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EdR India Emerging equities

Emerging equities

Type of Share Class:

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Change in NAV (17/08/2018)

207.55 EUR

Ludovic VAUTHIER–FR0010850222– — Ludovic VAUTHIER

Patricia URBANO–FR0010850222– — 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

Contact

207.55 EUR

Change in NAV (17/08/2018)

1234567

Risk and reward profile

> 5 years

Recommended holding period

Change in NAV (17/08/2018)

207.55 EUR

Risk and reward profile

1234567

Recommended holding period

> 5 years

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.

Commentary 30/06/2018

India's industrial growth has rebounded, climbing +4.9% by the end of April 2018. Inflation, too, has continued to rise, reaching 4.9%, in line with expectations, while core inflation has even hit 6.2%. This is one of the main reasons the Reserve Bank of India raised its key rate by 25 bps after an 11-month freeze. The trade deficit climbed to $14.7 billion USD in May, which is not surprising given the rise in crude oil prices. For the moment, the rupee is holding steady against the USD, down only 1.5% in June despite foreign investors drawing €650 million USD from the country. Within the portfolio, we have taken a more defensive position by increasing our cash flow — through reduced exposure to industrials (Larsen, Bharat Electronics) and consumer discretionaries (Maruti, Eicher) — in favour of consumer staples (Britannia) and IT services (Infosys). We also took some of our profits on Avenue Supermarts to initiate a small position on V-Mart (retail clothing distributor). Over the next few months, we will remain cautious on the Indian market due to the weak capex, mild inflationary pressures, and high oil prices that could put pressure on the rupee. The consequences of a potential trade war seem, for the moment, quite limited, since the Indian economy is essentially a domestic affair

Change in NAV

Chart – Base 100 (17/08/2018)

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Net dividends reinvested
Past performance and volatility does not guarantee future performance and volatility which may change over time, and can be affected by fluctuating exchange rates. Performance data does not take into account the fees and charges received when issuing and redeeming units.

Performance R-EUR	Cumulative	Annualised
	– –	– –
	– –	10.04 % 9.22 %
	– –	5.45 % 6.40 %
	– –	18.07 % 15.44 %
Since inception	107.55 % 73.85 %	8.93 % 6.69 %

Performance R-EUR

Cumulative

Annualised

–

Since inception

107.55 %

73.85 %

8.93 %

6.69 %

		Since 01/01/2018	1 year*	3 years*	5 years*	Since inception
Cumulative	Share class (R-EUR) Benchmark	– –	– –	– –	– –	107.55 % 73.85 %
Annualised	Share class (R-EUR) Benchmark	–	10.04 % 9.22 %	5.45 % 6.40 %	18.07 % 15.44 %	8.93 % 6.69 %

Since 01/01/2018

1 year*

3 years*

5 years*

Since inception

Cumulative

Share class (R-EUR)

Benchmark

–

107.55 %

73.85 %

Annualised

Share class (R-EUR)

Benchmark

–

10.04 %

9.22 %

5.45 %

6.40 %

18.07 %

15.44 %

8.93 %

6.69 %

*Rolling periods

Annual performance

Statistics

	Volatility		Tracking Error		Correlation coefficient		Information ratio		Sharpe ratio
	Share class R-EUR	Benchmark	Share class R-EUR	Benchmark	Share class R-EUR	Benchmark	Share class R-EUR	Benchmark	Share class R-EUR	Benchmark
1 Year*	12.54 %	14.38 %	5.14 %	–	0.94 %	–	0.60 %	–	0.36 %	–
3 Year *	14.56 %	15.60 %	5.31 %	–	0.94 %	–	-0.05 %	–	0.34 %	–

	Max. drawdown		Alpha		Beta
	Share class R-EUR	Benchmark	Share class R-EUR	Benchmark	Share class R-EUR	Benchmark
1 Year*	-12.31 %	–	0.07 %	–	0.82 %	–
3 Year *	-27.82 %	–	0.03 %	–	0.88 %	–

Max. monthly gain Since inception	24.49 %
Max. monthly loss Since inception	-18.12 %

	Share class R-EUR		Benchmark
	1 Year*	3 Year *	1 Year*	3 Year *
Volatility	12.54 %	14.56 %	14.38 %	15.60 %
Tracking Error	5.14 %	5.31 %	–	–
Sharpe ratio	0.36 %	0.34 %	–	–
Alpha	0.07 %	0.03 %	–	–
Correlation coefficient	0.94 %	0.94 %	–	–
Information ratio	0.60 %	-0.05 %	–	–
Max. monthly loss	-18.12 %		–
Max. monthly gain	24.49 %		–
Max. drawdown	-12.31 %	-27.82 %	–	–
Beta	0.82 %	0.88 %	–	–

Past performance and volatility does not guarantee future performance and volatility which may change over time, and can be affected by fluctuating exchange rates. Performance data does not take into account the fees and charges received when issuing and redeeming units.

Fund information

Inception Date (Fund)

09/02/2005

Inception Date (Part)

03/02/2010

Legal form

Mutual Fund

Benchmark

MSCI India (NR)

Currency (fund)

EUR

Currency (share class)

EUR

Distribution Policy

Accumulation

Valuation frequency

Daily

Minimum initial investment

500000.00 EUR

PEA eligible

ISIN Code

FR0010850222

AuM (fund)

106 M (EUR)

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 9.30 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.