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 (21/02/2018)
65.94 EUR
Emmanuel  PAINCHAULT–FR0010664086–
Emmanuel PAINCHAULT
Pierre PEDROSA–FR0010664086–
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
65.94 EUR
Change in NAV (21/02/2018)
7
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (21/02/2018)
65.94 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 31/01/2018

At the start of the year, gold continued the rise it began in the wake of the Federal Reserve's latest rate hike announcement. Since its recent low, gold has risen +8% in USD, peaking at $1360/oz, slightly above the 2017 high reached last September. It has gained 3% in USD since the beginning of the year, though in EUR the price is unchanged. The dollar's weakness largely explains gold's robust performance. But it is nonetheless remarkable in a climate where equity markets are rallying and real rates are rising. The seasonal aspect of demand remains positive in the short term, especially with the approach of the Chinese New Year. Investment demand also is also holding up, with ETFs continuing to grow (+0.8 Moz to 72.4 Moz, or +1.1%). The ongoing uncertainty over Brexit is also a positive for investment demand, and there is the added possibility that Donald Trump will take the United States out of Nafta, which would see a return to protectionism. Surprisingly and disappointingly, after a good start to the month, gold mining companies ended up performing less well than gold itself. What's more, they did not keep up with the equity market rise either, and posted high volatility. The fund underperformed its index largely due to the sharp decline in Pretium Resources. The company lost nearly -41% in EUR over the month after publication of its Q4 report, which revealed a poor match between gold grades actually produced and those assessed in reserves, after mining a key asset with inadequate grade data. This does not cast doubt on the quality of its reserves, but the market will be paying close attention to its next reports. Roxgold has fallen after good results for 2017, with 2018 seen more as a year of transition, without growth. Newmont's strong performance also had an impact on relative performance (15% of the index), partially offset by the decline in Barrick — which we sharply reduced in favour of Goldcorp. We sold Petra Diamonds after yet another production disappointment, which raises the company's risk of not meeting its balance-sheet targets.

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Change in NAV

Chart – Base 100 (21/02/2018)
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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 B-EUR Cumulative Annualised
Since 01/01/2018

-11.19 %

-8.00 %

-11.19 %

-8.00 %

1 Year

-28.96 %

-24.92 %

-28.96 %

-24.92 %

3 Year

-4.31 %

4.67 %

-1.46 %

1.53 %

5 year

-38.28 %

-34.27 %

-9.19 %

-8.04 %

Since inception

-34.06 %

-28.58 %

-4.33 %

-3.52 %

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

Share class (B-EUR)

Benchmark

-11.19 %

-8.00 %

-28.96 %

-24.92 %

-4.31 %

4.67 %

-38.28 %

-34.27 %

-34.06 %

-28.58 %

Annualised

Share class (B-EUR)

Benchmark

-28.96 %

-24.92 %

-1.46 %

1.53 %

-9.19 %

-8.04 %

-4.33 %

-3.52 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmark
1 Year*22.30 %23.32 %5.83 %0.97 %-0.81 %-0.67 %
3 Year *34.90 %37.91 %6.61 %0.99 %-0.50 %0.06 %
Max. drawdownAlphaBeta
Share class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmark
1 Year*-27.94 %-0.14 %0.93 %
3 Year *-36.85 %-0.29 %0.91 %
Max. monthly gain Since inception29.40 %
Max. monthly loss Since inception-27.09 %
Share class B-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 22.30 % 34.90 % 23.32 % 37.91 %
Tracking Error 5.83 % 6.61 %
Sharpe ratio -0.67 % 0.06 %
Alpha -0.14 % -0.29 %
Correlation coefficient 0.97 % 0.99 %
Information ratio -0.81 % -0.50 %
Max. monthly loss -27.09 %
Max. monthly gain 29.40 %
Max. drawdown -27.94 % -36.85 %
Beta 0.93 % 0.91 %

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
FR0010664086
AuM (fund)
28 M (USD)
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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