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EdR Goldsphere Gold & Precious Metals

Gold & Precious Metals
Change in NAV (15/11/2017)
71.30 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
71.30 EUR
Change in NAV (15/11/2017)
7
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (15/11/2017)
71.30 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 31/10/2017

Gold ended the month unchanged, closing at $1271/oz after hitting a high at $1304/oz. The modest rise in the USD and US Treasury bond yields worked as pressure factors for gold. The market's attention, however, has focused on the identity of the next head of the US Federal Reserve, and how this appointment could impact monetary policy. The most recent news tends to favour ‘Jay' Powell, who has expressed support for Janet Yellen's progressive adjustment of monetary policy. If this were confirmed, it would be positive for the gold price trend in 2018. In the short term, a rate hike is virtually certain in December and should put some pressure on gold. This uncertain environment has weighed on the gold sector, down -2.2% in euros and -3.7% in USD. The fund has slightly underperformed its benchmark. Eldorado plunged over the month (-42% in euros) due to a sharp drop in the recovery rate at its Kisladag, its main mine in Turkey. The company has lowered its production targets for the year, but the market is still waiting for a better understanding of the impact this will have on the mine's life expectancy. In relative terms its impact on the fund remains limited. The top contributors to underperformance were Goldcorp and Newcrest. We remain under-exposed to these companies, which are currently in challenging operational phases. Also note the declines recorded by RoxGold, Torex and TMac. The latter, which faces a slow start-up at its Hope Bay mine, has gone ahead with a capital increase to limit pressure on its balance sheet. Among the positive contributors to performance were Barrick Gold, which has dipped on a disappointment over earnings, but we are under-exposed here. Note the very positive performance by Pretium (+23% in euros), thanks its good ramp-up at Brucejack, British Columbia. The position on Newmont has been strengthened as its robust free cash-flow generation will allow a substantial dividend increase, and Yamana, where we are back at neutral again. We took our profits on several companies to boost our cash reserve over the present period.

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Change in NAV

Chart – Base 100 (15/11/2017)
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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 B-EUR Cumulative Annualised
Since 01/01/2017

-9.90 %

-7.11 %

-9.90 %

-7.11 %

1 Year

-9.80 %

-7.45 %

-9.80 %

-7.45 %

3 Year

19.45 %

37.99 %

6.09 %

11.31 %

5 year

-48.08 %

-43.92 %

-12.28 %

-10.92 %

Since inception

-28.70 %

-24.59 %

-3.64 %

-3.04 %

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

Share class (B-EUR)

Benchmark

-9.90 %

-7.11 %

-9.80 %

-7.45 %

19.45 %

37.99 %

-48.08 %

-43.92 %

-28.70 %

-24.59 %

Annualised

Share class (B-EUR)

Benchmark

-9.80 %

-7.45 %

6.09 %

11.31 %

-12.28 %

-10.92 %

-3.64 %

-3.04 %

*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*27.63 %28.00 %5.99 %0.98 %-0.24 %-0.56 %
3 Year *37.19 %41.28 %6.69 %0.99 %-0.64 %0.34 %
Max. drawdownAlphaBeta
Share class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmark
1 Year*-24.54 %-0.04 %0.96 %
3 Year *-38.24 %-0.25 %0.89 %
Max. monthly gain Since inception48.65 %
Max. monthly loss Since inception-40.60 %
Share class B-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 27.63 % 37.19 % 28.00 % 41.28 %
Tracking Error 5.99 % 6.69 %
Sharpe ratio -0.56 % 0.34 %
Alpha -0.04 % -0.25 %
Correlation coefficient 0.98 % 0.99 %
Information ratio -0.24 % -0.64 %
Max. monthly loss -40.60 %
Max. monthly gain 48.65 %
Max. drawdown -24.54 % -38.24 %
Beta 0.96 % 0.89 %

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
FR0010664086
AuM (fund)
29 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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