Edmond de Rothschild

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EdR Goldsphere Gold & Precious Metals

Gold & Precious Metals
Change in NAV (04/12/2018)
81.88 EUR
Emmanuel  PAINCHAULT–FR0013307675–
The identity of the managers presented in this document may change during the life of the product.
Risk and reward profile (1)
Recommended holding period
> 5 years
81.88 EUR
Change in NAV (04/12/2018)
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (04/12/2018)
81.88 EUR
Risk and reward profile
Recommended holding period
> 5 years
The identity of the managers presented in this document may change during the life of the product.

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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Fund information

Inception Date (Fund)
Inception Date (Part)
Legal form
Mutual Fund
FTSE Gold Mines Index (NR)
Currency (fund)
Currency (share class)
Distribution Policy
Valuation frequency
Minimum initial investment
1 Share
AuM (fund)
23 M (USD)
Regulatory authority
Management company
Edmond de Rothschild Asset Management (France)
Maximum management fee
1,700 %
Current management fee
1.700 %
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.