Edmond de Rothschild

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This site provides extensive information about the ranges of Edmond de Rothschild Group funds. In particular, it provides simplified access to key fund-related data (performance, net asset values, features) and their commercial or legal documents.

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EdR Credit Very Short Term Money market

Money market
Change in NAV (17/01/2018)
100,429.55 EUR
Nathalie  COFFRE (Amundi Asset Management)–FR0011031392–
Nathalie COFFRE (Amundi Asset Management)
The identity of the managers presented in this document may change during the life of the product.
Risk and reward profile (1)
1234567
100,429.55 EUR
Change in NAV (17/01/2018)
1
1234567
Risk and reward profile
Recommended holding period
Change in NAV (17/01/2018)
100,429.55 EUR
Risk and reward profile
1234567
Recommended holding period
Nathalie COFFRE (Amundi Asset Management)  
 
The identity of the managers presented in this document may change during the life of the product.
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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 29/12/2017

The ECB's key interest rates remained unchanged in December, with the refinancing rate at 0%, the deposit facility rate at -0.40%, and the margin rate at 0.25%. The Eonia stood at -0.346% by December's end, well off its peak of -0.24% reached in late November. Meanwhile, the 3-month Euribor was almost unchanged at -0.325%. The still buoyant macroeconomic environment in the euro zone prompted the ECB to upgrade its forecasts, both on growth (2.3% in 2018) and inflation (with a gradual recovery reaching 1.7% in 2020). This positive economic momentum, together with the prospect of central banks that will be less accommodative in the coming months, has prompted rates to rise slightly. Accordingly, the 2-year German bund closed the year at -0.62% (+6 bps over the month), with the 10-year bund at 0.44% (+5 bps over the month), against -0.82% and 0.18% respectively at 2016's close. Rumours that the Italian election could be held as early as March 4 have led to some rate widening, with the 2-year note closing the year at -0.28%. In contrast, the elections in Catalonia — which the separatists won in seat-number terms, while not managing to secure a majority — did not have a significant impact on Spain's risk premium. The 1-year Eonia swap rose modestly this month from -0.34% to -0.33%. The increase was more noticeable on the 2-year note, with the swap climbing from -0.29% to -0.25% by the month end. Given this climate, the portfolio's monthly performance came to -0.29% year-on-year. The hedging on interest rate swaps partially offset the underperformance of the fixed-rate securities. We have continued to investment mainly in the market for negotiable debt instruments, given the lack of opportunity on the bond market. TCN's (short-term commercial paper) account for close to 30% of the portfolio. We have also invested a portion of the cash in Edmond de Rothschild term deposits, an asset class that accounts for around 5% of the portfolio.

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Change in NAV

Chart – Base 100 (17/01/2018)
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 R-EUR Cumulative Annualised
Since 01/01/2018

-0.02 %

-0.02 %

-0.02 %

-0.02 %

1 Year

-0.21 %

-0.36 %

-0.21 %

-0.36 %

3 Year

-0.16 %

-0.80 %

-0.05 %

-0.27 %

-0.62 %

-0.12 %

Since inception

0.43 %

0.12 %

0.06 %

0.02 %

Since 01/01/2018 1 Year 3 Year 5 year Since inception
Cumulative

Share class (R-EUR)

Benchmark

-0.02 %

-0.02 %

-0.21 %

-0.36 %

-0.16 %

-0.80 %

-0.62 %

0.43 %

0.12 %

Annualised

Share class (R-EUR)

Benchmark

-0.21 %

-0.36 %

-0.05 %

-0.27 %

-0.12 %

0.06 %

0.02 %

*Rolling periods

Annual performance



Statistics

VolatilityCorrelation coefficientMax. drawdownAlphaBeta
Share class R-EURBenchmarkShare class R-EURBenchmarkShare class R-EURBenchmarkShare class R-EURBenchmarkShare class R-EURBenchmark
1 Year*0.03 %0.19 %-0.20 %
3 Year *0.06 %0.03 %0.33 %-0.20 %0.01 %0.54 %
Max. monthly gain Since inception0.08 %
Max. monthly loss Since inception-0.05 %
Share class R-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 0.03 % 0.06 % 0.03 %
Tracking Error
Alpha 0.01 %
Correlation coefficient 0.19 % 0.33 %
Max. monthly loss -0.05 %
Max. monthly gain 0.08 %
Max. drawdown -0.20 % -0.20 %
Beta 0.54 %

Fund information

Inception Date (Fund)
20/08/1987
Inception Date (Part)
13/06/2011
Legal form
Mutual Fund
Benchmark
EONIA Capitalise (EUR)
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation and/or Distribution
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
FR0011031392
AuM (fund)
1,198 M (EUR)
Regulatory authority
AMF
EU Regulation
UCITS
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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