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EdR Goldsphere Gold & Precious Metals

Gold & Precious Metals
Change in NAV (18/10/2017)
71.70 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
71.70 EUR
Change in NAV (18/10/2017)
7
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (18/10/2017)
71.70 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 29/09/2017

The gold price fell -3.1% this month to $1280/oz, its second monthly decline since the beginning of the year. In the early part of the month, however, gold hit $1357/oz, its highest point since August 2016. Geopolitical tensions between Pyongyang and Washington, which had driven the market previously, have been relegated to the background. Investors have continued to accumulate gold through ETFs, up by 1.4 Moz (million ounces) over the month and 6.1 Moz since the beginning of the year, out of a total of 71.3 Moz. The evolution of the gold price was also affected by the monetary policies of central banks. The dynamism of the euro zone suggests further monetary tightening ahead by the ECB. The US Federal Reserve has also revised its growth forecasts (with a lower hurricane impact assessment), and will begin to reduce its balance sheet in October, while maintaining its target of a rate hike by the year end. These factors contributed to the strengthening of the US dollar and the 10-year US T-Note, which, in turn, pushed gold back under $1300/oz. Given this environment, the gold sector corrected by 6.7% in USD (-6.0% in EUR). The fund has moderately outperformed its benchmark. The main contributors to the decline were Agnico Eagle, Barrick Gold, Detour Gold and Newcrest Mining, despite the lack of any specific news. Note the positive performance posted by Pretium Resources, currently in the production ramp-up phase at its Brucejack mine, which should enable the company to generate positive working capital from Q3. Also that of Tahoe Resources after Guatemala's Supreme Court reversed its earlier decision and reinstated its operating licence for the Escobal mine. We modestly strengthened our position on this news, but remain conservative since the roadblock is still operating. TMAC Resources has benefited from an improvement in production performance at its processing plant, now running at 90% of capacity against 68% in Q2. Modifications are also under way to improve its gold recovery rate. At $1263/oz, the average gold price since the beginning of the year remains at its highest since 2014, and the ongoing investment discipline observed by gold companies is enhancing free cash-flow generation.

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Change in NAV

Chart – Base 100 (18/10/2017)
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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 E-EUR Cumulative Annualised
Since 01/01/2017

-5.70 %

-3.49 %

-5.70 %

-3.49 %

1 Year

-13.71 %

-9.96 %

-13.71 %

-9.96 %

3 Year

12.44 %

30.71 %

3.98 %

9.32 %

5 year

-51.28 %

-47.01 %

-13.39 %

-11.92 %

Since inception

-28.30 %

-21.65 %

-3.61 %

-2.66 %

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

Share class (E-EUR)

Benchmark

-5.70 %

-3.49 %

-13.71 %

-9.96 %

12.44 %

30.71 %

-51.28 %

-47.01 %

-28.30 %

-21.65 %

Annualised

Share class (E-EUR)

Benchmark

-13.71 %

-9.96 %

3.98 %

9.32 %

-13.39 %

-11.92 %

-3.61 %

-2.66 %

*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*31.37 %31.99 %6.14 %0.98 %-0.46 %-0.53 %
3 Year *38.81 %42.87 %6.66 %0.99 %-0.62 %0.17 %
Max. drawdownAlphaBeta
Share class E-EURBenchmarkShare class E-EURBenchmarkShare class E-EURBenchmark
1 Year*-23.38 %-0.08 %0.96 %
3 Year *-38.57 %-0.32 %0.90 %
Max. monthly gain Since inception29.33 %
Max. monthly loss Since inception-40.68 %
Share class E-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 31.37 % 38.81 % 31.99 % 42.87 %
Tracking Error 6.14 % 6.66 %
Sharpe ratio -0.53 % 0.17 %
Alpha -0.08 % -0.32 %
Correlation coefficient 0.98 % 0.99 %
Information ratio -0.46 % -0.62 %
Max. monthly loss -40.68 %
Max. monthly gain 29.33 %
Max. drawdown -23.38 % -38.57 %
Beta 0.96 % 0.90 %

Fund information

Inception Date (Fund)
30/09/2008
Inception Date (Part)
30/09/2008
Legal form
Mutual Fund
Benchmark
FTSE Gold Mines (PI)
Currency (fund)
USD
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
FR0010664052
AuM (fund)
30 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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