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 US Growth US equities

US equities
Change in NAV (18/06/2018)
414.40 USD
Alex  FARMAN-FARMAIAN (Edgewood Management LLC)–FR0010688838–
Alex FARMAN-FARMAIAN (Edgewood Management LLC)
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
414.40 USD
Change in NAV (18/06/2018)
5
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (18/06/2018)
414.40 USD
Risk and reward profile
1234567
Recommended holding period
> 5 years
Alex FARMAN-FARMAIAN (Edgewood Management LLC)  
 
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The UCITS' management objective is to outperform its benchmark index through exposure to North American equity markets, selecting securities on a discretionary basis from an investment universe comparable to that of the benchmark.

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Commentary 31/05/2018

The U.S. economy is strong, unemployment extremely low, consumer and business confidence at highs, inflation seemingly dormant and S&P 500 corporate profits up a huge +26% year-over-year this last quarter. Yet the U.S. stock market is only slightly up so far in 2018. As they say...."So, what gives?" The Fed has been signaling they would continue to raise the benchmark overnight Fed Funds rate repeatedly this year. Assuming we see 3 more 25 basis point raises in 2018 from the current 1.7% rate to some 2.50% and maybe two more rate hikes next year, that would take us up to 3.0%, which is slightly above the current 2.9% yield on the 10 year Treasury Bond. That would result in an “inverted” yield curve, where short-term rates exceed long-term. Stock markets do not usually like that, as it has often preceded a recession a year or so later. Global political uncertainty is keeping financial markets somewhat off-balance. The unity of the European Union seems to be under pressure by a slew of newly elected and hostile governments within the bloc, including those of Italy and Spain. Here in the U.S. we are starting to embark on our “mid-term” elections cycle which conclude in November, so that also adds to volatility. Powering the aforementioned jump in S&P 500 profit growth was a boost brought on by the end of 2017 corporate tax cut. As we move through this year and into next, expectations are for a material deceleration to a low to mid-single digit pace in 2019. Although it seems they are falling back lately, the re-imposition of the Iran sanctions as well as turmoil in Venezuela have driven up oil prices. That combined with the ongoing trade negotiations and the imposition of U.S. tariffs on steel and aluminum on its closest trading partners and China might drive up the input costs for some companies and crimp profits. The above investor concerns noted, the S&P 500 Index has amortized down a lot of valuation this year. Given that the Index is only up low single digits, and yet profits for this year are projected to be up in the high-teens to low 20% range, then the implied Price to Earnings (P/E) ratio has been fairly substantially compressed. That means that there has been a good measure of valuation de-risking for U.S. equities, making them relatively attractive.

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Change in NAV

Chart – Base 100 (18/06/2018)
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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 I-USD Cumulative Annualised
Since 01/01/2018

14.31 %

4.41 %

14.31 %

4.41 %

1 Year

25.66 %

15.56 %

25.50 %

15.47 %

3 Year

57.01 %

36.60 %

16.21 %

10.95 %

5 year

111.50 %

81.18 %

16.15 %

12.61 %

Since inception

314.40 %

279.98 %

16.07 %

15.02 %

Since 01/01/2018 1 Year 3 Year 5 year Since inception
Cumulative

Share class (I-USD)

Benchmark

14.31 %

4.41 %

25.66 %

15.56 %

57.01 %

36.60 %

111.50 %

81.18 %

314.40 %

279.98 %

Annualised

Share class (I-USD)

Benchmark

25.50 %

15.47 %

16.21 %

10.95 %

16.15 %

12.61 %

16.07 %

15.02 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class I-USDBenchmarkShare class I-USDBenchmarkShare class I-USDBenchmarkShare class I-USDBenchmarkShare class I-USDBenchmark
1 Year*14.04 %12.80 %5.17 %0.93 %1.54 %0.87 %
3 Year *13.12 %10.30 %6.09 %0.89 %0.81 %0.93 %
Max. drawdownAlphaBeta
Share class I-USDBenchmarkShare class I-USDBenchmarkShare class I-USDBenchmark
1 Year*-9.34 %0.13 %1.02 %
3 Year *-18.06 %0.28 %1.13 %
Max. monthly gain Since inception15.62 %
Max. monthly loss Since inception-16.03 %
Share class I-USD
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 14.04 % 13.12 % 12.80 % 10.30 %
Tracking Error 5.17 % 6.09 %
Sharpe ratio 0.87 % 0.93 %
Alpha 0.13 % 0.28 %
Correlation coefficient 0.93 % 0.89 %
Information ratio 1.54 % 0.81 %
Max. monthly loss -16.03 %
Max. monthly gain 15.62 %
Max. drawdown -9.34 % -18.06 %
Beta 1.02 % 1.13 %

Fund information

Inception Date (Fund)
05/12/2008
Inception Date (Part)
05/12/2008
Legal form
Mutual Fund
Benchmark
S&P 500 (NR)
Currency (fund)
USD
Currency (share class)
USD
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
500000.00 USD
ISIN Code
FR0010688838
AuM (fund)
311 M (USD)
Regulatory authority
AMF
Management company
Edmond de Rothschild Asset Management (France)
Delegated Management Company
EDGEWOOD
Incorporation
France
Maximum management fee
1,200 %
Current management fee
1.200 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value
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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