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EdR Credit Very Short Term Money market

Money market
Change in NAV (24/04/2017)
148.64 EUR
François  RAYNAUD–FR0010672055–
François RAYNAUD
Eliezer BENZIMRA–FR0010672055–
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
< 3 months
148.64 EUR
Change in NAV (24/04/2017)
Risk and reward profile
< 3 months
Recommended holding period
Change in NAV (24/04/2017)
148.64 EUR
Risk and reward profile
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.

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 31/03/2017

March saw government bond rates in core European countries coming under pressure, driven by positive economic indicators and a decline in political risk. The short-term segment of the German yield curve has also come under pressure given very positive economic indicators. Together with February's marked rise in inflation, the market began to speculate on a possible change in tone by the ECB, which could well find reasons to adopt a less accommodative monetary policy by the year end. The last TLTRO was accordingly very successful. It underscores both the appetite banks are showing for this type of measure and, above all, the fact that they are preparing for less in future. Given this climate, corporate credit spreads have shown little volatility, and have even narrowed slightly. This pressure on short-term paper was reflected in the performance of EdR Credit Very Short Term. Moreover, it was amplified by sizeable fund flows requiring investment in an environment where paper providing a spread is becoming increasingly dearer and scarcer.

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Change in NAV

Chart – Base 100 (24/04/2017)
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 D-EUR Cumulative performance Annualised performance
Since 01/01/2017 -0.05 %  
1 Year -0.07 % -0.07 %
3 Year 0.03 % 0.01 %
5 year 0.11 % 0.02 %
Since inception 1.76 % 0.21 %
Performance D-EUR Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative performance -0.05 % -0.07 % 0.03 % 0.11 % 1.76 %
Annualised performance -0.07 % 0.01 % 0.02 % 0.21 %


1 Year3 Year
Share class D-EUR0.07 %0.05 %
Benchmark0.05 %
Share class D-EUR
1 Year 3 Year 1 Year 3 Year
Volatility 0.07 % 0.05 % 0.05 %
Tracking Error

Fund information

Inception Date (Fund)
Inception Date (Part)
Legal form
Mutual Fund
EONIA Capitalise (EUR)
Currency (fund)
Currency (share class)
Distribution Policy
Valuation frequency
Minimum initial investment
1 Share
AuM (fund)
978 M (EUR)
Regulatory authority
Management company
Edmond de Rothschild Asset Management (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.