Edmond de Rothschild

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EdR Prifund Alpha Diversified Multi-strategy

Multi-strategy
Change in NAV (31/10/2018)
103.30 EUR
Alternative  investment committee–LU0983159699–
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)
1234567
103.30 EUR
Change in NAV (31/10/2018)
4
1234567
Risk and reward profile
Recommended holding period
Change in NAV (31/10/2018)
103.30 EUR
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 30/09/2018

The closing month for the 3rd quarter was marked by the continuation of trade uncertainty with the US imposing further tariffs on Chinese goods, along with NAFTA and Brexit talks that appeared to have reached a deadlock. The Fed confirmed their outlook to maintain the hiking cycle, increasing interest rates for the third time in 2018. Consequently, 10YR (+20 bps) rates increased, at its highest levels since 2011. US equities performed well and the S&P (+0.6%) and Dow Jones (+1.9%) indices hit all-time highs. Oil prices were driven upwards by the impending Iran sanctions and the OPEC's inability to reach a consensus on raising production. In US credit markets, HY spreads compressed (BAML USD HY Bonds), whereas IG underperformed (Bloomberg US IG). Global hedge fund indices were down 0.7% (HFRX Global HF Index), with directional strategies (HFRX Market Directional -1.2%) underperforming non-directional ones (HFRX Absolute Return -0.4%).Our fund was up 24 bp in September.It was a muted month for Non Directional Equities, up 40 bp, with systematic managers performing best, the bests performer at 2% was a Machine Learning Stat Arb market neutral fund, and at +1.6% a Systematic Multi Strategy fund.The worst performer at -2.1% is a Global Equity Market Neutral manager that was impacted by style rotation. Other managers had mixed but muted returns. It was also a slow month for Macro managers, up 50bp. One of the worst year to date performing macro fund, that has an Emerging Market bias, bounced back 1.2%, the best performer for the month. And the worst being a Discretionary manager, down 40bp. The Multi Strategy funds were up 30bp, with a recent addition to the portfolio, an Asian based manager up almost 1%, and some funds that we have redeemed recently, slightly negative. The Event Driven strategies performed the best, up 1.1% for the month, with most managers in positive territory, between 1.9% and 20bp, and one European manager the only loosing fund, down 30bp. The Global Long Short book was up 40 bp, with the best performing fund up 1.6%, a tactical opportunistic concentrated fund, focused mainly on mega cap. The second best performer is a quantitative diversified “175/75” long bias fund, up 1.46%. The worst performing manager is an Asian based Long Short manager that has been caught by the Emerging Market sell off, down 1%.

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Change in NAV

Chart – Base 100 (31/10/2018)
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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 T-EUR Cumulative Annualised

-3.18 %

0.75 %

-0.88 %

8.01 %

0.65 %

8.48 %

Since inception

3.30 %

50.85 %

0.65 %

8.48 %

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

Share class (T-EUR)

Market index

3.30 %

50.85 %

Annualised

Share class (T-EUR)

Market index

-3.18 %

0.75 %

-0.88 %

8.01 %

0.65 %

8.48 %

0.65 %

8.48 %

*Rolling periods

Annual performance



Statistics

VolatilityCorrelation coefficientSharpe ratioMax. drawdownAlpha
Share class T-EURMarket indexShare class T-EURMarket indexShare class T-EURMarket indexShare class T-EURMarket indexShare class T-EURMarket index
1 Year*9.22 %21.21 %0.81 %0.05 %-4.76 %-0.28 %
3 Year *3.77 %8.58 %0.73 %0.97 %-6.14 %-0.28 %
Beta
Share class T-EURMarket index
1 Year*0.35 %
3 Year *0.32 %
Max. monthly gain Since inception2.47 %
Max. monthly loss Since inception-3.08 %
Share class T-EUR
Market index
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 9.22 % 3.77 % 21.21 % 8.58 %
Tracking Error
Sharpe ratio 0.05 % 0.97 %
Alpha -0.28 % -0.28 %
Correlation coefficient 0.81 % 0.73 %
Max. monthly loss -3.08 %
Max. monthly gain 2.47 %
Max. drawdown -4.76 % -6.14 %
Beta 0.35 % 0.32 %

Fund information

Inception Date (Fund)
28/07/2003
Inception Date (Part)
14/10/2013
Legal form
SICAV
Market index
MSCI AC World (Local) (NR)
Currency (fund)
USD
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Official Monthly / Technical Wednesday
ISIN Code
LU0983159699
AuM (fund)
30 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
0,700 %
Current management fee
0.700 %
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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