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 (11/12/2018)
6,850.94 EUR
Emmanuel  PAINCHAULT–FR0010664078–
Emmanuel PAINCHAULT
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
6,850.94 EUR
Change in NAV (11/12/2018)
7
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (11/12/2018)
6,850.94 EUR
Risk and reward profile
1234567
Recommended holding period
> 5 years
Emmanuel PAINCHAULT  
 
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 30/06/2018

With its price down -3.5% (in USD), gold recorded its largest monthly decline in 18 months (-8.2% in November 2016). Valued in EUR, the drop is similar (-3.5%). This downtrend relates to sales flows by financial investors. Traders' net buy positions on the Comex have plunged by more than a third over the month, the largest drop in a year. Gold reserves held in ETFs fell by -2%, a sharp decline over one year to 73.01Moz. Nor does the current climate of uncertainty linked to the risk of a trade war provide any support for gold, which is also influenced by the US Federal Reserve's hawkish tone. Buyside demand for physical gold is also limited, though this is usual for the time of the year; but note that gold imports into India have fallen below average. Demand usually gets stronger in the second half of the year. Central banks, and more particularly Russia's bank, remain constant buyers. They have accumulated 132t since the beginning of the year (vs 130t in 2017). The gold sector has held up well in this environment, with its decline limited to -0.45%, while the general equity markets (MSCI World net) fell by -0.1%. The fund has underperformed its index with a 0.9% dip. Newcrest is up, though we are significantly under-exposed. A positive surprise was the company's receipt of a $155 million insurance settlement related to a seismic event in April 2017 that affected the Cadia mine. In addition, smaller companies corrected over the month, affecting RoxGold and Torex in particular. In contrast, the fund benefited from a good performance by Kirland Lake, which announced a dividend; also by Oceana Gold with a reduction in Philippine risk, the Didipo mine, having successfully passed its environmental review; by Semafo, which started production at Boungou Mine, and by Agnico Eagle. Detour recorded a rebound, though we have continued to sell

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Change in NAV

Chart – Base 100 (11/12/2018)
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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 I-EUR Cumulative Annualised

-9.04 %

-2.19 %

6.26 %

12.00 %

1.00 %

4.18 %

Since inception

-31.49 %

-29.43 %

-3.64 %

-3.36 %

Since 01/01/2018 1 year* 3 years* 5 years* Since inception
Cumulative

Share class (I-EUR)

Benchmark

-31.49 %

-29.43 %

Annualised

Share class (I-EUR)

Benchmark

-9.04 %

-2.19 %

6.26 %

12.00 %

1.00 %

4.18 %

-3.64 %

-3.36 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmark
1 Year*18.31 %19.60 %5.34 %0.96 %-0.92 %-0.52 %
3 Year *32.79 %35.22 %6.19 %0.98 %-0.97 %0.30 %
Max. drawdownAlphaBeta
Share class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmark
1 Year*-26.60 %-0.13 %0.90 %
3 Year *-47.37 %-0.42 %0.92 %
Max. monthly gain Since inception29.49 %
Max. monthly loss Since inception-40.59 %
Share class I-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 18.31 % 32.79 % 19.60 % 35.22 %
Tracking Error 5.34 % 6.19 %
Sharpe ratio -0.52 % 0.30 %
Alpha -0.13 % -0.42 %
Correlation coefficient 0.96 % 0.98 %
Information ratio -0.92 % -0.97 %
Max. monthly loss -40.59 %
Max. monthly gain 29.49 %
Max. drawdown -26.60 % -47.37 %
Beta 0.90 % 0.92 %

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
500000.00 EUR
ISIN Code
FR0010664078
AuM (fund)
23 M (USD)
Regulatory authority
AMF
Management company
Edmond de Rothschild Asset Management (France)
Incorporation
France
Maximum management fee
1,000 %
Current management fee
1.000 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value
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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