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 (17/05/2018)
136.07 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
136.07 USD
Change in NAV (17/05/2018)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (17/05/2018)
136.07 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 30/04/2018

The Reserve Bank of India has left its key interest rate unchanged at 6%, while narrowing its inflation forecast to 4.5% for FY 2019. Earnings reports got off to a good start for private banking, with earnings generally in-line but solid: Yes Bank +29%, HDFC Bank +20%, IndusInd Bank +27%. It's interesting to note that Vedenta's takeover of Electrosteel will enable most of its creditor banks to recover about 40% of their loan value. Icici Prudential surprised positively on its margins, thanks to the growing success of its protection policies. In the IT services segment, Tata Consultancy has published in-line results, with earnings growth reaching 7.5% y-o-y. Meanwhile, InfoSys has continued to disappoint with low growth (2.4%) while maintaining its sales growth forecast at 6%-8%. With crude oil prices rising, note that the rupee has begun to fall against the USD, to cede 2.4% over the month. Reliance Industries published earnings in-line with expectations, up 17% y-o-y. We have maintained a relatively high level of cash within the portfolio to protect against currency risk. In addition, we raised our exposure to exporters through the IT services company, Infosys, since most of its income is in dollars. This purchase was financed by profit-taking on ICICI Prudential, Maruti, Adani Ports (potential victim in a trade war), Bharat Electronics, Havells and Asian Paints (whose raw materials are petroleum derivatives). Looking at ahead a few months, we remain cautious on the Indian market outlook as investment spending is still weak. Also, the rupee could depreciate further if crude prices remain high (oil imports account for around 30-40% of India's total imports). Finally, in a climate where global liquidity is tightening, it's worth recalling that the Indian economy is highly dependent on foreign financing. Which makes us even more wait-and-see.

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Change in NAV

Chart – Base 100 (17/05/2018)
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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 B-USD Cumulative Annualised
Since 01/01/2018

-7.33 %

-6.78 %

-7.33 %

-6.78 %

1 Year

9.08 %

5.80 %

9.08 %

5.80 %

3 Year

16.18 %

18.89 %

5.11 %

5.92 %

5 year

51.05 %

36.69 %

8.59 %

6.45 %

Since inception

36.07 %

25.33 %

4.31 %

3.14 %

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

Share class (B-USD)

Benchmark

-7.33 %

-6.78 %

9.08 %

5.80 %

16.18 %

18.89 %

51.05 %

36.69 %

36.07 %

25.33 %

Annualised

Share class (B-USD)

Benchmark

9.08 %

5.80 %

5.11 %

5.92 %

8.59 %

6.45 %

4.31 %

3.14 %

*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*12.22 %12.78 %4.82 %0.93 %0.46 %0.95 %
3 Year *15.83 %16.61 %5.12 %0.95 %-0.25 %0.45 %
Max. drawdownAlphaBeta
Share class B-USDBenchmarkShare class B-USDBenchmarkShare class B-USDBenchmark
1 Year*-10.85 %0.06 %0.89 %
3 Year *-24.99 %-0.04 %0.90 %
Max. monthly gain Since inception17.47 %
Max. monthly loss Since inception-18.13 %
Share class B-USD
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 12.22 % 15.83 % 12.78 % 16.61 %
Tracking Error 4.82 % 5.12 %
Sharpe ratio 0.95 % 0.45 %
Alpha 0.06 % -0.04 %
Correlation coefficient 0.93 % 0.95 %
Information ratio 0.46 % -0.25 %
Max. monthly loss -18.13 %
Max. monthly gain 17.47 %
Max. drawdown -10.85 % -24.99 %
Beta 0.89 % 0.90 %

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)
106 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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