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EdR Emerging Convertibles Convertible bonds

Convertible bonds
Change in NAV (20/06/2017)
123.62 USD
Kris  DEBLANDER–FR0010831867–
Kris DEBLANDER
Laurent LEGRIN–FR0010831867–
Laurent LEGRIN
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 years
123.62 USD
Change in NAV (20/06/2017)
3
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (20/06/2017)
123.62 USD
Risk and reward profile
1234567
Recommended holding period
> 3 years
Kris DEBLANDER  
Laurent LEGRIN  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The UCITS' investment objective, over a recommended investment period of more than three years, is to outperform its benchmark, the Thomson Reuters Growth Markets Hedged CB Index (USD) for units denominated in US dollars, by mainly selecting convertible or exchangeable bonds, whose underlying equity is relative to a company conducting the majority of its activity in emerging countries or which has its registered office in an emerging country.

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Commentary 31/05/2017

Emerging markets equities outperformed developed ones in May. USD weakness and good earnings numbers propelled MSCI Emerging +2.5% higher, despite lower oil prices. Emerging markets EPS growth for 2017 is now projected at 23%. The OPEC extended oil production cuts for nine months as expected. However, this was not enough to meet market expectations and Brent closed the month around $51/bbl down from $54/bbl prior to the meeting. Emerging markets delivered a mixed performance as more energy-exposed regions such as Russia responded negatively to volatility in crude prices while more technology-focused markets such as Taiwan and Korea performed strongly as the SOX Index hit highs. Meanwhile, China also underperformed as solid manufacturing PMI figures proved insufficient to inspire equity markets. We have taken some profits on high delta names like ASM Pacific and Suzuki convertibles. We have restriked higher our Tencent call options in the beginning of the month, and subsequently Tencent rallied 10% in May as the company reported very strong Q1 with EBIT margin increasing 7.1 percentage points QoQ. We added to our existing positions of Steinhoff, Ayala Land, Severstal to invest new subscriptions. We added Lukoil call options that we couple with our existing position in Lukoil 23 straight bonds to increase our energy exposure. The fund benefitted from tech names like Nanya Technology Corp and Tencent and consumer names like Ctrip.com. The performance suffered from our exposure to IHH Healthcare as this Malaysian hospitals operator reported Q1 results below estimates, disappointing on EBITDA that declined 8% YoY due to higher ramp-up costs. On the primary side we have seen China Mengniu Dairy issuing a $195 million, 5-year, zero coupon premium redemption bond exchangeable into shares of China Modern Diary Holdings.

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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 A-USD Cumulative Annualised
Since 01/01/2017

3.61 %

2.49 %

3.61 %

2.49 %

1 Year

7.84 %

5.99 %

7.84 %

5.99 %

3 Year

5.69 %

9.95 %

1.86 %

3.21 %

5 year

22.03 %

33.37 %

4.06 %

5.92 %

Since inception

23.62 %

43.43 %

2.88 %

4.94 %

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

Share class (A-USD)

Benchmark

3.61 %

2.49 %

7.84 %

5.99 %

5.69 %

9.95 %

22.03 %

33.37 %

23.62 %

43.43 %

Annualised

Share class (A-USD)

Benchmark

7.84 %

5.99 %

1.86 %

3.21 %

4.06 %

5.92 %

2.88 %

4.94 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class A-USDBenchmarkShare class A-USDBenchmarkShare class A-USDBenchmarkShare class A-USDBenchmarkShare class A-USDBenchmark
1 Year*2.94 %3.52 %1.22 %0.94 %1.27 %1.52 %
3 Year *4.93 %5.25 %1.64 %0.95 %-0.96 %0.61 %
Max. drawdownAlphaBeta
Share class A-USDBenchmarkShare class A-USDBenchmarkShare class A-USDBenchmark
1 Year*-1.53 %0.05 %0.79 %
3 Year *-10.17 %-0.10 %0.89 %
Max. monthly gain Since inception7.41 %
Max. monthly loss Since inception-0.05 %
Share class A-USD
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 2.94 % 4.93 % 3.52 % 5.25 %
Tracking Error 1.22 % 1.64 %
Sharpe ratio 1.52 % 0.61 %
Alpha 0.05 % -0.10 %
Correlation coefficient 0.94 % 0.95 %
Information ratio 1.27 % -0.96 %
Max. monthly loss -0.05 %
Max. monthly gain 7.41 %
Max. drawdown -1.53 % -10.17 %
Beta 0.79 % 0.89 %

Fund information

Inception Date (Fund)
31/12/2009
Inception Date (Part)
31/12/2009
Legal form
Mutual Fund
Benchmark
Thomson Reuters Growth Markets CB Idx Hedged (USD)
Currency (fund)
USD
Currency (share class)
USD
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
FR0010831867
AuM (fund)
17 M (USD)
Regulatory authority
AMF
Management company
Edmond de Rothschild Asset Management (France)
Delegated Management Company
Edmond de Rothschild Asset Management (UK)
Incorporation
France
Maximum management fee
1,800 %
Current management fee
1.800 %
Subscription and redemption conditions
Daily before 4.30 pm C.E.T.on next day's net asset value
Subscription fee
1.00 % max
Performance fee
20,000 %

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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