Edmond de Rothschild

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EdR Prifund Alpha Diversified Multi-strategy

Multi-strategy
Change in NAV (30/11/2018)
137.59 CHF
Alternative  investment committee–LU0220406267–
Alternative investment committee
The identity of the managers presented in this document may change during the life of the product.
Risk and reward profile (1)
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137.59 CHF
Change in NAV (30/11/2018)
4
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Risk and reward profile
Recommended holding period
Change in NAV (30/11/2018)
137.59 CHF
Risk and reward profile
1234567
Recommended holding period
Alternative investment committee  
 
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The objective of the Sub-Fund is to provide long-term optimum growth of your capital by investing in “alternative management” funds (hedgefunds).

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Commentary 31/10/2018

October was one of the worst months for most major asset classes since the 2008 Global Financial Crisis. As of end of October most asset classes had a negative year-to-date return (in USD), a very rare observation towards the end of the year. Investor sentiment in October was driven by global growth fears, trade wars and concerns of peaking corporate earnings. On October 8th the IMF revised down the 2018 global growth forecast, arguing that trade wars will have a negative effect. In the US a number of companies that reported strong earnings expressed skepticism in forward guidance. Over in Europe Italy's budget concerns kept investors nervous - the EU rejected the Italian budget giving a new deadline for a revised version. Equities were down across the globe. MSCI World AC LC Index ended the month -7.0%, while in the US the S&P 500 Index declined -6.9% and the NASDAQ Index -9.1% as investors were taking profits on technology stocks. Despite concerns over Italy and Brexit, European markets held up slightly better declining -5.4% (MSCI Europe Index). Emerging Markets equities declined -8.8% (MSCI EM Index), with MSCI EM Asia declining the most -11.0%. One bright spot was Brazil where the Bovespa rallied 18.8% in USD terms following election results perceived as market friendly. Oil fell back to $65 (WTI), returning -10.6% on news of declining demand and growth in US inventories. Gold became investors' safe haven rising 2%. In US credit markets, HY and IG spreads widened. Global hedge fund indices were down -3.1% (HFRX Global HF Index), with directional strategies (HFRX Market Directional -5.0%) underperforming non-directional ones (HFRX Absolute Return -0.1%).CTA managers were the only allocation which generated a positive return of 0.6%, as most funds made money. A systematic macro manager made money in currency positions, especially long Developed Markets (long JPY, short CHF). Performance of the underlying Macro managers was mixed although the overall allocation was flat. The main positive outlier was an EM focused manager which was positioned long Brazilian assets. Other managers however offset those gains. Multi-Strategy managers declined -2.9%, predominantly driven by their exposure to equities. Non-Directional Equity managers were down -2.1%, suffering from the rapid moves in the markets, especially profit taking in stocks that have been strong performers this year. The largest detractor lost money in the US, China and France. Event Driven funds returned -2.1%. The bulk of the portfolio is allocated in Merger Arbitrage managers, a strategy that has held up relatively well (HFRI ED: Merger Arbitrage -0.66%) during the equity market correction. Nonetheless, most of the funds generated negative performances with one exception – a fund that saw strong returns from one idiosyncratic situation. The largest detractor suffered a loss from an activist position in a medical devices company which reduced guidance. Global Long/Short managers detracted -5.1% as they participated in the global equity selloff. There were no real outliers as all the underlying Global L/S funds were down, no matter what geographic or sector focus.

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Change in NAV

Chart – Base 100 (30/11/2018)
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 C-CHF Cumulative Annualised

-4.29 %

0.81 %

-1.74 %

8.38 %

-0.48 %

7.92 %

Since inception

37.59 %

138.21 %

2.41 %

6.68 %

Since 01/01/2018 1 year* 3 years* 5 years* Since inception
Cumulative

Share class (C-CHF)

Market index

37.59 %

138.21 %

Annualised

Share class (C-CHF)

Market index

-4.29 %

0.81 %

-1.74 %

8.38 %

-0.48 %

7.92 %

2.41 %

6.68 %

*Rolling periods

Annual performance



Statistics

VolatilityCorrelation coefficientSharpe ratioMax. drawdownAlpha
Share class C-CHFMarket indexShare class C-CHFMarket indexShare class C-CHFMarket indexShare class C-CHFMarket indexShare class C-CHFMarket index
1 Year*9.84 %21.22 %0.80 %0.08 %-6.31 %-0.37 %
3 Year *3.91 %8.59 %0.72 %1.05 %-6.53 %-0.37 %
Beta
Share class C-CHFMarket index
1 Year*0.37 %
3 Year *0.33 %
Max. monthly gain Since inception4.50 %
Max. monthly loss Since inception-8.31 %
Share class C-CHF
Market index
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 9.84 % 3.91 % 21.22 % 8.59 %
Tracking Error
Sharpe ratio 0.08 % 1.05 %
Alpha -0.37 % -0.37 %
Correlation coefficient 0.80 % 0.72 %
Max. monthly loss -8.31 %
Max. monthly gain 4.50 %
Max. drawdown -6.31 % -6.53 %
Beta 0.37 % 0.33 %

Fund information

Inception Date (Fund)
28/07/2003
Inception Date (Part)
30/06/2005
Legal form
SICAV
Market index
MSCI AC World (Local) (NR)
Currency (fund)
USD
Currency (share class)
CHF
Distribution Policy
Accumulation
Valuation frequency
Official Monthly / Technical Wednesday
Minimum initial investment
1000000.00 CHF EQ EUR
ISIN Code
LU0220406267
AuM (fund)
29 M (USD)
Regulatory authority
CSSF
EU Regulation
AIFM
Management company
Edmond de Rothschild Asset Management (Luxembourg)
Delegated Management Company
Edmond de Rothschild (Suisse) S.A.
Incorporation
Luxembourg
Maximum management fee
0,625 %
Current management fee
0.625 %
Subscription fee
5.00 % max
Redemption fee
3.00 % max
Performance fee
5,000 %

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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