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EdR Fund Euro Credit Short Term Corporate bonds

Corporate bonds
Change in NAV (15/09/2017)
100.29 CHF
Raphaël  CHEMLA–LU1198873132–
Raphaël CHEMLA
Julie GUALINO-DALY–LU1198873132–
Julie GUALINO-DALY
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
Between 12 and 24 months
100.29 CHF
Change in NAV (15/09/2017)
2
1234567
Risk and reward profile
Between 12 and 24 months
Recommended holding period
Change in NAV (15/09/2017)
100.29 CHF
Risk and reward profile
1234567
Recommended holding period
Between 12 and 24 months
Raphaël CHEMLA  
Julie GUALINO-DALY  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The Sub-Fund's investment objective is to outperform its benchmark, net of management fees, over an investment horizon of one to two years, through a portfolio representing investment opportunities present on the short-term corporate credit markets.

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Commentary 31/07/2017

July's news on the economy showed positive signs, especially in data on industrial production, business confidence, employment and real estate. The ECB reassured investors about reducing QE in 2018. It also repeated its views on the weakness of inflation data. The euro's strong recovery also suggests that the ECB could well wait before cutting back on its QE programme. In the United States, the Federal Reserve announced no new rate hike during its monthly FOMC meeting, but said the process of reducing its balance sheet should start ‘soon'. Inflation data remains moderate. The investment grade corporate bond market also performed well in July, with credit spreads tightening. These robust results are being driven mainly by growth in the global economy and seasonal corporate earnings reports, as well as a relative shortage of new securities offerings. Peripheral and financial segments have performed remarkably well. Credit indices tightened slightly over the month, with iTraxx Main at 52 bps (-3 bps for the month) and the iTraxx Crossover at 234 bps (-9 bps in the same period). The double-BB segment gained +0.46%, with single-Bs up +0.57% while investment grade rose +0.38%. Technical factors have remained positive for the European high yield credit market in July, despite slower momentum on the primary market than in June. Among the month's notable issues were two big players in maritime transport, floating high yields: Hapag-Lloyd and CMA CGM. In addition, a range of issuers offered investors variable rate instruments: InfoPro Digital (IT services), United Group (Slovenian telecom operator), Hema (consumer discretionaries) and Anacap (investing in semi-performing and non-performing assets). Half-year earnings reports have continued to come out better-than-expected: 70% of the companies on the Stoxx 600 have already published, with 57% of them beating expectations. Turning to M&A, Artémis has sold its stake in Fnac Darty to the German group, Ceconomy (Baa3/BBB-), Metro's former specialised distribution arm. WorldPay and Vantiv announced that they'd reached an agreement in principle on the details of a potential merger. In addition, Spie has signed an agreement to acquire Ziut (the Netherlands' market leader in public lighting services).

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Change in NAV

Chart – Base 100 (15/09/2017)
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 I-CHF Cumulative Annualised
Since 01/01/2017

0.23 %

0.47 %

0.23 %

0.47 %

1 Year

0.12 %

0.55 %

0.12 %

0.55 %

Since inception

0.29 %

2.19 %

0.11 %

0.86 %

Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative

Share class (I-CHF)

Benchmark

0.23 %

0.47 %

0.12 %

0.55 %

0.29 %

2.19 %

Annualised

Share class (I-CHF)

Benchmark

0.12 %

0.55 %

0.11 %

0.86 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class I-CHFBenchmarkShare class I-CHFBenchmarkShare class I-CHFBenchmarkShare class I-CHFBenchmarkShare class I-CHFBenchmark
1 Year*0.56 %0.52 %0.45 %0.66 %-1.16 %2.51 %
3 Year *
Max. drawdownAlphaBeta
Share class I-CHFBenchmarkShare class I-CHFBenchmarkShare class I-CHFBenchmark
1 Year*-0.58 %-0.01 %0.72 %
3 Year *
Max. monthly gain Since inception1.24 %
Max. monthly loss Since inception-1.23 %
Share class I-CHF
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 0.56 % 0.52 %
Tracking Error 0.45 %
Sharpe ratio 2.51 %
Alpha -0.01 %
Correlation coefficient 0.66 %
Information ratio -1.16 %
Max. monthly loss -1.23 %
Max. monthly gain 1.24 %
Max. drawdown -0.58 %
Beta 0.72 %

Fund information

Inception Date (Fund)
07/01/1999
Inception Date (Part)
04/03/2015
Legal form
SICAV
Benchmark
BofA Merrill Lynch 1-3 Year Euro Corporate Non-Fin
Currency (fund)
EUR
Currency (share class)
CHF
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
500000.00 CHF EQ EUR
ISIN Code
LU1198873132
AuM (fund)
193 M (EUR)
Regulatory authority
CSSF
EU Regulation
UCITS
Management company
Edmond de Rothschild Asset Management (Luxembourg)
Delegated Management Company
Edmond de Rothschild Asset Management (France)
Incorporation
Luxembourg
Maximum management fee
0,150 %
Current management fee
0.150 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value
Performance fee
20,000 %

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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