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 (17/05/2018)
414.53 EUR
Alex  FARMAN-FARMAIAN (Edgewood Management LLC)–FR0010688846–
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
414.53 EUR
Change in NAV (17/05/2018)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (17/05/2018)
414.53 EUR
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 30/04/2018

This first quarter was characterized by very strong U.S. corporate profit growth. So far about half of the S&P 500 companies have reported their results. According to Thomson Reuters IBES, nearly 80% of these have exceeded the estimates expected of them. Factset reports that this is far in excess of the normal 70% pace seen over the last 5 years. This robust performance seems to be putting us on track to register an impressive +25% year-over-year jump in overall S&P 500 Index profits. This is far higher than the +12% that analysts had anticipated at the start of the year. The U.S. economy currently has strong momentum due to the big fiscal stimulus brought on by the 2017 tax cut. This has propelled core organic growth of most industrial companies‘ operating profits. In addition to this, the cut in the nominal Federal tax rate on businesses from 35% to 21% has resulted in a one-time jump in reported net earnings. Despite the aforementioned, it seems that the U.S. stock market has largely ignored this good news. So far the major indices are only marginally up for the year-to-date. In searching for the reason for the lack of performance, we can likely ascribe some to the impending and well-signaled Fed Funds interest rate increases due later this year, which tends to make investors depress valuations. Another reason, based on historical analysis undertaken by Strategas, a respected Wall Street macro-economic shop, is that we are in a U.S. mid-term election year, with voting taking place in the first week of November 2018. They have found that over the last several such cycles, the S&P 500 Index experiences a lot of volatility and not much performance in the period prior to the election. One might assume that some of the attention-getting electioneering spooks investors. Once the elections are over, they have noted that in the 17 such years since 1950, we have seen the index rally an average of some +15% in the subsequent 12 months, and surprisingly with never a down period. 2019 might be the year that disproves this pattern, but it is an interesting observation to keep in mind.

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Change in NAV

Chart – Base 100 (17/05/2018)
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 01/01/2018

11.22 %

4.15 %

11.22 %

4.15 %

1 Year

18.50 %

10.59 %

18.50 %

10.59 %

3 Year

45.92 %

30.06 %

13.38 %

9.13 %

5 year

114.29 %

91.39 %

16.46 %

13.85 %

Since inception

314.53 %

300.12 %

16.23 %

15.80 %

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

Share class (J-EUR)

Benchmark

11.22 %

4.15 %

18.50 %

10.59 %

45.92 %

30.06 %

114.29 %

91.39 %

314.53 %

300.12 %

Annualised

Share class (J-EUR)

Benchmark

18.50 %

10.59 %

13.38 %

9.13 %

16.46 %

13.85 %

16.23 %

15.80 %

*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*14.43 %13.40 %5.12 %0.93 %1.56 %0.16 %
3 Year *13.28 %11.85 %6.09 %0.89 %0.69 %0.63 %
Max. drawdownAlphaBeta
Share class J-EURBenchmarkShare class J-EURBenchmarkShare class J-EURBenchmark
1 Year*-8.19 %0.15 %1.01 %
3 Year *-23.28 %0.34 %0.99 %
Max. monthly gain Since inception15.50 %
Max. monthly loss Since inception-16.09 %
Share class J-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 14.43 % 13.28 % 13.40 % 11.85 %
Tracking Error 5.12 % 6.09 %
Sharpe ratio 0.16 % 0.63 %
Alpha 0.15 % 0.34 %
Correlation coefficient 0.93 % 0.89 %
Information ratio 1.56 % 0.69 %
Max. monthly loss -16.09 %
Max. monthly gain 15.50 %
Max. drawdown -8.19 % -23.28 %
Beta 1.01 % 0.99 %

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)
286 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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