Edmond de Rothschild

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This site provides extensive information about the ranges of Edmond de Rothschild Group funds. In particular, it provides simplified access to key fund-related data (performance, net asset values, features) and their commercial or legal documents.

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EdR India Emerging equities

Emerging equities
Change in NAV (16/01/2018)
145.81 USD
Ludovic  VAUTHIER–FR0010998153–
Ludovic VAUTHIER
Patricia URBANO–FR0010998153–
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
145.81 USD
Change in NAV (16/01/2018)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (16/01/2018)
145.81 USD
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 29/12/2017

India's GDP growth in Q3 was relatively modest at +6.3% with a reduced contribution from investment (which accounted for 26.4% of GDP versus 27.1% a year ago). This ‘modest' growth has been negatively impacted by the application of GST from July onwards. Unsurprisingly, India's public spending has already reached 98% of its budget for the fiscal year (FY 2017) closing end March 2018. The Ministry of Finance announced that the state would borrow an additional Rs 500 billion (0.3% of GDP), which has had the effect of hiking the 10-year government bond rate by +62 bps. The Reserve Bank of India has left its rates unchanged (at 6%) by upgrading its inflation targets to between 4.3% and 4.7%. A large amount of fund raising was announced in December. Tata Steel is hoping to raise $2 billion to finance its 5 mt capacity expansion project. HDFC wants to raise $2 billion through shares and convertible bonds, which would enable it to maintain its shareholding at the same rate in HDFC Bank, which is raising $3.8 billion, despite a very solid balance sheet. Reliance Communications is making major efforts to deleverage itself by selling its telecom tower and mast assets to Reliance Industries. There were very few changes within the portfolio. We have taken some of our profits on Reliance Industries and strengthened our position on HDFC Bank. Certainly, 2018 will to be a landmark year for India. The negative will be its greater fiscal deficit, which could raise the cost of sovereign debt. But if the fund-raising trend continues, this will allow companies to deleverage sooner than expected, and accordingly see the investment cycle kicking-in earlier than expected. What's more, FY 2017 has been a year of change with the application of VAT which, in the short term, has impacted profits. As a result, the base effect should become more positive. While it may still be a little too early to recommend that investors strengthen their positions on India massively, it will be important to keep a close eye on the ability of companies to raise capital.

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Change in NAV

Chart – Base 100 (16/01/2018)
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 B-USD Cumulative Annualised
Since 01/01/2018

-0.70 %

1.29 %

-0.70 %

1.29 %

1 Year

44.18 %

37.28 %

44.18 %

37.28 %

3 Year

21.50 %

24.13 %

6.70 %

7.47 %

5 year

63.96 %

51.95 %

10.39 %

8.72 %

Since inception

45.81 %

36.18 %

5.56 %

4.53 %

Since 01/01/2018 1 Year 3 Year 5 year Since inception
Cumulative

Share class (B-USD)

Benchmark

-0.70 %

1.29 %

44.18 %

37.28 %

21.50 %

24.13 %

63.96 %

51.95 %

45.81 %

36.18 %

Annualised

Share class (B-USD)

Benchmark

44.18 %

37.28 %

6.70 %

7.47 %

10.39 %

8.72 %

5.56 %

4.53 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class B-USDBenchmarkShare class B-USDBenchmarkShare class B-USDBenchmarkShare class B-USDBenchmarkShare class B-USDBenchmark
1 Year*11.90 %12.33 %4.62 %0.93 %1.99 %3.07 %
3 Year *16.55 %16.98 %4.93 %0.96 %0.02 %0.48 %
Max. drawdownAlphaBeta
Share class B-USDBenchmarkShare class B-USDBenchmarkShare class B-USDBenchmark
1 Year*-7.27 %0.19 %0.89 %
3 Year *-28.12 %0.06 %0.93 %
Max. monthly gain Since inception15.40 %
Max. monthly loss Since inception-18.13 %
Share class B-USD
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 11.90 % 16.55 % 12.33 % 16.98 %
Tracking Error 4.62 % 4.93 %
Sharpe ratio 3.07 % 0.48 %
Alpha 0.19 % 0.06 %
Correlation coefficient 0.93 % 0.96 %
Information ratio 1.99 % 0.02 %
Max. monthly loss -18.13 %
Max. monthly gain 15.40 %
Max. drawdown -7.27 % -28.12 %
Beta 0.89 % 0.93 %

Fund information

Inception Date (Fund)
09/02/2005
Inception Date (Part)
28/01/2011
Legal form
Mutual Fund
Benchmark
MSCI India (NR)
Currency (fund)
EUR
Currency (share class)
USD
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
FR0010998153
AuM (fund)
126 M (EUR)
Regulatory authority
AMF
EU Regulation
UCITS
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 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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