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EdR Credit Very Short Term Money market

Money market
Change in NAV (22/03/2017)
100,630.71 EUR
François  RAYNAUD–FR0011031392–
François RAYNAUD
Eliezer BENZIMRA–FR0011031392–
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
100,630.71 EUR
Change in NAV (22/03/2017)
1
1234567
Risk and reward profile
< 3 months
Recommended holding period
Change in NAV (22/03/2017)
100,630.71 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 28/02/2017

Bond markets posted robust performances in February. US 10-year T-Notes dipped 11 bps to close the month at 2.34%, while in this climate the German and UK bond markets outperformed by 1.7% and 2.3%, respectively, on their 10-year bunds and gilts. This was partly due to the central banks, determined to tighten their policy gradually in the United States. And in Europe to remain highly accommodative by repurchasing sovereign and corporate bonds, given a core inflation rate still well below the ECB's target. February also saw political risk resurgent, particularly in France, with fears of Marine Le Pen winning the second round in the presidential elections. As a result, French spreads widened by more than 20 bps over the month until Emmanuel Macron got well ahead of François Fillon in the opinion polls on first- and second-round voting intentions. Nevertheless, it should be noted that this sovereign bond volatility has had little impact on European credit markets, as both investment grade and high yield credit posted performances exceeding 1% this month. EdR Credit Very Short Term took advantage of the decline in volume to sell financial issues listed at close to their deposit rate. The fund once again strengthened exposure to 12-month term deposits at -5 bps. These are attractive yields compared to those offered by leading French bank issues with identical maturities.

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Change in NAV

Chart – Base 100 (22/03/2017)
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

Performance R-EUR Cumulative performance Annualised performance
Since 01/01/2017 -0.01 %  
1 Year -0.01 % -0.01 %
3 Year 0.12 % 0.04 %
5 year 0.24 % 0.05 %
Since inception 0.63 % 0.11 %
Performance R-EUR Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative performance -0.01 % -0.01 % 0.12 % 0.24 % 0.63 %
Annualised performance -0.01 % 0.04 % 0.05 % 0.11 %


Statistics

VolatilityCorrelation coefficientAlphaBeta
1 Year3 Year 1 Year3 Year 3 Year 3 Year
Share class R-EUR0.06 %0.05 %-0.02 %0.25 %0.01 %0.22 %
Benchmark0.05 %
Share class R-EUR
Benchmark
1 Year 3 Year 1 Year 3 Year
Volatility 0.06 % 0.05 % 0.05 %
Tracking Error
Alpha 0.01 %
Correlation coefficient -0.02 % 0.25 %
Beta 0.22 %

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)
896 M (EUR)
Regulatory authority
AMF
EU Regulation
UCITS
Management company
Edmond de Rothschild Asset Management (France)
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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