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EdR Tricolore Rendement Europe equities

Europe equities
Change in NAV (18/08/2017)
379.62 EUR
Pierre  NEBOUT–FR0010588343–
Pierre NEBOUT
François BRETON–FR0010588343–
François BRETON
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
379.62 EUR
Change in NAV (18/08/2017)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (18/08/2017)
379.62 EUR
Risk and reward profile
1234567
Recommended holding period
> 5 years
Pierre NEBOUT  
François BRETON  
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 primarily in French companies whose valuation characteristics indicate that they are likely to perform strongly. The selection criteria will be outlined in the investment strategy.

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Commentary 31/07/2017

While June saw long bonds climbing back in anticipation that monetary policy would return to normal in the euro zone, July was dominated by the euro's rise against all other currencies. The uncertainty surrounding the US administration, in contrast to the dip in political risk due to accelerating growth in the euro zone, fuelled this development. Inevitably, the euro's uptrend stalled the momentum in euro zone earnings upgrades, which have nevertheless remained considerably up on 2016. The half-year corporate reports highlighted the positive performance generated by tech stocks (with STMicroelectronics driven by a rapidly growing market, as were IT services such as Atos and Capgemini), and financial equities in the more positive rate environment. Changes in Telecom Italia's governance and sector trends towards a recovery in sales and margins have helped the stock to catch up on some of its backlog. In the automotive sector, restructuring has continued to add powerful leverage to PSA's margin on cars (prompting us to reduce the position), something that is rather less evident at Renault. The retail sector (Carrefour, Metro Wholesale) has been suffering pressure from Amazon. Fnac-Darty has benefited from Ceconomy's acquisition of Artemis' substantial stake in the group. Two restructuring equities have been very disappointing: Solocal, with its web business disrupted by uncertainties in its financial restructuring. It's new management in a financially restructured company should bring a recovery in growth. The other is Technicolor, with a rapidly eroding margin, due in particular to the rising price of components. Icade's offer for ANF Immobilier has given us an opportunity to sell our position on the REIT. We have invested in HeidelbergCement to take advantage of the recovery in cement consumption in the developed regions, and from reduced capacity creation in the emerging markets.

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Change in NAV

Chart – Base 100 (18/08/2017)
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-EUR Cumulative Annualised
Since 01/01/2017

8.51 %

8.55 %

8.51 %

8.55 %

1 Year

20.74 %

18.62 %

20.74 %

18.62 %

3 Year

32.77 %

32.32 %

9.90 %

9.77 %

5 year

74.92 %

70.96 %

11.82 %

11.31 %

Since inception

398.03 %

85.01 %

8.96 %

3.34 %

Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative

Share class (C-EUR)

Benchmark

8.51 %

8.55 %

20.74 %

18.62 %

32.77 %

32.32 %

74.92 %

70.96 %

398.03 %

85.01 %

Annualised

Share class (C-EUR)

Benchmark

20.74 %

18.62 %

9.90 %

9.77 %

11.82 %

11.31 %

8.96 %

3.34 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmark
1 Year*12.84 %12.41 %3.08 %0.97 %1.12 %1.57 %
3 Year *14.84 %14.23 %3.79 %0.97 %0.02 %0.67 %
Max. drawdownAlphaBeta
Share class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmark
1 Year*-3.85 %0.05 %1.00 %
3 Year *-23.28 %0.01 %1.01 %
Max. monthly gain Since inception14.70 %
Max. monthly loss Since inception-17.41 %
Share class C-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 12.84 % 14.84 % 12.41 % 14.23 %
Tracking Error 3.08 % 3.79 %
Sharpe ratio 1.57 % 0.67 %
Alpha 0.05 % 0.01 %
Correlation coefficient 0.97 % 0.97 %
Information ratio 1.12 % 0.02 %
Max. monthly loss -17.41 %
Max. monthly gain 14.70 %
Max. drawdown -3.85 % -23.28 %
Beta 1.00 % 1.01 %

Fund information

Inception Date (Fund)
04/12/1998
Inception Date (Part)
04/12/1998
Legal form
Mutual Fund
Benchmark
SBF 120 (NR)
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
FR0010588343
AuM (fund)
1,518 M (EUR)
Regulatory authority
AMF
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 12.30 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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