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EdR US Growth US equities

US equities
Change in NAV (16/10/2017)
372.95 EUR
Alex  FARMAN-FARMAIAN–FR0010688846–
Alex FARMAN-FARMAIAN
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
372.95 EUR
Change in NAV (16/10/2017)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (16/10/2017)
372.95 EUR
Risk and reward profile
1234567
Recommended holding period
> 5 years
Alex FARMAN-FARMAIAN  
 
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 29/09/2017

As most are aware, the Caribbean and U.S. mainland have continued to be hammered by severe hurricanes this past month, and one could expect a likely near-term negative impact to economic activity and corporate profits. As a result, the Federal government and its many agencies have stepped-up disaster recovery spending to start the process of healing. Therefore the damage will result in a lot of rebuilding and re-stocking as we enter the 4th quarter, so it would be logical to assume some acceleration in activity and hence corporate sales and profits in that period and continuing into early 2018. On the monetary front, the U.S. Federal Reserve has signaled it would be normalizing its balance sheet in the coming months and years. They intend to do that by letting the bonds they own mature over time and not buy any more with the cash they will receive. What that will do is force the U.S. Treasury to seek new cash from investors as they need to “roll-over” the outstanding national debt. The net result is that it will mean a gradual monetary tightening as a major source of bond market liquidity will have been removed, and one can expect that the Treasury might have to pay slightly higher interest rates to attract investors. The Fed has also indicated that due to the current strong employment picture, they are inclined to raise the Fed Funds Rate at their December meeting. This month, President Trump announced the outlines of a proposed U.S. tax reform bill. Clearly it will need to be more fully developed, but it has led many to believe that if some form of it were to be legislated, that we could see upwards earnings estimates revisions for many American companies. Again, it is early days and will likely take a lot of negotiation to put into place. To conclude, the economy is on solid footing, unemployment is low, with jobs seemingly plentiful and real wage increases picking-up. Although monetary conditions look to get marginally tighter due to the actions the Fed will be undertaking, it will be a gradual process. Underlying the U.S. stock market are these benign conditions coupled with very real corporate profit expansion. These circumstances allow us to be cautiously optimistic going into the end of 2017 and into 2018.

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Change in NAV

Chart – Base 100 (16/10/2017)
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 J-EUR Cumulative Annualised
Since 01/01/2017

15.69 %

3.28 %

15.69 %

3.28 %

1 Year

22.21 %

13.46 %

22.08 %

13.38 %

3 Year

69.80 %

56.10 %

19.28 %

15.99 %

5 year

129.17 %

111.47 %

18.03 %

16.15 %

Since inception

272.95 %

273.00 %

16.00 %

16.00 %

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

Share class (J-EUR)

Benchmark

15.69 %

3.28 %

22.21 %

13.46 %

69.80 %

56.10 %

129.17 %

111.47 %

272.95 %

273.00 %

Annualised

Share class (J-EUR)

Benchmark

22.08 %

13.38 %

19.28 %

15.99 %

18.03 %

16.15 %

16.00 %

16.00 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class J-EURBenchmarkShare class J-EURBenchmarkShare class J-EURBenchmarkShare class J-EURBenchmarkShare class J-EURBenchmark
1 Year*13.79 %12.60 %5.45 %0.92 %1.14 %0.99 %
3 Year *13.82 %12.53 %5.72 %0.91 %0.53 %1.05 %
Max. drawdownAlphaBeta
Share class J-EURBenchmarkShare class J-EURBenchmarkShare class J-EURBenchmark
1 Year*-6.46 %0.11 %1.00 %
3 Year *-23.28 %0.23 %1.00 %
Max. monthly gain Since inception15.50 %
Max. monthly loss Since inception-20.18 %
Share class J-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 13.79 % 13.82 % 12.60 % 12.53 %
Tracking Error 5.45 % 5.72 %
Sharpe ratio 0.99 % 1.05 %
Alpha 0.11 % 0.23 %
Correlation coefficient 0.92 % 0.91 %
Information ratio 1.14 % 0.53 %
Max. monthly loss -20.18 %
Max. monthly gain 15.50 %
Max. drawdown -6.46 % -23.28 %
Beta 1.00 % 1.00 %

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)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
500000.00 EUR
ISIN Code
FR0010688846
AuM (fund)
224 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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