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 Tricolore Rendement Europe equities

Europe equities
Change in NAV (12/10/2018)
220.52 EUR
Pierre  NEBOUT–FR0010588350–
Pierre NEBOUT
François BRETON–FR0010588350–
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
220.52 EUR
Change in NAV (12/10/2018)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (12/10/2018)
220.52 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 31/07/2018

July was a little easier on the trade war front, especially between Europe and the United States. This development was welcomed by narrowing credit-spreads in a climate of modestly rising rates, and climbing European equity indices. Recently published corporate reports have confirmed the growth expected at the start of the year, at nearly 10%. While the currency effect is expected to be less punishing at current levels in the second half, markets are nevertheless putting a high premium on the risk of a turnaround in the economic cycle. Such risk is being heightened by persistent uncertainty, fuelled by destabilising rhetoric from the US Administration. As a result, all business models premised on medium-term improvement (especially when based on restructuring plans) have been sanctioned in favour of good quality reports and those still looking good over the short term. In this climate, the portfolio has strengthened high-visibility securities such as Nokia (a company restructured to address the 5G investment cycle), Axa (part of the portfolio's reallocation to higher-growth businesses that are more cash-generating and less dependent on financial markets), or more defensive stocks, like Vivendi. A new line was initiated on TF1, excessively discounted with regard to its potential for improving its TV margin and the constitution of a production and digital pole. These investments were made by arbitraging securities — such as Alstom, Thales or Capgemini — that have already contributed very well. Saint-Gobain has been removed from the portfolio due to the failure of the leverage effect expected to materialise during a recovery in the European construction cycle, particularly in the distribution sector. Meanwhile, the portfolio has been penalised by a sharp drop in Altran's stock price, impacted by the discovery of an accounting anomaly in its recently acquired company, Aricent. This development does not put the rationale for the acquisition into question, but casts doubt on the quality of its management.

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Change in NAV

Chart – Base 100 (12/10/2018)
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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 D-EUR Cumulative Annualised

-11.96 %

-2.79 %

1.92 %

5.92 %

4.36 %

6.91 %

Since inception

252.69 %

44.28 %

6.85 %

1.95 %

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

Share class (D-EUR)

Benchmark

252.69 %

44.28 %

Annualised

Share class (D-EUR)

Benchmark

-11.96 %

-2.79 %

1.92 %

5.92 %

4.36 %

6.91 %

6.85 %

1.95 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class D-EURBenchmarkShare class D-EURBenchmarkShare class D-EURBenchmarkShare class D-EURBenchmarkShare class D-EURBenchmark
1 Year*11.70 %12.50 %4.07 %0.95 %-3.25 %0.46 %
3 Year *12.11 %11.81 %4.07 %0.94 %-1.30 %0.90 %
Max. drawdownAlphaBeta
Share class D-EURBenchmarkShare class D-EURBenchmarkShare class D-EURBenchmark
1 Year*-11.66 %-0.25 %0.88 %
3 Year *-20.63 %-0.38 %0.97 %
Max. monthly gain Since inception14.70 %
Max. monthly loss Since inception-21.94 %
Share class D-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 11.70 % 12.11 % 12.50 % 11.81 %
Tracking Error 4.07 % 4.07 %
Sharpe ratio 0.46 % 0.90 %
Alpha -0.25 % -0.38 %
Correlation coefficient 0.95 % 0.94 %
Information ratio -3.25 % -1.30 %
Max. monthly loss -21.94 %
Max. monthly gain 14.70 %
Max. drawdown -11.66 % -20.63 %
Beta 0.88 % 0.97 %

Fund information

Inception Date (Fund)
04/12/1998
Inception Date (Part)
08/10/1999
Legal form
Mutual Fund
Benchmark
SBF 120 (NR)
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Distribution
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
FR0010588350
AuM (fund)
1,224 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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