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EdR Tricolore Rendement Europe equities

Europe equities
Change in NAV (18/10/2017)
211.73 EUR
Pierre  NEBOUT–FR0010705145–
Pierre NEBOUT
François BRETON–FR0010705145–
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
211.73 EUR
Change in NAV (18/10/2017)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (18/10/2017)
211.73 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 29/09/2017

September saw two shifts in direction: A rise in long-term rates after continued decline in July and August, and an end to the euro's climb against the US dollar, triggered at the end of 2016. This was especially noticeable since mid-April with political risk disappearing from the euro zone. It brought relief on both fronts, allowing the equity market to get back to growth, with the support of the recovering euro zone cycle. This has confirmed its strength (climbing almost +2%), its spread (into all countries and participating sectors), and its robust nature — since it is fuelled by domestic factors and therefore less vulnerable to external shocks. Given this climate, the more value-type stocks have gained ground (especially financials and industrial cyclicals), at the detriment of more defensive stocks, such as telecoms. Peugeot's recovery and the positive performance of the automotive sector this month prompted us to close our position. The rise in oil prices was also a feature in September. While integrated oil companies have benefited, some doubt is still hanging over the sector, especially its ability to cover its cash dividends. Despite the improvement witnessed both in revenue growth and profitability, telecoms have also lagged somewhat behind, with the market still preoccupied by investment effort (i.e. the profitability of fibre deployment, and bidding too high for rights acquisitions), but also the lack of consolidation prospects (particularly in France). The position's overweighting (on Telecom Italia, Orange and Bouygues) has been maintained. Altran has been initiated in the portfolio, extending exposure to the IT services sector (Atos and Capgemini). Its potential for growth and the improvement in the operating margin seems to have been somewhat undervalued. NH Hoteles, another equity whose growth has been under-estimated, has now been increased. The strength of the hotel cycle (with potential price increases ahead), the group's deleveraging, its management quality and consolidation options: all warrant this strengthening. The portfolio has meanwhile benefited from Alsthom's merger with Siemens' transport division.

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Change in NAV

Chart – Base 100 (18/10/2017)
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 R-EUR Cumulative Annualised
Since 01/01/2017

12.57 %

14.33 %

12.57 %

14.33 %

1 Year

22.32 %

22.87 %

22.32 %

22.87 %

3 Year

50.68 %

46.47 %

14.61 %

13.54 %

5 year

83.62 %

77.35 %

12.92 %

12.13 %

Since inception

111.73 %

105.65 %

8.93 %

8.57 %

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

Share class (R-EUR)

Benchmark

12.57 %

14.33 %

22.32 %

22.87 %

50.68 %

46.47 %

83.62 %

77.35 %

111.73 %

105.65 %

Annualised

Share class (R-EUR)

Benchmark

22.32 %

22.87 %

14.61 %

13.54 %

12.92 %

12.13 %

8.93 %

8.57 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class R-EURBenchmarkShare class R-EURBenchmarkShare class R-EURBenchmarkShare class R-EURBenchmarkShare class R-EURBenchmark
1 Year*12.05 %11.40 %3.13 %0.97 %0.30 %2.05 %
3 Year *15.08 %14.39 %3.87 %0.97 %0.26 %0.71 %
Max. drawdownAlphaBeta
Share class R-EURBenchmarkShare class R-EURBenchmarkShare class R-EURBenchmark
1 Year*-5.86 %0.01 %1.02 %
3 Year *-22.91 %0.07 %1.01 %
Max. monthly gain Since inception11.11 %
Max. monthly loss Since inception-21.64 %
Share class R-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 12.05 % 15.08 % 11.40 % 14.39 %
Tracking Error 3.13 % 3.87 %
Sharpe ratio 2.05 % 0.71 %
Alpha 0.01 % 0.07 %
Correlation coefficient 0.97 % 0.97 %
Information ratio 0.30 % 0.26 %
Max. monthly loss -21.64 %
Max. monthly gain 11.11 %
Max. drawdown -5.86 % -22.91 %
Beta 1.02 % 1.01 %

Fund information

Inception Date (Fund)
04/12/1998
Inception Date (Part)
12/01/2009
Legal form
Mutual Fund
Benchmark
SBF 120 (NR)
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
500000.00 EUR
ISIN Code
FR0010705145
AuM (fund)
1,594 M (EUR)
Regulatory authority
AMF
Management company
Edmond de Rothschild Asset Management (France)
Incorporation
France
Maximum management fee
1,150 %
Current management fee
1.150 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value

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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