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 Emerging Convertibles Convertible bonds

Convertible bonds
Change in NAV (17/01/2018)
141.56 USD
Laurent  LE GRIN–FR0010852418–
Laurent LE GRIN
Thibaut BAILLY–FR0010852418–
Thibaut BAILLY
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
141.56 USD
Change in NAV (17/01/2018)
3
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (17/01/2018)
141.56 USD
Risk and reward profile
1234567
Recommended holding period
> 3 years
Laurent LE GRIN  
Thibaut BAILLY  
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 29/12/2017

Emerging markets outperformed the developed world at +2.56% aided by the weaker dollar and Brent at 67 USD as the global growth expectations were revised up and as some technical incidents occurred in a North Sea pipeline. Russian Central Bank lowered the key refinancing rate by 50 bps to 7.75 as inflation is at the 2.5% area. In China, The PBoC raised interest rates on open market operations and its reverse repo rate by 5 bps. It justified the move by citing upbeat liquidity levels as well as the Fed's rate hike. Steinhoff dominated the news in the convertibles market. The company was supposed to publish its annual results on December 6, but the publication was postponed indefinitely, resulting in the immediate resignation of CEO Markus Jooste amid speculations of accounting irregularities. These events precipitated the fall of the share and bond prices. Convertible bonds corrected up to 40 points on the news. The stock, meanwhile, lost more than 90% of its value. Our portfolio is invested in 2023 convertible bonds. The outlook on Steinhoff now depends on several factors such as creditors support and the extent of accounting irregularities that would result in the restatement of the previous years' financial statements. Moody's has downgraded the credit rating of the holding company to Caa1 on the 28th of Dec. On the positive side the fund benefited from energy and metals names like Kunlun Energy, Lukoil, Severstal.

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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 I-USD Cumulative Annualised
Since 01/01/2018

2.03 %

1.60 %

2.03 %

1.60 %

1 Year

7.20 %

6.92 %

7.20 %

6.92 %

3 Year

15.90 %

17.15 %

5.03 %

5.41 %

5 year

20.91 %

26.82 %

3.87 %

4.86 %

Since inception

41.56 %

50.58 %

4.48 %

5.29 %

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

Share class (I-USD)

Benchmark

2.03 %

1.60 %

7.20 %

6.92 %

15.90 %

17.15 %

20.91 %

26.82 %

41.56 %

50.58 %

Annualised

Share class (I-USD)

Benchmark

7.20 %

6.92 %

5.03 %

5.41 %

3.87 %

4.86 %

4.48 %

5.29 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class I-USDBenchmarkShare class I-USDBenchmarkShare class I-USDBenchmarkShare class I-USDBenchmarkShare class I-USDBenchmark
1 Year*3.76 %3.88 %1.94 %0.87 %0.03 %1.14 %
3 Year *4.60 %5.02 %1.79 %0.93 %-0.34 %0.86 %
Max. drawdownAlphaBeta
Share class I-USDBenchmarkShare class I-USDBenchmarkShare class I-USDBenchmark
1 Year*-3.35 %0.02 %0.85 %
3 Year *-9.60 %0.01 %0.86 %
Max. monthly gain Since inception6.87 %
Max. monthly loss Since inception-8.83 %
Share class I-USD
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 3.76 % 4.60 % 3.88 % 5.02 %
Tracking Error 1.94 % 1.79 %
Sharpe ratio 1.14 % 0.86 %
Alpha 0.02 % 0.01 %
Correlation coefficient 0.87 % 0.93 %
Information ratio 0.03 % -0.34 %
Max. monthly loss -8.83 %
Max. monthly gain 6.87 %
Max. drawdown -3.35 % -9.60 %
Beta 0.85 % 0.86 %

Fund information

Inception Date (Fund)
31/12/2009
Inception Date (Part)
11/02/2010
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
500000.00 USD
ISIN Code
FR0010852418
AuM (fund)
18 M (USD)
Regulatory authority
AMF
Management company
Edmond de Rothschild Asset Management (France)
Delegated Management Company
Edmond de Rothschild Asset Management (France)
Incorporation
France
Maximum management fee
1,000 %
Current management fee
1.000 %
Subscription and redemption conditions
Daily before 4.30 pm C.E.T.on next day's net asset value
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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