Mobile Logo

EdR Credit Very Short Term Money market

Money market
Change in NAV (16/08/2017)
100,539.93 EUR
Nathalie  COFFRE–FR0011031392–
Nathalie COFFRE
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
100,539.93 EUR
Change in NAV (16/08/2017)
1
1234567
Risk and reward profile
< 3 months
Recommended holding period
Change in NAV (16/08/2017)
100,539.93 EUR
Risk and reward profile
1234567
Recommended holding period
< 3 months
Nathalie COFFRE  
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.

View more View less

Commentary 31/07/2017

The ECB's key interest rates remained unchanged in July, 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 -0.358%, as did the 3-month Euribor, at -0.33%. ECB chief Mario Draghi adopted a conciliatory tone when the central bank's meeting closed on 20 July. The markets interpreted his remarks as dovish, insofar as he has expressed the ECB's intention to keep its current monetary policy unchanged, both on conventional and unconventional measures. The German 2-year bund then continued the downtrend started at the beginning of the month, posting -0.68% at July's close against -0.56% at June's end, a dip of 12 bps over the month. The 1-year Eonia swap also fell noticeably, ending the month at -0.34 %%. Short credit spreads have continued to tighten. Fixed-rate securities benefited most from this rate environment. Given this environment, we have invested on negotiable debt instruments offering attractive remuneration levels compared to bonds with the same rating and maturity. Monetary instruments (CD's, commercial paper, Neu CPs, etc) now account for nearly 29% of the portfolio. And we also bought floating rate securities with a maturity of nearly 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. We hedged interest rate risk on fixed rate investments with a maturity of 10-13 months.

View more View less

Change in NAV

Chart – Base 100 (16/08/2017)
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 R-EUR Cumulative Annualised
Since 01/01/2017

-0.10 %

-0.23 %

-0.10 %

-0.23 %

1 Year

-0.11 %

-0.36 %

-0.11 %

-0.36 %

3 Year

-0.03 %

-0.66 %

-0.01 %

-0.22 %

5 year

0.12 %

-0.43 %

0.02 %

-0.09 %

Since inception

0.54 %

0.27 %

0.09 %

0.04 %

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

Share class (R-EUR)

Benchmark

-0.10 %

-0.23 %

-0.11 %

-0.36 %

-0.03 %

-0.66 %

0.12 %

-0.43 %

0.54 %

0.27 %

Annualised

Share class (R-EUR)

Benchmark

-0.11 %

-0.36 %

-0.01 %

-0.22 %

0.02 %

-0.09 %

0.09 %

0.04 %

*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*0.06 %0.09 %-0.10 %
3 Year *0.05 %0.04 %0.25 %-0.10 %0.01 %0.31 %
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 0.06 % 0.05 % 0.04 %
Tracking Error
Alpha 0.01 %
Correlation coefficient 0.09 % 0.25 %
Max. monthly loss -0.05 %
Max. monthly gain 0.08 %
Max. drawdown -0.10 % -0.10 %
Beta 0.31 %

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)
1,025 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

Select all

(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.

Top