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SH Diversifiée Dynamic strategies

Dynamic strategies
Change in NAV (26/04/2017)
60.57 EUR
François  de CUREL–FR0000291965–
François de CUREL
Marie deLEYSSAC–FR0000291965–
The identity of the managers presented in this document may change during the life of the product.
Risk and reward profile (1)
Recommended holding period
> 5 years
60.57 EUR
Change in NAV (26/04/2017)
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (26/04/2017)
60.57 EUR
Risk and reward profile
Recommended holding period
> 5 years
François de CUREL  
Marie deLEYSSAC  
The identity of the managers presented in this document may change during the life of the product.

Investment objective

The portfolio is mainly invested in international equities, but may also invest in euro bonds. The equity compartment shall consist of stocks diversified by economic sector and by region. The strategy is based on three broad lines: arbitraging between the comparative returns on bonds and equities, regional equity allocation and stock picking.

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Commentary 31/03/2017

As in the first months of the year, March was marked by political developments. While the Dutch election finally stemmed the wave of electoral ‘bad surprises', and lowered the perception of political risk in France, the difficulties facing President Trump in his attempt to repeal Obamacare have raised doubts over his political capacity to implement the projects announced since his inauguration. Looking at the data, European growth remains well-oriented and the season's corporate earnings reports have been leading to forecast upgrades in Europe. The ECB's more balanced stance on growth and inflation has left bond markets under pressure, particularly as the reassuring results in the Dutch elections have removed some of the attraction for safe-haven stocks. Accordingly, in the wake of a very uneven month, the European Stoxx 600 index closed up +2.9%. There was, as usual, strong disparity from one sector to the other, with banking in the lead in the ongoing sector rotation linked to expectations of rate hikes. Among the sectors on a downtrend, commodities has been cashing in its profits after more than six months on the rebound. It seems to us that while the micro and macroeconomic fundamentals are still providing real support, the political and geopolitical stakes risk are weighing in somewhat on markets that have made good progress since the beginning of the year. However, we still have a clear preference for euro zone equities. Given this climate, we have maintained strong equity positioning, particularly in Europe. Meanwhile, the bond compartment has been invested mainly in non-government bonds.

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Change in NAV

Chart – Base 100 (26/04/2017)
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 Cumulative performance Annualised performance
Since 01/01/2017 6.11 %  
1 Year 14.65 % 14.65 %
3 Year 25.25 % 7.78 %
5 year 57.90 % 9.56 %
Since inception 504.26 % 6.36 %
Performance Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative performance 6.11 % 14.65 % 25.25 % 57.90 % 504.26 %
Annualised performance 14.65 % 7.78 % 9.56 % 6.36 %


VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
1 Year3 Year 1 Year3 Year 1 Year3 Year 1 Year3 Year 1 Year3 Year
Share class 9.12 %10.01 %2.74 %3.49 %0.96 %0.95 %1.17 %-0.45 %1.65 %1.09 %
Benchmark7.85 %7.99 %
Max. monthly lossMax. monthly gainMax. drawdownAlphaBeta
Since inceptionSince inception1 Year3 Year 1 Year3 Year 1 Year3 Year
Share class -14.76 %2.28 %-7.87 %-19.49 %0.03 %-0.24 %1.11 %1.19 %
Share class
1 Year 3 Year 1 Year 3 Year
Volatility 9.12 % 10.01 % 7.85 % 7.99 %
Tracking Error 2.74 % 3.49 %
Sharpe ratio 1.65 % 1.09 %
Alpha 0.03 % -0.24 %
Correlation coefficient 0.96 % 0.95 %
Information ratio 1.17 % -0.45 %
Max. monthly loss -14.76 %
Max. monthly gain 2.28 %
Max. drawdown -7.87 % -19.49 %
Beta 1.11 % 1.19 %

Fund information

Inception Date (Fund)
Inception Date (Part)
Legal form
40% FTSE MTS Eurozone Government Broad 5-7 Y (EUR)
30% CAC 40 INDEX (NR)
30% MSCI World
Currency (fund)
Currency (share class)
Distribution Policy
Accumulation and/or Distribution
Valuation frequency
Minimum initial investment
1 Share
AuM (fund)
7 M (EUR)
Regulatory authority
Management company
Edmond de Rothschild Asset Management (France)
Maximum management fee
1,250 %
Current management fee
1.250 %
Subscription and redemption conditions
Daily before 11.00 am C.E.T. on day's net asset value
Subscription fee
4.75 % max

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.