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Conseillez-vous d’investir dans le private equity ? sols. Le premier GINKO vient de payer 4 fois la mise de départ en 7
Cela fait partie des investissements que l’on privilégie, conformément ans à ses investisseurs. C’est clairement une opportunité unique de
à la culture Edmond de Rothschild. Je mentionnerai 5 fonds qui sont conjuguer argent et responsabilité environnementale. Le quatrième
en cours de commercialisation avec des thématiques différentes. fonds est ERES IV, qui investit dans les PME européennes. Citons son
D’abord, le fonds AMETHIS MENA I qui vise des PME marocaines et prédécesseur ERES III qui a découvert Allegro (l’Amazon Polonais) et
égyptiennes focalisées sur un développement en Afrique. Ensuite, l’a récemment introduit en bourse. Enfin, EDR EREIF qui investit dans
le fonds BOSCALT qui vise à racheter des hôtels 3/4 étoiles pour les les plateformes logistiques du dernier kilomètre. Notre actualité en la
améliorer puis les céder : il y a un momentum unique d’opportunités ! matière est donc très riche.
Viens ensuite GINKO III, un fonds spécialisé dans la dépollution des

Edmond de Rothschild Monaco bank

“All indicators are flashing green for 2021”

Interview by Milena Radoman This interview was conducted mid-December 2020

2021 should be synonymous with a recovery in international trade and a rebound in consumption. From
equities in cyclical sectors to emerging bonds, gold and private equity, Hervé Ordioni, CEO of Edmond de
Rothschild Monaco bank, provides his investment advice.

How do you see the year ahead, 2021? Is gold still a good investment? environment that benefits equities and can
All market indicators are flashing green for We see gold primarily as a vehicle for risk be very detrimental for bonds.
2021. 2020 was a record year for us in terms hedging or currency diversification. The
of fundraising, profitability and management unique characteristics of this precious metal Do you recommend investing in private
performance. We experienced a 10% increase - rarity and durability - make it a particularly equity?
in assets and 20% growth in results. This is suitable tool when real rates fall and enter This is one of the preferred investments, in
the bank’s best year since its inception in negative territory. This is precisely the accordance with the Edmond de Rothschild
1992! We want to hire quality employees in economic situation we are in today: rates culture. I will mention five funds which are
2021 in line with our philosophy. are close to 0% and inflation expectations being marketed with different themes. Firstly,
are on the rise. the Amethis MENA I fund, which targets very
What type of investment do you recommend? Admittedly, gold rose significantly in 2020 small businesses in Morocco and Egypt,
The year 2021 should be a year when economies (+ 20%) but we still believe that it is a suitable focused on development in Africa. Then
in developed countries reopen. With the arrival investment vehicle for 2021. there is the Boscalt fund which aims to buy
of vaccines, we expect a gradual recovery in up three- and four-star hotels in order to
international trade, a rebound in household Does this imply riskier management in 2021? improve and then sell them – here there are a
consumption and infrastructure spending on It all depends on how you define risk. myriad of opportunities going forward. Then
the part of statesIn this context, stocks in For a private banking client, risk is not a comes Ginkgo III, a fund specialising in soil
cyclical sectors should perform well. In 2021, mathematical calculation like volatility or remediation. The first Gingko has just paid
we can expect a convergence of valuations value at risk but is defined as the possibility of its investors four times the initial investment
between the winners and losers of Covid-19, permanent loss of capital. As such, investing in the space of seven years. This is clearly
in favour of the latter. in bonds with negative rates guarantees you a a unique opportunity to combine money and
On the bond side, investment opportunities loss of capital at maturity. In contrast, equities environmental responsibility. The fourth
are endless. Maintaining rates close to 0% on can experience significant price variations fund is ERES IV, which invests in European
government debts in all developed countries is a in the very short term but over a medium to SMEs. These include its predecessor, ERES
real headache for investors. Government bonds long term investment horizon, they show real III, which discovered Allegro (Polish Amazon)
no longer offer protection or return on capital. prospects for savings growth, a profile that is and recently floated it on the stock exchange.
It is, therefore, towards the niche markets that far more attractive than that of bonds. Finally, Finally, we have EdR EREIF, which invests in
we will direct our investments, so emerging large-scale fiscal stimulus plans in developed last mile logistics platforms, so we are very
bonds and corporate bonds have our preference. countries spell inflationary risks – a risk up-to-date in this area.

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