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 (18/09/2018)
453.00 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
453.00 EUR
Change in NAV (18/09/2018)
6
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (18/09/2018)
453.00 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 29/06/2018

So far this year the market has favored U.S. Large Cap Growth Stocks. One reason could be due to the 2017 tax law forcing U.S. companies to onshore non-domestic profits. The top 25 companies in the S&P 500 Index account for 56% of the $1.9 trillion ($1,900 billion) in cash held by the index constituents. The top 50 hold 68% of the total, and the bottom 250 near 0%. An estimated repatriation of some $220bn of this cash the first quarter, likely followed by a similar or higher amount in Q2, has tightened liquidity in non-US financial markets. In 2018, at this pace, near a $1 trillion could return to shareholders of the largest U.S. companies, some used in capital expenditure but mostly in dividends and share buybacks. The U.S. Federal Reserve Bank is reducing holdings of Treasuries at a $50bn per month pace this autumn. By the end of 2019, the Fed will have cut its balance sheet by about $1 trillion, draining more liquidity from global financial markets. The U.S. tax cuts have created a ballooning deficit, estimated to exceed $1 trillion in the next year. Debt is being issued to finance this, absorbing even more liquidity. Adding it all up, we have $2 trillion in U.S. liquidity reduction, and a further $1 trillion in repatriated offshore cash. A substantial amount of the latter will be given to the shareholders of the top tier U.S. companies. The portfolio holds some of the biggest and fastest growing of these cash generators. The aforementioned return of cash might explain why some of these companies have, and might continue, to outperform. As an aside, the holdings should be largely unaffected by the current Trade disputes, as they neither consume nor produce much, if any, of the items so far being targeted by various trade blocs and governments.

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Change in NAV

Chart – Base 100 (18/09/2018)
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

25.32 %

20.13 %

17.57 %

14.62 %

18.26 %

15.49 %

Since inception

353.00 %

332.55 %

16.68 %

16.13 %

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

Share class (J-EUR)

Benchmark

353.00 %

332.55 %

Annualised

Share class (J-EUR)

Benchmark

25.32 %

20.13 %

17.57 %

14.62 %

18.26 %

15.49 %

16.68 %

16.13 %

*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*13.76 %13.29 %5.18 %0.93 %1.29 %1.63 %
3 Year *12.30 %10.95 %6.02 %0.87 %0.67 %1.30 %
Max. drawdownAlphaBeta
Share class J-EURBenchmarkShare class J-EURBenchmarkShare class J-EURBenchmark
1 Year*-8.19 %0.12 %0.96 %
3 Year *-23.28 %0.34 %0.98 %
Max. monthly gain Since inception11.90 %
Max. monthly loss Since inception-16.09 %
Share class J-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 13.76 % 12.30 % 13.29 % 10.95 %
Tracking Error 5.18 % 6.02 %
Sharpe ratio 1.63 % 1.30 %
Alpha 0.12 % 0.34 %
Correlation coefficient 0.93 % 0.87 %
Information ratio 1.29 % 0.67 %
Max. monthly loss -16.09 %
Max. monthly gain 11.90 %
Max. drawdown -8.19 % -23.28 %
Beta 0.96 % 0.98 %

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)
362 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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