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EdR Credit Very Short Term Money market

Money market
Change in NAV (20/06/2017)
148.60 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
148.60 EUR
Change in NAV (20/06/2017)
1
1234567
Risk and reward profile
< 3 months
Recommended holding period
Change in NAV (20/06/2017)
148.60 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 31/05/2017

The ECB's key interest rates remained unchanged in May, with its refinancing rate at 0%, deposit facility rate at -0.40% and marginal rate at 0.25%. The Eonia held steady at an average -0.35%, as did the 3-month Euribor, at -0.33%. The 1-year swap rate on the Eonia dipped slightly, to -0.346% at the month end. The 2-year rate in Germany was stable at -0.72%. Short term credit spreads also remained virtually unchanged after a sharp decline in the wake of the first round of the French presidential elections, held on April 23. Given this environment, we have invested in: - Italian and Spanish sovereign bonds with short maturities, as liquid securities likely to benefit from the continuation of QE. - Floating securities with maturities of close to two years, in order to capture term premiums. Note, however, that the virtual absence of primary issues with short maturities means such investment opportunities are rare. - Negotiable debt securities offering attractive remuneration levels compared to bonds with the same maturity and rating. Monetary instruments (certificates of deposit, commercial paper, NEU CP, etc) accounting for about 7% of the portfolio. The weighted average life (WAL) of the portfolio and weighted average maturity (WAM) were respectively 239 and 131 days at the month end.

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Change in NAV

Chart – Base 100 (20/06/2017)
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

-0.07 %

-0.17 %

-0.07 %

-0.17 %

1 Year

-0.07 %

-0.35 %

-0.07 %

-0.35 %

3 Year

-0.03 %

-0.59 %

-0.01 %

-0.20 %

5 year

0.08 %

-0.34 %

0.02 %

-0.07 %

Since inception

1.74 %

2.41 %

0.20 %

0.28 %

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

Share class (D-EUR)

Benchmark

-0.07 %

-0.17 %

-0.07 %

-0.35 %

-0.03 %

-0.59 %

0.08 %

-0.34 %

1.74 %

2.41 %

Annualised

Share class (D-EUR)

Benchmark

-0.07 %

-0.35 %

-0.01 %

-0.20 %

0.02 %

-0.07 %

0.20 %

0.28 %

*Rolling periods

Annual performance



Statistics

VolatilityCorrelation coefficientMax. drawdownBeta
Share class D-EURBenchmarkShare class D-EURBenchmarkShare class D-EURBenchmarkShare class D-EURBenchmark
1 Year*0.07 %-0.02 %-0.08 %
3 Year *0.05 %0.04 %0.27 %-0.09 %0.33 %
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 0.07 % 0.05 % 0.04 %
Tracking Error
Correlation coefficient -0.02 % 0.27 %
Max. monthly loss -0.05 %
Max. monthly gain 0.24 %
Max. drawdown -0.08 % -0.09 %
Beta 0.33 %

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)
875 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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