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EdR Goldsphere Gold & Precious Metals

Gold & Precious Metals
Change in NAV (16/08/2017)
61.42 EUR
Emmanuel  PAINCHAULT–FR0010849729–
Emmanuel PAINCHAULT
Pierre PEDROSA–FR0010849729–
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
61.42 EUR
Change in NAV (16/08/2017)
7
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (16/08/2017)
61.42 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 31/07/2017

Gold prices climbed 2.3% in USD (-1.2% in EUR) over the month, to close at $1269 per oz. The environment for gold remains positive with the decline of the USD, a more accommodating tone coming from central bankers, and the increase in geopolitical risk. The ECB began with a status quo call, and then announced plans to discuss options for the reduction of its asset repurchasing programme this autumn. That decision reveals ECB chief Mario Draghi's prudence regarding the markets and economy, and might be interpreted as a reprieve for its accommodative monetary policy. Fed chair, Janet Yellen kept US interest rates unchanged, but announced that the Federal Reserve could reduce its balance sheet soon. Moreover, the Fed's FOMC reiterated that inflation figures are still running below their target of 2%, although the country's macro numbers seem to be reassuring investors. This accommodating tone, coupled with a recovery in growth in the euro zone, sparked strong appreciation of the euro (gaining 3.4%) against the US dollar, which was positive for gold. The geopolitical climate remains tense with: 1) Yet another missile launch in North Korea. 2) The US announcement of sanctions against Venezuela, and in particular against its president, Nicolas Maduro. 3) A vote for sanctions by the US Congress against Russia. All these are anxiety-causing factors that could rattle investor sentiment if any one of these situations degraded. Physical gold remains a safe haven, a much sought-after asset during a geopolitical crisis. The fund dipped -1.4% in July, underperforming its benchmark (FSTE Gold mines). Fund performance since the beginning of the year is in line with the index (-4.5%). Goldsphere suffered from underexposure to major companies in the sector such as Barrick, and especially Newmont, which soared 10.9% in July (in EUR); but benefited from its under-exposure to Goldcorp, which lost -1.7% (in EUR) after reporting disappointing cash flows for the quarter. The top contributors to relative performance were the miners Sabina Gold, Eldorado and Kirkland Lake. We have reduced our exposure to Gemfields since the offer from Pallinghurst Resources strikes us as inadequate and does not respect minority interests.

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Change in NAV

Chart – Base 100 (16/08/2017)
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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 R-EUR Cumulative Annualised
Since 01/01/2017

-4.70 %

-3.39 %

-4.70 %

-3.39 %

1 Year

-27.78 %

-27.76 %

-27.78 %

-27.76 %

3 Year

-4.51 %

4.44 %

-1.52 %

1.45 %

5 year

-42.85 %

-43.85 %

-10.58 %

-10.90 %

Since inception

-38.58 %

-33.72 %

-6.26 %

-5.31 %

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

Share class (R-EUR)

Benchmark

-4.70 %

-3.39 %

-27.78 %

-27.76 %

-4.51 %

4.44 %

-42.85 %

-43.85 %

-38.58 %

-33.72 %

Annualised

Share class (R-EUR)

Benchmark

-27.78 %

-27.76 %

-1.52 %

1.45 %

-10.58 %

-10.90 %

-6.26 %

-5.31 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class R-EURBenchmarkShare class R-EURBenchmarkShare class R-EURBenchmarkShare class R-EURBenchmarkShare class R-EURBenchmark
1 Year*31.89 %32.78 %6.73 %0.98 %0.28 %-0.90 %
3 Year *39.72 %43.73 %6.87 %0.99 %-0.44 %0.07 %
Max. drawdownAlphaBeta
Share class R-EURBenchmarkShare class R-EURBenchmarkShare class R-EURBenchmark
1 Year*-32.84 %0.02 %0.95 %
3 Year *-41.14 %-0.28 %0.90 %
Max. monthly gain Since inception40.26 %
Max. monthly loss Since inception-26.67 %
Share class R-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 31.89 % 39.72 % 32.78 % 43.73 %
Tracking Error 6.73 % 6.87 %
Sharpe ratio -0.90 % 0.07 %
Alpha 0.02 % -0.28 %
Correlation coefficient 0.98 % 0.99 %
Information ratio 0.28 % -0.44 %
Max. monthly loss -26.67 %
Max. monthly gain 40.26 %
Max. drawdown -32.84 % -41.14 %
Beta 0.95 % 0.90 %

Fund information

Inception Date (Fund)
30/09/2008
Inception Date (Part)
04/02/2010
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
500000.00 EUR
ISIN Code
FR0010849729
AuM (fund)
31 M (USD)
Regulatory authority
AMF
Management company
Edmond de Rothschild Asset Management (France)
Incorporation
France
Maximum management fee
1,150 %
Current management fee
1.150 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value

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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