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 Prifund Alpha Global Opportunity Directional strategies

Directional strategies
Change in NAV (31/01/2019)
157.21 USD
Alternative  investment committee–LU0145921481–
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
157.21 USD
Change in NAV (31/01/2019)
4
1234567
Risk and reward profile
Recommended holding period
Change in NAV (31/01/2019)
157.21 USD
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 (hedge funds).

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Commentary 31/12/2018

Market comment: The last month of 2018 was the worst December since the great depression. US equity markets fell sharply (S&P 500 -9.2%), largely due to trade, political, and interest rate fears. Moreover, the MSCI World Index dropped significantly (-7.7%) reflecting global growth concerns which re-emerged during the month, when investors realized that no substantial agreements were reached between the USA and China to resolve their trade dispute. Further disappointing economic data from China and a partial shutdown of the US federal government over a budget dispute created more stress on the markets. Additionally, the Fed proceeded to its fourth quarter point interest rate hike of the year. US small and mid-cap names even underperformed the S&P500 (the broader Russel 2000 index fell by 12%). In Europe, equity markets also corrected significantly (the MSCI Europe lost -5.6%) amid, rising trade barriers and political upheaval in the UK, France and Italy. The ECB announced it would normalize its rates policy effective on December 31st by ending the bond purchase program that lasted nearly 4 years. Japanese and Asian equity markets also declined, as investors grew anxious over the path of US monetary policy and the unresolved trade issues. The Topix suffered most and plunged by -10.4%. Meanwhile, Emerging Markets held out relatively better, as the MSCI EM index gave back -2.9%. Bond markets fared well and developed market sovereign bonds recovered. Despite a brief steepening of the US yield curve in response to the Fed's meeting on December 19th, short end yields fell as the Fed lowered its 2019 interest rate policy expectations from four to three rate hikes. Within commodities, other than gold (+5.1%) and precious metals who were positive, energy prices dropped substantially, led by natural gas (-33%) and Brent (-10.8%). The US dollar weakened and lost -1.3% against the EUR.Fund comment: Within this market environment, our fund was slightly down for the month. Global equity L/S managers were the most impacted by this major market drawdown; the two worst performers lost 6.1% and 4.2%. Following a strong 2017, Equity L/S funds posted negative returns during this complicated year. They struggled particularly in the second half of the year. Over Crowding was a key driver in this challenging performance, particularly in US. Event Driven funds limited their losses being long quality names and exposed to low beta stocks. Directional equity L/S managers are now looking for growth stocks at affordable prices, as well as reasonably isolated from political uncertainties.

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Change in NAV

Chart – Base 100 (31/01/2019)
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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

-3.66 %

-4.93 %

2.34 %

10.96 %

0.86 %

8.17 %

Since inception

61.93 %

170.06 %

2.89 %

6.04 %

Since 01/01/2019 1 year* 3 years* 5 years* Since inception
Cumulative

Share class (B-USD)

Market index

61.93 %

170.06 %

Annualised

Share class (B-USD)

Market index

-3.66 %

-4.93 %

2.34 %

10.96 %

0.86 %

8.17 %

2.89 %

6.04 %

*Rolling periods

Annual performance



Statistics

Volatility
Share class B-USDMarket index
1 Year*11.65 %28.63 %
3 Year *4.91 %9.71 %
Max. monthly gain Since inception
Max. monthly loss Since inception
Share class B-USD
Market index
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 11.65 % 4.91 % 28.63 % 9.71 %
Tracking Error

Fund information

Inception Date (Fund)
27/02/2002
Inception Date (Part)
27/02/2002
Legal form
SICAV
Market index
MSCI AC World (Local) (NR)
Currency (fund)
USD
Currency (share class)
USD
Distribution Policy
Distribution
Valuation frequency
Official Monthly / Technical Wednesday
ISIN Code
LU0145921481
AuM (fund)
11 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
1,250 %
Current management fee
1.250 %
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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