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EdR Credit Very Short Term Money market

Money market
Change in NAV (19/10/2017)
148.47 EUR
François  RAYNAUD–FR0010672055–
François RAYNAUD
Eliezer BENZIMRA–FR0010672055–
Eliezer BENZIMRA
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
< 3 months
148.47 EUR
Change in NAV (19/10/2017)
1
1234567
Risk and reward profile
< 3 months
Recommended holding period
Change in NAV (19/10/2017)
148.47 EUR
Risk and reward profile
1234567
Recommended holding period
< 3 months
François RAYNAUD  
Eliezer BENZIMRA  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The portfolio invests in negotiable debt securities with maturities of less than 3 months denominated in euros (S&P minimum short-term rating of A-2). The performance objective is to match the EIONO index. The manager may also rely on NDS repos or bonds issued by Eurozone governments.

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Commentary 29/09/2017

The ECB's key interest rates remained unchanged in September, with its refinancing rate at 0%, deposit facility rate at -0.40% and the marginal rate at 0.25%. The Eonia held steady at an average -0.35%, as did the 3-month Euribor, at -0.33%. ECB chief Mario Draghi said, at the end of the Governing Council's meeting on September 7, that normalisation of the ECB's monetary policy would begin by gradually tapering its asset repurchasing programmes, and would then follow with an initial rate hike. He pledged to reveal more details at the October 26 policy meeting. In the wake of Draghi's press conference, Eonia swaps began a slow but steady uptrend throughout September. The 1-year swap closed at -0.347% on September 30, after reaching a low at -0.361% on September 7. The German 2-year bund rate remained virtually unchanged over the month, after reaching a low following the ECB meeting. It closed on September 29 at -0.70%. Italy's 2-year note ranged from -0.20% and -0.25% this month, ending August's bout of fever. Meanwhile, Spanish sovereign rates tightened in the run-up to the independence referendum in Catalonia. The 2-year note went from -0.34% at August's end to -0.31% at September's close. Short-term credit spreads hardly changed over the period. Given this environment, the positive performances posted by floating-rate securities and gains on interest rate swaps were not sufficient to offset the losses on fixed-rate securities. We have continued to investment in long bonds, with a focus on the financial sector, which are not included in the ECB's asset repurchasing programme and are therefore less vulnerable to a slowdown in monthly securities purchasing. TCN's (short-term commercial paper) still account for over 30% of the portfolio.

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Change in NAV

Chart – Base 100 (19/10/2017)
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 D-EUR Cumulative Annualised
Since 01/01/2017

-0.16 %

-0.29 %

-0.16 %

-0.29 %

1 Year

-0.16 %

-0.36 %

-0.16 %

-0.36 %

3 Year

-0.15 %

-0.72 %

-0.05 %

-0.24 %

5 year

-0.01 %

-0.51 %

-0.10 %

Since inception

1.65 %

2.28 %

0.18 %

0.25 %

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

Share class (D-EUR)

Benchmark

-0.16 %

-0.29 %

-0.16 %

-0.36 %

-0.15 %

-0.72 %

-0.01 %

-0.51 %

1.65 %

2.28 %

Annualised

Share class (D-EUR)

Benchmark

-0.16 %

-0.36 %

-0.05 %

-0.24 %

-0.10 %

0.18 %

0.25 %

*Rolling periods

Annual performance



Statistics

VolatilityCorrelation coefficientMax. drawdownBeta
Share class D-EURBenchmarkShare class D-EURBenchmarkShare class D-EURBenchmarkShare class D-EURBenchmark
1 Year*0.05 %0.03 %-0.15 %
3 Year *0.06 %0.04 %0.26 %-0.17 %0.39 %
Max. monthly gain Since inception0.24 %
Max. monthly loss Since inception-0.05 %
Share class D-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 0.05 % 0.06 % 0.04 %
Tracking Error
Correlation coefficient 0.03 % 0.26 %
Max. monthly loss -0.05 %
Max. monthly gain 0.24 %
Max. drawdown -0.15 % -0.17 %
Beta 0.39 %

Fund information

Inception Date (Fund)
20/08/1987
Inception Date (Part)
27/10/2008
Legal form
Mutual Fund
Benchmark
EONIA Capitalise (EUR)
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Distribution
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
FR0010672055
AuM (fund)
1,089 M (EUR)
Regulatory authority
AMF
Management company
Edmond de Rothschild Asset Management (France)
Delegated Management Company
Amundi Asset Management
Incorporation
France
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value
Subscription fee
0.40 % 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.

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