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Please Note: Unless specifically stated, the terms "investment fund" or "fund" are used in this glossary in their general senses; although some of the definitions are specific to Luxembourg-based funds only. Some other terms have been given their most general definitions. Depending on a country's legal and tax system, there may be more specific definitions in your country.

Accumulation Fund An investment fund which automatically and continually reinvests income, for example dividends, and any capital growth that the fund has received. Such funds are designed for investors seeking long term capital growth, rather than those who wish to receive an income from their investment. Depending on the category of share purchased in Edmond de Rothschild Fund, you may have either accumulation or distribution shares within each subfund. Also called capital appreciation fund. Opposite: distribution fund.
ADR American Depository Receipts. Certificates issued on the US market representing a position in marketable securities issued on another market.
Advisory company The role of an investment fund advisory company is to provide the board of directors and the investment managers of the fund with opinions and recommendations on investment opportunities. In Luxembourg, the use of an advisory company is optional and the final decision on such advice remains with the board of directors (or the management company, if the fund is an FCP). The advisory company for some of the subfunds of Edmond de Rothschild Fund is R Advisory Luxembourg S.A. Not to be confused with investment manager.
AEX Amsterdam Stock Exchange. The index is made up of the 25 largest Dutch companies (in terms of market capitalisation) and most frequently traded on the Amsterdam stock exchange. This index also makes an average weighting of securities. This index is used as a benchmark for one of the subfunds of Edmond de Rothschild Fund.
AGM See Annual general meeting.
All-in-Fee Fee including all incurring costs, including transaction expenses.
Alpha The Alpha describes the theoretical return obtained by one investment (a fund) when the second investment (the benchmark) has a zero return. To calculate the Alpha, the returns of each are taken and compared together to identify their relationship. This reveals relationships between investments in both bull and bear markets. An alpha of 5 implies the fund's return is 5% when the benchmark return is 0, whereas a -1 alpha suggests a -1% return. Thus, this can be considered as a measure of the fund manager's portfolio strategy through stock picking and market timing. Good managers have a high positive alpha.
Annual effective yield The actual annual return on a fixed income investment after interest is compounded.
Annual general meeting The once-a-year presentation of a company to shareholders by management, at which various corporate actions may be presented and voted upon by shareholders or their proxies. The annual general meeting of Edmond de Rothschild Fund is held on 28 July of each year.
Annual Report An audited annual report is published for the fund as a whole and not for each individual subfund. This report is a legal requirement and must be published within four months after the end of the financial year (for Edmond de Rothschild Fund the financial year ends on 31 March). The report contains full details on the fund's activity, the management of the assets and includes the consolidated balance sheet and profit and loss account.
Asset Anything of value, of a financial of non-financial nature. Any real or intangible property of individuals, partnerships or firms.
Asset-backed securities (ABS) Fixed or floating rate securities which are backed by loan receivables, accounts receivable, franchise fees receivable or other quantifiable assets.
Auditor An organisation independent of all parties involved in the fund which audits the investment management and administration of the fund. The auditor attests to the shareholders as to the state of a firm's accounts i.e. whether they have been properly kept. The auditor of Edmond de Rothschild Fund is PricewaterhouseCoopers.
Average annual yield A method to calculate the return on investments of more than one year by adding each year's return on investment and dividing that number by the number of years invested.
 
Back-end load For an investment fund, a fee which is charged by the fund when investors in the fund sell their shares. Also called exit fees.
Balance sheet A financial statement presenting the assets and liabilities of a company.
Balanced fund A fund which, usually, invests an equal amount in shares and bonds. Such funds are designed for investors who are not prepared to fully invest in a share fund but who are prepared to accept some fluctuation in the short-term and would like to have long term capital gains.
Base rate The primary interest rate on which all other interest rates (for loans etc.) are based. Banks have their own base rate which is always based on this primary base rate, which is often determined by a country's central banking system. Also called the prime rate.
Basis point One hundredth of one percentage point, or 0.01%. 50 basis points equals ½ of a percent. Used in quoting yields on fixed income securities and in pricing loans etc.
Bear market A securities market in which sellers predominate and consequently prices generally are falling. Bearish generally means pessimistic about the market.
Bearer securities A security that is owned by the physical holder, as opposed to a security whose ownership is determined by registration. In the case of a bearer bond, coupons are attached to the bond. Opposite: registered security.
BEL 20 An index made up of the 20 largest Belgian companies (in terms of market capitalisation) and most frequently traded on the Brussels stock exchange. The index is based on the weighted capitalisation of each security forming the index. This index is used as a benchmark for one of the subfunds of Edmond de Rothschild Fund.
Benchmark The use of a benchmark, or reference index, is a simple way to obtain an objective view of an investment fund's performance. As an example, if a fund investing in American shares has an annual performance of a 10% increase, this will need to be compared to a stock exchange index which is composed of comparable shares and proportions of shares, such as the Dow Jones. If the Dow Jones has seen a 5% increase over the same period, the fund has outperformed or beaten the index. Therefore, as the use of a benchmark is one way of measuring how well a fund has performed, the choice of a benchmark should reflect the actual market in which the fund invests. The use of a benchmark which does not reflect the fund's portfolio of shares will lead to either positively or negatively distorted comparisons. A full list of Edmond de Rothschild Fund benchmarks can be found in the prospectus.
Beneficial owner Individual or entity entitled to the rights and privileges accruing to the owner of a security, regardless of who has physical possession of the security, such as a trustee or custodian, or in whose name the security is registered, such as a nominee.
Beta The Beta indicates how sensitively an investment fund is to movements of the benchmark index. It is the amount a fund moves when its benchmark index moves by one unit. Beta is not a measure of absolute volatility (see standard deviation) but of relative volatility, which means it represents the volatility of an investment (the fund) against a second (the index). If a fund always goes up and down by 1.6 times the performance of the index, its beta will be 1.6. This implies that if the return of the index is positive, then 1.6 times this positive return can be expected of the fund. If the index goes up (or down) 10%, the fund goes up (or down) 16%. The relationship is based on historical observations, is only an estimate and to be totally accurate there has to be a perfect correlation between the two investments.
Bid price Price at which a prospective purchaser is willing to buy a security.
Blue chips Shares of companies, or the companies themselves, that are considered to be of the highest quality and therefore secure investments with good prospects for growth; although as with all investments blue chips can go through periods of falling share prices and low dividends. The name either originates from the colour of the most valuable chip in poker, or from the diamond trade.
Bond A general term that covers a large variety of debt instruments. In its simplest form, a bond is an IOU (I-Owe-yoU) from, for example, a company (the bond issuer or the borrower) to those who have purchased the bond (the bondholders or the lenders). Via the bond, the company states that it is willing to pay interest on its debt to the bondholders and later, at a specified date (the maturity date), the principal. There are many types of bonds and they can be grouped under some general headings, such as type of interest (fixed rate bond, zero coupon bond, floating rate note…), type of issuer (corporate, state, municipal…), type of maturity (long / medium / short, perpetual bond, bullet bond…), type of collateral etc.
Bond fund An investment fund that invests exclusively in fixed-interest securities. Most bonds funds invest in a particular type of bond. In addition to the reference currency of the bond issue, the maturity structure of the bonds in such funds is important, as bonds with medium to long-term maturities are subject to price volatility. As the purpose of the majority of bonds is to return an interest payment, such funds were designed for investors who wish to receive an income from their investment (as opposed to having capital growth), although some bond funds can be used for capital gains.
Bottom-up A general investment strategy which places more importance on the performance of individual companies and/or sectors than on the broader and more general economic trends and market conditions. Opposite: top-down.
Brady bonds Emerging market government bonds which are issued as apart of a debt restructuring program. Named after former U.S. Treasury Secretary Nicholas Brady.
Bull market A securities market in which buyers predominate and consequently prices generally are rising. Bullish generally means optimistic about the markets.
 
Call option A contract between two parties, which gives the buyer of the option the right, but not the obligation, to buy an asset at a known price (exercise price or strike price) and by a specified date. For this privilege, the buyer pays a premium, usually a fraction of the price of the underlying asset.
Callable bond An option for some bonds, where the bond issuer may redeem (pay back the principal of the bond to the bondholders) before the maturity date. Such redemption may only be carried out under certain conditions (call provisions).
Capital gain or loss The increase or decrease realised between a security's purchase price and its selling price.
Cash fund See money market fund.
Category For Edmond de Rothschild Fund, a type of share in a subfund offered to a certain type of investor or via a specific marketing network. There are four categories, A, B, C and D, as defined in the prospectus chapter entitled "Shares".
CD Certificate of Deposit. A debt instrument issued by a bank that repays principal plus interest at a specified future date.
Central administration See Fund Administrator.
Certificate of deposit See CD.
Class For the Edmond de Rothschild Fund, a type of share within a category of shares of a subfund. There are two types of class: the distribution class for investors wishing to receive dividends each year, and the accumulation class for investors wanting to capitalise the revenue from their shares.
Clearstream Based in Luxembourg, Clearstream is an international securities clearing and settlement organisation. It was created from the merger CEDEL International and Deutsche Börse Clearing.
Closed-end fund A closed-end fund is an investment fund with a fixed number of shares in existence and where no new shares can be created without the shareholder's approval. A closed-end fund is not obliged to redeem shares (buy back shares from the shareholder) at the request of the shareholder. Such funds can be useful for extremely illiquid investments. Opposite: Open-ended fund.
Closing price The last price or range of prices of a security at the end of a day's trading session on an organised securities exchange. Closing prices are often used for valuing an investment fund and thus calculating the NAV per share.
CNO Etrix 1-3 years The CNO (Comité de Normalisation Obligataire - Committee for Bond Standardisation) prepares a representative sample of bonds issued by States in the European Monetary Union with maturities comprised within the limits indicated in the name of the index. Reuters is responsible for the daily broadcasting of the Etrix index (Euro Total Return Index). The sample is revised twice a year on the 1st January and 1st July. This index is used as a benchmark for one of the subfunds of Edmond de Rothschild Fund.
CNO Etrix 3-5 years (see CNO Etrix 1-3 years) The index is calculated as explained above.
CNO Etrix 5-7 years (see CNO Etrix 1-3 years) The index is calculated as explained above.
CNO Etrix 7-10 years (see CNO Etrix 1-3 years) The index is calculated as explained above.
Collateralized Securities Securities that are back by assets such as mortgages.
Commercial paper Short-term promissory notes issued by a government agency, a bank or a company to obtain cash. They are sold through dealers in the open market or directly to investors. They are usually unsecured.
Commodities Bulk goods such as grains, metals, livestock, oil, cotton, coffee, sugar and cocoa. Trade on commodities exchanges is usually in the form of futures contracts.
Common stock See ordinary shares
Consolidated balance sheet A financial statement presenting the assets and liabilities of a company, together with its associated companies (subsidiaries…).
Conversion If an investment fund is set up with an umbrella structure and is therefore composed of various subfunds, investors can easily convert their shares from one subfund to another. The advantage being that investors can easily adjust to changing market conditions or change their investment strategies to suit a new need. Such conversion is usually free or has a low charge. more information on conversion can be found in the Edmond de Rothschild Fund prospectus. Also called switching.
Convertible bond A corporate bond that investors may exchange for shares of the issuing company on or by some future date under certain specified conditions. A convertible bond is a mixture of a debt instrument and an equity instrument.
Convertible bond fund An investment fund which invests in convertible bonds. Any shares received by the fund after a conversion takes place usually must be sold after a certain period.
Corporate bonds Bonds issued by companies and other commercial entities.
Correlation Correlation shows the degree of similarity between two funds or the fund and its benchmark index. A perfect correlation is when the investments behave in exactly the same manner. A perfect positive correlation is represented by 1, perfect negative correlation by -1 and no correlation with a 0. A perfect negative correlation suggests that for every 1% movement by the index we would expect to see -1 % movement return on the fund and vice versa. A correlation of 0.7 indicates a strong relationship, between 0.4 and 0.69 a modest relationship. If the correlation is below 0.3 there is effectively no relationship. This is an important factor when using modern portfolio theory.
Correspondent A bank, securities firm or other financial institution that regularly performs services for another similar entity in a market to which the other does not have direct access.
Country fund An investment fund which invests in equities of a particular country. Such funds are an efficient alternative to directly investing in a country.
Coupon The detachable part of a bond certificate which is cut off and sent to the paying agent to receive the interest payment. For a fixed interest security, it is the nominal interest rate.
Credit rating An evaluation of a government entity's or company's ability to repay its debts.
CSSF Commission de Surveillance du Secteur Financier. The Luxembourg regulatory authority in charge of the prudential supervision of credit institutions, financial sector professionals, the stock exchange, pension funds and investment funds.
Cumulative preference shares Because preference shares can sometimes have no dividends, these shares are used to guarantee that any dividends not paid in bad years will "accumulate" and will be paid when the company starts to make a profit again. See also preference shares.
Current yield Annual interest on a bond divided by the market price.
Custodian bank The custodian bank of an investment fund is entrusted with, among other duties, the safe-keeping of the fund's assets, ensuring the correct and proper settlement of portfolio transactions, professional handling of certificates and payments, and ensuring that the fund carries out its business in accordance with the fund's prospectus and the management regulations. The custodian bank for Edmond de Rothschild Fund is Banque Privée Edmond de Rothschild Luxembourg.Also known as trustee or depositary bank.
Cyclical shares Shares that tend to rise and fall in unison with fluctuations in a national economy or observable business cycles.
 
Debt securities Securities such as bonds, certificates of deposit, commercial paper, notes, banker's acceptances, mortgages and other instruments which indicate the intent to repay a specified amount owed to a lender.
Dedicated funds See institutional UCIs.
Default In general, a breach of a contract. more specifically, the failure, either because of inability or unwillingness, of a company or person to repay a debt or pay an obligation when it is due.
Depositary bank See Custodian Bank.
Derivative A general term covering a complex and wide range of instruments. Basically, a derivative is a contract which is based on the performance of an underlying asset. Examples of derivatives are futures, options and swaps.
Discount The difference between a bond's market price and its face or redemption value. It is also a manner of valuing fixed income securities which are issued at less than face value and then redeemed at face value.
Distribution Profits (interest / dividends / realised capital gains) made by the investment fund and shared out to shareholders in the form of dividends. The amount of a dividend to be paid to the fund's shareholders is determined by the board of directors and approved by the annual general meeting.
Distribution fund An investment fund which distributes (returns) a certain amount of its profit (realised income and/or realised capital gains) to the fund's shareholders. Such funds are designed for investors seeking a regular return from their investment, rather than long term capital growth. Depending on the category of share purchased in Edmond de Rothschild Fund, you may have either distribution or accumulation shares within each subfund. Opposite: accumulation fund.
Distributor For an investment fund, an entity which is contracted by the fund to act as a selling agent for the fund. For Edmond de Rothschild Fund, its distributors may also act as nominees. See also nominee.
Dividend A part of a company's net income which is paid to shareholders based on the number and/or type of shares they hold. Depending on the situation, investors may receive dividends directly or by reinvestment in the company in the form of new shares or fractions of shares.
Domicile The domicile is the location where an investment fund (or other company) is legally registered. The domicile of Edmond de Rothschild Fund is 20 Boulevard Emmanuel Servais, L-2535 Luxembourg.
Domiciliary agent The entity which is responsible for carrying out tasks and duties in relation to the physical domicile of an investment fund or other company. The domiciliary agent for Edmond de Rothschild Fund is Banque Privée Edmond de Rothschild Luxembourg.
Dow Jones Europe Stoxx This is a very broad index made up of 605 companies and 18 different sectors among the largest European companies, in terms of market capitalisation. The index is based on the weighted capitalisation of each security forming the index. This index is used as a benchmark for one of the subfunds of Edmond de Rothschild Fund.
 
EASDAQ European Association of Securities Dealers Automated Quotation. This is an index made up of small and medium size high-growth companies generally in high-technology sectors like the Internet, Technology, Biotechnology, etc. The index is based on the weighted capitalisation of each security forming the index. This index is used as a benchmark for one of the subfunds of Edmond de Rothschild Fund.
EGM see extraordinary general meeting.
Emerging markets Markets in developing countries, such as certain countries in Latin America, Asia or Eastern Europe. Investment in such markets is generally considered to be risky as emerging markets may have, among others, illiquid, smaller and more volatile stock exchanges, some degree of settlement risk, a risk of error, negligence or bad management within the companies invested in, less government control and supervision, and periods of political and economic instability. The Edmond de Rothschild Fund prospectus defines such markets as countries whose GDP per capita is between 1,000 and 15,000 US dollars per annum.
Emerging markets funds An investment fund that invests in emerging markets. Such funds carry a greater degree of risk than most other funds, although they are less risky than direct investment in an emerging market. See emerging markets.
Entry fee See front-end load.
EONIA Capitalised Euro OverNight Index Average. This is an index representative of domestic rates in the Euro zone. The day's rate is based on the weighted average of all unsecured loan operations on the interbank market. It is calculated by the European Central Bank and is fixed once a day between 18h45 and 19h00. It is representative of a short-term capitalised money market investment (reinvested every day). This index is used as a benchmark for one of the subfunds of Edmond de Rothschild Fund.
Equity A general term covering shares of a private or public company.
Equity fund An investment fund that invests in equities (shares). They are suitable for most types of investors and, in particular, investors who are prepared to accept temporary price fluctuations to achieve long term growth. Equity funds can be subdivided into: country funds, regional funds, emerging market funds, small-cap funds, mid-cap funds, large-cap funds, sector funds and theme funds.
Euro zone Zone including all European Union States participating in the Economic and Monetary Union.
Eurobond A bond issued by a borrower outside its own country and may be denominated in a currency foreign to the borrower or to the purchaser or both.
Euroclear Based in Brussels, Euroclear is an international securities clearing and settlement organisation. Euroclear is wholly owned by its members, mainly banks, via a co-operative.
EV/EBITDA EV/EBITDA: (Enterprise Value/Earnings Before Interest, Taxes, Depreciation and Amortisation) is similar to PER. This ratio also lets the investor assess if a share is under or over-valued in its market or sector in relation to other companies in a similar market or sector.
Excess return The absolute outperformance (or underperformance) of an investment fund compared to its benchmark index.
Exercise price A specified price at which an investor can buy or sell an option's underlying security or buy shares on a warrant.
Exit fee See back-end load.
Extraordinary general meeting A general meeting of all shareholders of a company which is used to discuss special business which is unable, usually because a decision is needed directly, to be decided upon during the annual general meeting.
 
Face value The stated or nominal value of a security.
FATF Financial Action Task Force On Money Laundering. This is an inter-governmental body which develops and promotes policies to combat money laundering. It was created in 1989 and is based in Paris. Luxembourg is a member of the FATF.
FCP Fonds Commun de Placement. In Luxembourg, an investment fund vehicle which is an unincorporated co-proprietorship and, to a certain extent, is similar to the UK unit trust or US mutual fund. FCPs issue units rather than shares. An FCP has no legal personality and must be managed by a Luxembourg management company. FCPs can be UCITS funds, non-UCITS funds and umbrella funds.
Fed See Federal Reserve.
Federal Reserve The central banking system of the USA. The system consists of a board of governors (seven members) and twelve Reserve Banks located in major US cities. The board of governors also forms the majority of the FOMC (Federal Open Market Committee). It is based in Washington. Also called the Fed.
Financial year See fiscal year.
Finesti Formerly CCLux (Luxembourg Communication Centre). Finesti aims to support the European investment fund industry with solutions and strategies to streamline the collection, management and dissemination of fund data and documents. It is also active in providing general consultation products and services in order to facilitate public access to investment fund information.
Fiscal year The twelve month period used as a basis for assessing an individual's or firm's tax liability.
Fixed income fund See bond fund.
Fixed rate An unchanging percentage rate of interest on the principal of a security or loan. Opposite: floating rate.
Floatation Generally used to mean the offering of a company's shares to the public for the first time. It can also mean an offering of issues by companies that are already public. In the case of first time issues, it is also called an initial public offering (IPO) or going public.
Floating rate A variable percentage rate of interest on the principal of a security or loan. It is usually varied by reference to a base rate or any other commonly accepted rate. Opposite: fixed rate.
Foreign bond A debt security issued by a foreign borrower in a local market and usually denominated in the local market currency.
Fixed rate An unchanging percentage rate of interest on the principal of a security or loan. Opposite: floating rate.
Flotation Generally used to mean the offering of a company's shares to the public for the first time. It can also mean an offering of issues by companies that are already public. In the case of first time issues, it is also called an initial public offering (IPO) or going public.
Floating rate A variable percentage rate of interest on the principal of a security or loan. It is usually varied by reference to a base rate or any other commonly accepted rate. Opposite: fixed rate.
Foreign bond A debt security issued by a foreign borrower in a local market and usually denominated in the local market currency.
Forward market A securities or currency market in which transactions are made for future settlement.
Front-end load For an investment fund, a fee which is charged by the fund when investors purchase shares of the fund, for the first time and/or additionally. Also called entry fees.
FTSE 100 This is an index made up of the 100 largest British companies, in terms of market capitalisation, traded on the London stock exchange. Securities are quoted in pence. The index is based on the weighted capitalisation of each security forming the index. Colloquially known as the "footsie" This index is used as a benchmark for one of the subfunds of Edmond de Rothschild Fund.
FTSE AIM FTSE Alternative Investment Market is an index made up of more than 250 small companies and start-ups traded on the London stock exchange. The index is based on the weighted capitalisation of each security forming the index. This index is used as a benchmark for one of the subfunds of Edmond de Rothschild Fund.
Fund administrator The administrator of an investment fund refers to the institution which is contracted by the fund to carry out the day to day running of the fund and all types of administrative tasks, as well as to keep the accounts and calculate the net asset value. The administrator of Edmond de Rothschild Fund is Banque Privée Edmond de Rothschild Luxembourg.
Fund manager See investment manager.
Fund of funds An investment fund which invests in a selection of other funds. It is designed to give maximum security to the private investor by spreading the investment across the widest possible range and sometimes across funds which the investor may not have access to. The disadvantage of such funds is that they sometimes add another level of fees.
Futures market An organised market where futures contracts may be traded.
 
GDR Global Depository Receipts. Certificates issued on a domestic market and representing a position in marketable securities issued on another market.
Gilts A term used to refer to national government-issued debt securities, usually UK government debt securities, Also called gilt edged securities.
Golden shares These shares are usually held by governments and they enable the holder to out-vote all other shareholders on certain types of company decisions.
Guaranteed Fund An investment fund with a fixed life and a certain guaranteed return at the end of the life of the fund. The typical final return may be the initial amount invested plus a fixed return which is set out in the prospectus. Such funds are designed for investors who are cautious about investing in the financial markets or investors who would like to have a certain return after a particular period.
 
Hedge fund The objective of a hedge fund is to improve the fund's performance via leverage and using a large number of derivative instruments in their investments. As leverage involves investing via borrowed money and as some of the derivative positions may be speculative, hedge funds can be a risky investment.
Hedging An investment strategy used to reduce, or perhaps eliminate, various types of securities risk, currency risk, interest rate risk etc by the purchase or sale of financial futures and options contracts. Not the same as a hedge fund.
HSBC James Capel Smaller Companies Index This an index made up of small companies in European industrialised countries. The index is based on the weighted capitalisation of each security forming the index. This index is used as a benchmark for one of the subfunds of Edmond de Rothschild Fund.
 
Illiquid A security which is not traded actively and it may therefore be difficult to convert into cash (sell). Markets may also be illiquid and in this case, because of their illiquidity, a security's price may be greatly changed, and thus distorted, each time a buy or sell order is effected. Opposite: liquid.
Index fund A fund which seeks to precisely replicate the composition and performance of particular index (e.g. FTSE 100). It does not involve itself with active asset management and thus does not stock pick. Such funds are useful when an index is performing particularly well. It should be noted that almost all investment funds are linked to an index but this does not mean they are index funds. See benchmark.
Initial public offering See flotation.
Institutional investor A bank, mutual fund, pension fund, insurance company or other institution that invests large sums in securities markets, often on behalf of a large number of individual investors.
Institutional UCIs From the Luxembourg law of 19 July 1991. Investment in these funds is restricted to institutional investors (large companies, pension funds, etc), although the 'institutional' definition was recently extended to also include family holding companies. They are also known as private funds or dedicated funds.
Investment advisor See investment manager. See also advisory company.
Investment manager For investment funds, investment managers are entities which are involved in the day to day investment decisions of the fund on behalf of the fund's investors. They report to the fund's board of directors or management company, and thus ultimately to the shareholders. The investment managers of Edmond de Rothschild Fund are Edmond de Rothschild Asset Management S.A., Banque Privée Edmond de Rothschild Luxembourg and Edmond de Rothschild Portfolio Management Ltd. Also called fund manager, portfolio manager, money manager or investment advisor.
Investment trust A type of closed-end fund.
IPO See flotation.
ISIN International Securities Identification Number. An globally recognised standard for cross-border securities. Each ISIN is a code that uniquely identifies a specific securities issue.
Issue price For investment funds, the issue price is the price at which shares are offered for sale for the first time, within a fixed period known as the issue period. Also called the offering price or initial subscription price.
 
JP Morgan 5-7 years USD This is an index representative of US government debentures, with final maturities of between 5 and 7 years, drawn up by JP Morgan and revised every month. The index is calculated by averaging prices of the sample. This index is used as a benchmark for one of the subfunds of Edmond de Rothschild Fund.
JP Morgan 7-10 years JPY This is an index representative of Japanese government debentures, with final maturities of between 7 and 10 years, drawn up by JP Morgan and revised every month. The index is calculated by averaging prices of the sample. This index is used as a benchmark for one of the subfunds of Edmond de Rothschild Fund.
JP Morgan 7-10 years USD This is an index representative of US government debentures, with final maturities of between 7 and 10 years, drawn up by JP Morgan and revised every month. The index is calculated by averaging prices of the sample. This index is used as a benchmark for one of the subfunds of Edmond de Rothschild Fund.
JP Morgan EMBI Global This is an index representative of debentures in dollars issued by countries qualified as emerging, drawn up by JP Morgan and revised every month. The index is calculated by averaging prices of the sample. This index is used as a benchmark for one of the subfunds of Edmond de Rothschild Fund.
Junk bonds High-yield bonds, although with little or no credit rating and are therefore more likely to default. Considered particularly risky and speculative.
 
 
Large caps Companies that have large market capitalizations. Also used to refer to the shares of these companies. Generally, large cap companies have a market capitalization of over approximately $1 billion. Large caps are sometimes referred to as blue chips.
LIBOR The London Inter Bank Offered Rate, a floating interest rate that serves as a base for many lending agreements.
Libor 3 months London Interbank Offered Rate is the interbank rate for a money market investment of 3 months. The rate obtained is the average of 16 rate quotations from different banks, the four highest and lowest rates are eliminated and the average of the remaining 8 rates is calculated to obtain the rate.
Liquid A security which is traded actively and /or is easy to convert into cash (sell). Markets may also be liquid. Opposite: illiquid.
Liquidation The process of converting securities into cash. Also, the dissolution of a company.
Listed Refers to a security that can be purchased and whose price is quoted on an organised exchange. Opposite: unlisted.
 
Management company For investment funds, management companies are entities which oversee and have ultimate responsibility for the running of the fund and the investment of the fund's assets. In Luxembourg, a management company is optional for a SICAV fund but mandatory for an FCP fund. Edmond de Rothschild Fund, being a SICAV, has no management company and is controlled by a board of directors. Not to be confused with investment manager. See investment manager.
Management fee A fee charged the investment manger of a fund for the running of the portfolio on behalf of the fund's shareholders.
Market capitalization The total market value of a company's shares. Market capitalization is calculated by multiplying the number of shares outstanding (in circulation) by the current market price of the shares. Market cap can also mean the total value of any given stock exchange, market, sector or type of security.
Market price The current price of a security in the market.
Maturity The date on which the principal amount of a note, draft, acceptance, bond or other debt instrument becomes due and payable.
Mémorial For investment funds, the short form of Mémorial C, Recueil des Sociétés et Associations. This is the official gazette of Luxembourg, in which all statutory company information (articles of association, amendments etc,) must be formally published.
Mid caps Companies that have medium market capitalizations. Also used to refer to the shares of these companies. Generally, mid cap companies have a market capitalization of between approximately $500 million and $1 billion.
Money laundering The processing, redistribution and disguising of money derived from criminal activities. In Luxembourg, there are legal obligations to report suspicious transactions.
Money market fund An investment fund that invests in short-term money market instruments. Such funds aim to increase their value by finding the best rate of interest in the money markets. Money market funds are usually easily converted into cash and are therefore useful for investors with short term needs.
Monthly volatility or standard deviation Volatility can be seen as the uncertainty or variability of the expected return. Standard deviation is a measure of absolute volatility and as such can be considered as a measure of risk, although it does not measure all types of investment risk. The larger the figure, the higher the volatility of a fund and thus its risk. A typical example of the kind of funds and their associated risk ranging from low risk to high risk are: cash funds, fixed interest funds, balanced funds, home country equity funds, overseas equity funds and warrant funds. It is the measure of the square root of the variance of each monthly return from the mean and is usually expressed as a percentage.
Mortgage bonds A bond secured by a mortgage on the issuer's tangible assets, such as land buildings or equipment.
Mortgage-backed securities Debt issues backed by a pool of mortgages. Income from the underlying mortgages is used to pay interest and then the principal. Such payments are then passed on to those who have invested in such securities.
MSCI AC Far East Ex-Japan Free This is an index made up of several local MSCI indexes in Southeast Asia (Malaysia Free, Singapore Free, etc.) excluding Japan (Ex-Japan) and all shares not available to a European investor, hence Free. All local MSCI indexes making up the MSCI Far East Ex-Japan Free are calculated on the basis of the weighted capitalisation of each share. This index is used as a benchmark for one of the subfunds of Edmond de Rothschild Fund.
MSCI Emerging Markets Free This is an index made up of several (26) local emerging market MSCI indexes world-wide (Argentina, China Free, Mexico Free, etc.) excluding shares not available to a European investor, hence Free. All local MSCI indexes constituting the MSCI Emerging Markets Free are calculated on the basis of the weighted capitalisation of each share. This index is used as a benchmark for one of the subfunds of Edmond de Rothschild Fund.
MSCI Europe 15 This is an index made up of several (15) local MSCI indexes in Europe (Spain, France, Germany, Belgium, etc.) excluding the least industrialised countries. All local MSCI indexes making up the MSCI Europe 15 are calculated on the basis of the weighted capitalisation of each share. This index is used as a benchmark for one of the subfunds of Edmond de Rothschild Fund.
MSCI World This is an index made up of several (23) local MSCI indexes world-wide (USA, Japan, Germany, UK, etc.) excluding the least industrialised countries. All local MSCI indexes making up the MSCI World are calculated on the basis of the weighted capitalisation of each share within the index. This index is used as a benchmark for one of the subfunds of Edmond de Rothschild Fund.
Municipal bond Bonds issued by US local government authorities.
 
NASDAQ National Association of Securities Dealers Automated Quotations. An electronic stock market run by the National Association of Securities Dealers. The NASDAQ Composite is the index that covers the price movements of stocks traded on the NASDAQ stock market.
NAV See Net Asset Value.
Net asset value For investment funds, can be used to mean the entire net assets of an investment fund OR the fund's buying and/or selling price for one share or one unit. See also net asset value per share.
Net asset value per share A calculation used to determine the price per share or unit of an investment fund. The net asset value of one share is the market value of the fund on a given day less liabilities and divided by the number of share outstanding (in circulation).
No-load fund A type of fund that sells its shares to investors without sales charges.
Nominee A nominee is an entity which registers its own name on the register of shareholders on behalf of investors who have purchased shares via the nominee. The investor at all times remains the ultimate beneficial owner of the shares.
Non-UCITS This term is used to describe all investment funds which do not qualify as UCITS funds under the 1985 European UCITS directive. It covers such funds as venture capital funds, money market and cash funds, leveraged funds, funds of funds, real estate funds etc. See also UCITS and Part II Funds.
Non-voting shares These shares are sometimes issued when the company wishes to raise additional capital without diluting the control of the company. They are usually ordinary shares which have no voting rights.
Nouveau Marché Euro NM Nouveau Marché is an index made up of very high growth French companies. The index is calculated according to the weighted capitalisation of each security within the index. This index is used as a benchmark for one of the subfunds of Edmond de Rothschild Fund.
 
Odd lot Purchase or sale of securities in any amount less than 100 shares.
Offer price Price at which a security is offered for sale. Also called asked price.
Offshore fund A fund with its legal domicile in a country which is outside the investor's normal tax jurisdiction.
Open-end fund See open-ended fund.
Open-ended fund An investment fund that can continually issue new shares. It must redeem shares (buy back shares from shareholders) on demand and at the current net asset value. The size of the fund depends on the number of shares/units outstanding (in circulation). Edmond de Rothschild Fund is an open-ended fund.
Option An agreement granting an investor the right, but not the obligation, to buy (call option) or sell (put option) securities at a specific time for a specific price (strike), for which a fee (premium) is paid.
Ordinary shares This is the most common type of company share. Holders of these shares have full voting rights and receive dividends, but there is no guarantee of dividends. If the company is liquidated, they will be paid the liquidation proceeds, if any, only after preference shareholders. Because the dividend and initial investment are not guaranteed, these shares are sometimes called the risk capital. In good years, the dividends will cause them to increase in value, thus offsetting the risk. I.e. long term capital growth.
Outperformance The percentage which an investment fund has returned over a certain period compared to its related benchmark. As an example, if a fund, whose benchmark is the Dow Jones, has an annual performance of a 10% increase, whilst the Dow Jones has seen a 8% increase over the same period, then the fund has outperformed or beaten the index by 2%.
Over-the-counter Usually a network of broker-dealers who make markets in securities outside the organised exchanges of a particular market. Prices are negotiated between buyers and sellers.
Overweight This refers to the percentage by which an investment fund's portfolio of shares is above the composition of its related benchmark. To give an example, if a benchmark is made up of 5% of shares of the banking sector and the fund holds 8% of its shares in the banking sector, then the fund is overweight in banking. Such overweighting is often done for strategic investment reasons, when for example an investment manger considers that a certain sector is (or will be) going through a period of strong growth. Overweighting can also be done with individual shares or countries. See also benchmark.
 
Par value The face or nominal value of a security.
Part I fund From the Luxembourg Law of 30 March 1988. Funds which fall under part I of this law are UCITS funds. That is to say, they comply with the European directive on UCITS, are freely marketable within the EU, are open-ended and comply with certain standardised investment restrictions.Edmond de Rothschild Fund is a Part I Fund. See also UCITS.
Part II fund From the Luxembourg Law of 30 March 1988. Funds which fall under part II of this law are not UCITS funds. That is to say, they do not qualify to be freely marketable in the EU or are destined for non-EU countries, have less standardised investment restrictions, have 'greater' flexibility in investment policies and may be closed-ended or open-ended. Part II Funds are such funds as venture capital funds, money market and cash funds, leveraged funds, funds of funds, real estate funds etc.
Participating, non-voting equity Bonds issued by nationalised French companies whose coupon is indexed to sales turnover, earnings or cash flow. No voting right is attached to these securities.
Paying agent For an investment fund, the paying agent is the entity which carries out functions such as dividend payments and other forms of income distribution to the fund's shareholders. For bond issues, the paying agent is responsible for coupon and principal payments of the bond. There may be secondary paying agents in different countries, although only one entity will be the principal (main) paying agent. The principal paying agent for Edmond de Rothschild Fund is Banque Privée Edmond de Rothschild Luxembourg.
PER See Price Earnings Ratio.
Portfolio A collection of securities held by an investor or entity.
Precious metals Commodities such as gold, silver and platinum.
Preference shares or preferred stock Shares which give holders priority over ordinary shares to dividends and liquidation proceeds. They have no or almost no voting rights but the dividends are guaranteed (assuming the company earns anything). Usually the dividends are a fixed percentage of their face value.
Preferred ordinary shares A combination of a preference share and an ordinary share. Because preference shares have "guaranteed" dividends but ordinary shares do not, some companies issue this type of share whose priority to a dividend is after preference shares but before ordinary shares.
Premium In general, the amount by which a security's price exceeds its face value. It also refers to the fee paid by an investor for an option contract.
Price Earnings Ratio A ratio obtained by dividing the market price of a quoted stock by the company's earnings per share figure over the last 12 months. The result gives an idea of the relative price of the share. The higher the PER, the higher earnings growth is to be expected to justify this high relative market price. The lower the PER, the lower the relative market price of the share will be, but not necessarily without risk for the investor. PERs depend on markets and sectors (e.g. a technological stock with a PER of 40 can be considered as a good deal; a banking share with a PER of 40 would be considered as very expensive). If calculated with the past year's earnings, it is called the trailing P/E. If calculated with an analyst's forecast for next year's earnings, it is called a forward P/E. It is also known as the P/E multiple.
Price-to-book ratio (P/B) A company's stock price divided by its per-share book value.
Principal The initial amount of a loan or the face value of a bond to be repaid at maturity. It also refers to a financial institution acting on its own behalf on a deal.
Private funds See institutional UCIs.
Private placement The sale of securities directly to an investor. The investor is normally an institution or sophisticated investor and the sale is done outside the organised local securities market. Such private placement is useful for raising finance prior to public issue and it is also used for investments which are generally not accessible, due to regulations, to the general public.
Profiled funds Funds or subfunds which invest according to the LCF Rothschild Group's strategic global investment policy. The idea being to obtain a diverse spread of investment which reflects the four primary risk profiles of investors. Such funds are also called asset allocation funds.
Promoter See Sponsor.
Prospectus A document which is legally required to published and made available to investors. The prospectus contains the fund's regulations and investment policies and restrictions, as well as all additional information that may be relevant for potential investors. Any prospectus should be read carefully and in conjunction with fund's financial statements.
Proxy Authorisation given by a shareholder to another person to represent the shareholder and vote on the shareholder's behalf at a shareholder's meeting. It also can refer to the person who holds the proxy (proxy holders).
Put option A contract between two parties, which gives the buyer of the option the right, but not the obligation, to sell an asset at a known price (exercise price or strike price) and by a specified date. For this privilege, the buyer pays a premium, usually a fraction of the price of the underlying asset.
 
 
Rating In general, an evaluation of the investment and/or credit quality of a securities issuer, a security, an institution, or a country. For bonds, it is an indication of the of the credit quality of a bond issuer, prepared and updated by an independent agency. The two top agencies are Moody's and Standard & Poor's, whose highest ratings are Aaa and AAA respectively. All such ratings are current opinions only, are not recommendations to buy or sell and may be upgraded or downgraded. A rating should be only one factor to consider when taking investment decisions.
Real estate fund An investment fund which invests in buildings and land, whether developed and undeveloped, Capital growth being achieved via appreciation of the value of the real estate and income via rentals etc. As with all investment funds, real estate funds must follow the principles of risk spreading and diversification. Not to be confused with mortgage fund.
Redeemable shares These shares are issued subject to the proviso that they will or may be bought back by the company. Such buying back may be at the option of the shareholder or the company. They can only be bought back out of the profits or from the proceeds of a new issue of shares. They can be ordinary or preference shares.
Redemption For investment funds, redemption occurs when an investors sells their shares of the fund (i.e. withdraws from the collective investment scheme). For bonds, redemption occurs when the bond issuer repays the principal at maturity (before maturity in the case of a callable bond).
Redemption fee See back-end load.
Reference index See benchmark.
Regional fund An investment fund which invests in a certain geographical region or in a particular economic area.
Registered security A security whose owner's name or the nominee's name is registered with the issuer or registrar of shareholders. The advantage of a registered security being that physical possession is not required for the shareholder. All Edmond de Rothschild Fund shares are registered shares. Opposite: bearer security.
Registrar and transfer agent For an investment fund, the registrar and transfer agent is the entity which carries out functions such as the issue and redemption of registered shares and holding of the shareholders' register. The registrar and transfer agent for Edmond de Rothschild Fund is Banque Privée Edmond de Rothschild Luxembourg.
Regression analysis Regression statistics can be used to compare the relationships between funds, markets or a specific benchmark index. They do not make the assumption that the variables (funds) are related as cause and effect, but permit them to be influenced by other variables (markets).
Regulated market A regulated market is qualified as such if it is regulated, operating on a regular basis, recognised and open to the public.
Relative return The proportionate outperformance (or underperformance) of a fund relative to its benchmark index.
Repurchase agreement Repurchase agreement transactions involve purchases and sales of securities where the seller will buy back the securities from the purchaser at a price and time specified by the two parties at the time of signing the contract. Depending on the exact type of repurchase agreement, the buying back may be optional. The purpose of such agreements is to arrange a temporary exchange of transferable securities for cash.
ROE Return on Equity.
ROI Return on Investment.
Round lots In the USA, a unit of securities trading that is generally 100-share increments of stock and specified USD amounts of bonds. Pricing for round lots is generally more advantageous for investors than for odd lots.
R-squared The R-squared indicates the level of movement that can be ascribed or determined by the movement of an index. When the R-squared equals 1 there is a perfect correlation between the investments - 100% of the movement in a fund can be determined by the movement in the index. When the R-squared equals 0, there is no correlation between the investments. An R-squared between 0.7 and 0.99 suggests that between 70% to 99% of the movement in a fund could be explained by the movement in the index. Below 0.3, there is effectively no influence.
 
S&P 100 This is an index made up of the 100 largest American companies (in terms of market capitalisation). This index is used as a benchmark for one of the subfunds of Edmond de Rothschild Fund.
S&P 500 This is an index made up of the 500 largest American companies (in terms of market capitalisation). It represents the US domestic economy through the variations of all component stocks. This index is used as a benchmark for one of the subfunds of Edmond de Rothschild Fund.
SBF 120 This is an index made up of the 120 largest (in terms of market capitalisation) and most frequently traded French companies listed on the Paris Bourse. The index is calculated according to the weighted capitalisation of each security forming the index. This index is used as a benchmark for one of the subfunds of Edmond de Rothschild Fund.
Second Marché This is an index made up of the most traded, mid-cap French companies. The index is calculated according to the weighted capitalisation of each security within the index. This index is used as a benchmark for one of the subfunds of Edmond de Rothschild Fund.
Sector fund An investment fund which invests in companies which operate in a specific branch of industry, such as telecommunications or shipping.
Securities lending In securities lending, securities are temporarily transferred from a lender to a borrower. The lender retains the market risk, and thus any dividends etc, of the loaned securities and the borrower is entitled to use the securities as required. Securities lending began as a means to cover short sales but is now also used as a part of sophisticated trading strategies.
Security A general term for all financial instruments that represent a ownership portion (equity) or obligation (debt) of an entity. The term can cover bonds, shares, warrants, etc.
Semi-annual report An un-audited semi-annual report is published for the fund as a whole and not for each individual subfund. This report is a legal requirement and must be published within two months after the end every half year (for Edmond de Rothschild Fund after 30 September). The report contains information such as the composition of the portfolio, the movements in the portfolio over the period, the number of shares in circulation and the number of shares issued and redeemed since the last publication.
Settlement The payment of cash for securities or, conversely, the delivery of securities against payment.
Settlement date The day on which an executed securities order must be settled (finalised), the buyer makes payment and the seller makes delivery of the securities.
Share A general term meaning the instrument representing part ownership of a company. There are a large number of types and classes of shares.
Sharpe ratio This is a measure of risk-adjusted performance based on standard deviation. A greater ratio implies larger returns per unit of risk.
SICAF Société d'Investissement à CApital Fixe. In Luxembourg, an investment fund vehicle which is a limited company with fixed capital. Notarisation and publication is required to increase or decrease its capital (its shares) and it may be either open-ended or closed-ended. SICAFs can be UCITS funds, non-UCITS funds and umbrella funds.
SICAV Société d'Investissement à CApital Variable. In Luxembourg, an investment fund vehicle which is a limited company with variable capital. No formalities are required to increase or decrease its capital (its shares). A SICAV can be a UCITS fund, a non-UCITS fund and an umbrella fund. It is considered to be an extremely flexible vehicle. Edmond de Rothschild Fund is a SICAV.
Small caps Companies that have small market capitalizations. Also used to refer to the shares of these companies. Generally, small cap companies have a market capitalization of under approximately $500 million.
Sponsor The sponsor of an investment fund is the entity which is behind the creation of the fund, and which is ultimately responsible for it. The sponsors of Edmond de Rothschild Fund are Banque Privée Edmond de Rothschild Luxembourg and La Compagnie Financière Edmond de Rothschild Banque.
Spread The difference between two prices, typically those bid and asked.
Strike price See exercise price.
Subscription For an investment fund, the purchase by an investor of shares in the fund. In general, the amount paid to a company for an allotment of shares in a new issue.
Swap A contract between two parties to exchange interest payment streams, currencies or debt with different terms and maturities. Standardised swap contracts may be traded.
SWIFT Society for Worldwide Interbank Financial Telecommunication. An international financial industry messaging system based in Brussels.
Switching See conversion.
 
T1 short-term rating This is a rating given to an issuer of certificates of deposit and commercial paper. It is the best rating granted by Standard and Poor's ADEF.
Tel-Aviv 100 This is an index made up of the 100 largest Israeli companies (in terms of market capitalisation) traded on the Tel-Aviv stock exchange. This index is used as a benchmark for one of the subfunds of Edmond de Rothschild Fund.
TER See total expense ratio.
TMT shares Techno Media Telecoms shares.
Top-down A general investment strategy which places more importance on the broader and more general economic trends and market conditions than on the performance of individual companies and/or sectors. Opposite: bottom-up.
Topix Tokyo Price IndeX is an index made up of the largest Japanese companies (in terms of market capitalisation) listed on the Tokyo stock exchange. This index is used as a benchmark for one of the subfunds of Edmond de Rothschild Fund.
Total expense ratio For investment funds, this is used to examine the total costs of running the fund and therefore net returns when comparing funds. The total expense ratio takes into account costs and expenses such as investment manager's fees and fund administrator's fees, operating expenses etc.
Total return Annual gains or losses on an investment, reflecting dividends, interest and price fluctuation.
Transfer agent See registrar and transfer agent.
Transferable securities A key concept for the European UCITS directive on investment funds. The directive does not define the concept of transferable securities but they can be broadly equated with marketable securities and as such cover such instruments as shares, bonds, money market instruments, etc. The most general definition would be that the instrument must be readily convertible into cash. This means that, for equities for example, it is traded on a national securities exchange (or comparable) which is open to the public and that sales (or bid and offer) prices are readily available. See UCITS.
Trustee See Custodian Bank.
 
UCI Undertaking for Collective Investment. A general term commonly used in Europe to cover a wide range of investment fund types, sometimes used to mean non-UCITS. See also UCITS and Non-UCITS.
UCITS Undertaking for Collective Investment in Transferable Securities. An acronym from the 1985 European directive on investment funds. The aims of the directive were to offer effective protection for fund investors and to facilitate cross-border distribution of investment funds. Therefore, a UCITS fund can be considered, to a certain extent, as a standardised pan-European investment fund, usually destined for the retail market. Luxembourg was the first country to adapt its national legislation to the UCITS Directive. The Edmond de Rothschild Fund qualifies as a UCITS. See also Non-UCITS and Part I Funds.
Umbrella fund A general term covering a large variety of investment fund vehicles. Briefly, this is an investment fund which is made up of one or more subfunds and each of the subfunds has a distinct investment focus and objective. An umbrella structure permits new subfunds to be added easily and enables investors to switch easily between subfunds. This makes it an extremely useful vehicle during changing markets. In Luxembourg, the subfunds are separate legal entities which form part of the entire 'umbrella'. Edmond de Rothschild Fund is an umbrella fund.
Underweight This refers to the percentage by which an investment fund's portfolio of shares is below the composition of its related benchmark. To give an example, if a benchmark is made up of 5% of shares of the banking sector and the fund holds 2% of its shares in the banking sector, then the fund is underweight in banking. Such underweighting is often done for strategic investment reasons, when for example an investment manger considers that a certain sector is (or will be) going through a period of crisis. Underweighting can also be done with individual shares or countries. See also benchmark.
Unlisted Refers to a security that is not available on an organised exchange; generally unlisted securities are available over-the-counter or are private placements. Opposite: listed.
 
Venture capital fund An investment fund which invests in recently created companies (start-ups) or companies that are in the course of development and therefore have not reached the stage where they have access to financing via a stock market. The investment managers of such funds should be able to demonstrate considerable experience in this field, as while the returns of these funds can be high, they can also be very risky.
Volatility The movement of the price of a security over a particular period. High volatility implies that a security demonstrates a tendency to fluctuate greatly in its price; low volatility the opposite. Volatility can be applied to individual securities, portfolios, investment funds and markets. For bonds, volatility is measured to maturity.
 
Warrant A warrant is a security which gives the holder the right to buy a particular number of shares at a certain price (strike or exercise price) and within a specified time in the future. Warrants may be attached to bonds, preference shares, ordinary shares or be issued alone. Warrants can be subject to volatility in their price and subsequent greater risk of loss. They can also lose their entire value. The advantage of warrants is that substantial gains can be made.
Weighting See overweight and underweight.
 
 
Yield Generally, the yield refers to the annual rate of return on an investment. Interest or dividends paid out annually and expressed as a percentage of the current market price. They are other types of yield such as gross redemption yield, net redemption yield, yield to maturity etc.
 
Zero-coupon bond Bonds which pay no interest to investors over the life of the bond but are issued at a deep discount to its maturity value (the initial purchase price is lower than the final selling price). Therefore, such bonds present opportunities for capital gain.

 
LCF Rothschild Group
The Group
The Rothschilds
The Lifestyle
The Foundations
Gitana Team

Silver Decanter
England (19th century)
From the private collection of Benjamin de Rothschild