmarkShare class E-EURBenchmarkShare class E-EURBenchmarkShare class E-EURBenchmark
1 Year*23.59 %24.28 %5.47 %0.97 %-0.45 %-0.15 %
3 Year *37.29 %41.30 %6.85 %0.99 %-0.69 %0.28 %
Max. drawdownAlphaBeta
Share class E-EURBenchmarkShare class E-EURBenchmarkShare class E-EURBenchmark
1 Year*-28.15 %-0.05 %0.95 %
3 Year *-38.57 %-0.31 %0.89 %
Max. monthly gain Since inception29.33 %
Max. monthly loss Since inception-27.22 %
Share class E-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 23.59 % 37.29 % 24.28 % 41.30 %
Tracking Error 5.47 % 6.85 %
Sharpe ratio -0.15 % 0.28 %
Alpha -0.05 % -0.31 %
Correlation coefficient 0.97 % 0.99 %
Information ratio -0.45 % -0.69 %
Max. monthly loss -27.22 %
Max. monthly gain 29.33 %
Max. drawdown -28.15 % -38.57 %
Beta 0.95 % 0.89 %

Fund information

Inception Date (Fund)
30/09/2008
Inception Date (Part)
30/09/2008
Legal form
Mutual Fund
Benchmark
FTSE Gold Mines Index (NR)
Currency (fund)
USD
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
FR0010664052
AuM (fund)
31 M (USD)
Regulatory authority
AMF
Management company
Edmond de Rothschild Asset Management (France)
Incorporation
France
Maximum management fee
2,400 %
Current management fee
2.400 %
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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