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EdR Emerging Convertibles Convertible bonds

Convertible bonds
Change in NAV (22/03/2017)
122.22 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
122.22 USD
Change in NAV (22/03/2017)
3
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (22/03/2017)
122.22 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.
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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 28/02/2017

MSCI Emerging index posted positive performance in February +1.68% despite dollar gains. Chinese equities outperformed broader emerging markets index, specifically, banking sector was helped by better NPLs, higher yields, stable credit growth and somewhat moderated property risk. In China, the manufacturing PMI showed signs of accelerating growth, improving to 51.6 from 51.3 in January, ahead of consensus expectations. In the meantime, the National People's Congress will begin in early March and is likely to set targets and priorities for the year. Russian equities on the other hand went lower, as ETFs suffered outflows for first time since US elections. Oil market volatility continued to fall, with 30-day volatility in the price of Brent crude now at 20.7% (a two-year low). The per barrel price has remained stable around $56 for a couple of months now as OPEC's promise of production cuts have offset record US stockpiles. The fund benefitted from Advanced Semiconductor Engineering 2018 CB as the company reported stronger margins in its EMS business and higher revenues +6%QoQ, subsequently we took profits on this name as the CB was trading at ~85% delta. As a replacement to ASE bond we have participated in the primary of Microchip Technology 2027 1.625% subordinated convertible, this US producer of microcontrollers and memory chips generates around 60% of revenues in Asia. We have also participated for a small size in the new Severstal 2022 0 coupon convertible due to its attractive technical profile, waiting for a an announcement on EU import duties on HRC from Russia to increase the position. Another positive contributor on the month was Ctrip.com 2020, Chinese online travel company listed on NASDAQ, reported better than expected Q4 results with 2% beat on revenues, driven by higher air ticket volumes, in addition operating margin improved 4.6% YoY. On the other hand Cemex 18&20 CBs contributed negatively to the performance in February even though the construction materials company posted good Q4 results with strong free cash flow generation at 544 mln USD aided by 392 mln USD reduction in working capital.

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Change in NAV

Chart – Base 100 (22/03/2017)
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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 A-USD Cumulative performance Annualised performance
Since 01/01/2017 2.44 %  
1 Year 7.39 % 7.39 %
3 Year 7.13 % 2.32 %
5 year 17.13 % 3.20 %
Since inception 22.22 % 2.81 %
Performance A-USD Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative performance 2.44 % 7.39 % 7.13 % 17.13 % 22.22 %
Annualised performance 7.39 % 2.32 % 3.20 % 2.81 %


Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
1 Year3 Year 1 Year3 Year 1 Year3 Year 1 Year3 Year 1 Year3 Year
Share class A-USD3.08 %5.00 %1.23 %1.68 %0.95 %0.95 %1.34 %-1.34 %1.73 %0.72 %
Benchmark3.75 %5.33 %
AlphaBeta
1 Year3 Year 1 Year3 Year
Share class A-USD0.06 %-0.15 %0.78 %0.89 %
Benchmark
Share class A-USD
Benchmark
1 Year 3 Year 1 Year 3 Year
Volatility 3.08 % 5.00 % 3.75 % 5.33 %
Tracking Error 1.23 % 1.68 %
Sharpe ratio 1.73 % 0.72 %
Alpha 0.06 % -0.15 %
Correlation coefficient 0.95 % 0.95 %
Information ratio 1.34 % -1.34 %
Beta 0.78 % 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)
15 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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