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EdR Emerging Convertibles Convertible bonds

Convertible bonds
NAV (22/02/2017)
125.03 EUR
Kris  DEBLANDER–FR0010852434–
Laurent LEGRIN–FR0010852434–
Laurent LEGRIN
The identity of the managers presented in this document may change during the life of the product.
Risk and reward profile (1)
Recommended holding period
> 3 years
125.03 EUR
NAV (22/02/2017)
Risk and reward profile
> 3 years
Recommended holding period
NAV (22/02/2017)
125.03 EUR
Risk and reward profile
Recommended holding period
> 3 years
Laurent LEGRIN  
The identity of the managers presented in this document may change during the life of the product.

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 27/01/2017

Emerging equities outperformed developed ones in January as dollar slid from December highs, MSCI Emerging index returned +3.97%. Chinese manufacturing PMI continued to be strong in January at 51.3 The dismissal of the TPP is a major blow to some, notably Vietnam, but an opportunity for others, notably China which potentially boosts its influence in Asia via its One Belt One Road project. Russia too seems to be basking in the afterglow, with the stabilising oil price leading to higher consumer confidence and moderating inflation. We participated in Nanya Technologies Corp.'s new issue, this semiconductor company from Taiwan came to market with 500 mln USD 0 coupon premium redemption convertibles to finance its Capex for 20 nm technology conversion.We exited from our position in South African holding Brait as we see dim outlook for some of its UK assets performance. We have taken some profits on our high delta SMIC 2022 convertible bond. We have reinforced our position in, we believe that overseas development efforts with Skyscanner acquisition will be fruitful. ASM Pacific contributed positively to the performance in January with the stock up 15% as higher prospects in dual camera smartphones penetration position well for the company's active alignment technology. Two Steinhoff CBs impacted negatively as uncertainty persists on the details and possible synergies of Shoprite deal.

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Change in NAV

Chart – Base 100 (22/02/2017)
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 J-EUR Cumulative performance Annualised performance
Since 01/01/2017 2.23 %  
1 Year 9.18 % 9.15 %
3 Year 6.27 % 2.04 %
5 year 17.90 % 3.33 %
Since inception 25.03 % 3.23 %
Performance J-EUR Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative performance 2.23 % 9.18 % 6.27 % 17.90 % 25.03 %
Annualised performance 9.15 % 2.04 % 3.33 % 3.23 %

Fund information

Inception Date (Fund)
Inception Date (Part)
Legal form
Mutual Fund
Thomson Reuters Growth Markets CB Idx Hedged (EUR)
Currency (fund)
Currency (share class)
Distribution Policy
Valuation frequency
Minimum initial investment
500000.00 EUR
AuM (fund)
16 M (USD)
Regulatory authority
Management company
Edmond de Rothschild Asset Management (France)
Delegated Management Company
Edmond de Rothschild Asset Management (UK)
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.