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EdR India Emerging equities

Emerging equities
Change in NAV (17/08/2017)
164.03 EUR
Ludovic  VAUTHIER–FR0010594309–
Ludovic VAUTHIER
Patricia URBANO–FR0010594309–
Patricia URBANO
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
164.03 EUR
Change in NAV (17/08/2017)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (17/08/2017)
164.03 EUR
Risk and reward profile
1234567
Recommended holding period
> 5 years
Ludovic VAUTHIER  
Patricia URBANO  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

Over a recommended investment period of more than five years, the UCITS is managed with the aim of achieving net asset value growth by investing in companies in the Indian subcontinent (essentially India, but also Pakistan, Sri Lanka and Bangladesh), in accordance with selection criteria described in the investment strategy.

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Commentary 31/07/2017

Among about 20% of India's Nifty companies that have already reported their quarterly results, aggregate earnings growth remains modest: at -1% annualised. As anticipated, consumer staples companies set about de-stocking before the application of the GST (VAT), on July 1. This explains the slow volume growth. Hindustan Unilever nevertheless managed to grow its margins in this low volume environment, with annualised earnings growth at 8%. But, this was not the case for Asian Paints, whose earnings dropped 20%, penalised by the hike in raw materials prices. Indian IT services companies also continued to report low earnings growth: -6% for Tata Consultancy, +1% for Infosys, due to weak demand and a strong rupee that has negatively impacted their margins. Reliance Industries reported excellent results, up by some 28%, helped by strong margins on refining. Private banks have continue to publish quality results with strong earnings growth: with HDFC Bank +20%, Yes Bank +22%, IndusInd Bank +27% and risk-costs well under control. As for ICICI Bank, it published earnings down 8%, but was pleasantly surprising on risk cost. HDFC reported its earnings down 17%, due to the higher tax rate. It's pre-tax earnings, however, were up by some 32%. In a surprise move, the Government hiked tobacco taxes by more than 10%. Despite posting 68% y-o-y growth in new insurance premiums, ICICI Prudential's earnings have not improved. That is because the Indian regulator requires insurers to front-load all the costs linked to life assurance, as soon as a life contract is signed. Within the portfolio, we reduced our positions on ITC and Tata Consultancy. and strengthened on Indraprastha Gas, ICICI Prudential and Unilever. Two new equity positions were initiated: Tata Motors, after a very marked (and justified) under-performance over the last 12 months, and Makemytrip, taking advantage of India's on-line explosion. In the short term, the Indian market's potential is limited. However, we remain constructive regarding the next 24 months.

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Change in NAV

Chart – Base 100 (17/08/2017)
Avertissement
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 E-EUR Cumulative Annualised
Since 01/01/2017

19.12 %

14.84 %

19.12 %

14.84 %

1 Year

14.24 %

12.75 %

14.24 %

12.75 %

3 Year

37.72 %

34.01 %

11.22 %

10.21 %

5 year

65.55 %

66.33 %

10.60 %

10.71 %

Since inception

64.03 %

64.34 %

5.44 %

5.46 %

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

Share class (E-EUR)

Benchmark

19.12 %

14.84 %

14.24 %

12.75 %

37.72 %

34.01 %

65.55 %

66.33 %

64.03 %

64.34 %

Annualised

Share class (E-EUR)

Benchmark

14.24 %

12.75 %

11.22 %

10.21 %

10.60 %

10.71 %

5.44 %

5.46 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class E-EURBenchmarkShare class E-EURBenchmarkShare class E-EURBenchmarkShare class E-EURBenchmarkShare class E-EURBenchmark
1 Year*15.41 %15.00 %4.78 %0.95 %0.28 %0.80 %
3 Year *17.86 %17.53 %5.04 %0.96 %0.13 %0.64 %
Max. drawdownAlphaBeta
Share class E-EURBenchmarkShare class E-EURBenchmarkShare class E-EURBenchmark
1 Year*-12.39 %0.03 %0.98 %
3 Year *-32.08 %0.08 %0.98 %
Max. monthly gain Since inception34.91 %
Max. monthly loss Since inception-30.31 %
Share class E-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 15.41 % 17.86 % 15.00 % 17.53 %
Tracking Error 4.78 % 5.04 %
Sharpe ratio 0.80 % 0.64 %
Alpha 0.03 % 0.08 %
Correlation coefficient 0.95 % 0.96 %
Information ratio 0.28 % 0.13 %
Max. monthly loss -30.31 %
Max. monthly gain 34.91 %
Max. drawdown -12.39 % -32.08 %
Beta 0.98 % 0.98 %

Fund information

Inception Date (Fund)
09/02/2005
Inception Date (Part)
14/04/2008
Legal form
Mutual Fund
Benchmark
MSCI India (NR)
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
FR0010594309
AuM (fund)
142 M (EUR)
Regulatory authority
AMF
Management company
Edmond de Rothschild Asset Management (France)
Incorporation
France
Maximum management fee
2,400 %
Current management fee
2.400 %
Subscription and redemption conditions
Daily before 9.30 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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