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EdR Emerging Convertibles Convertible bonds

Convertible bonds
Change in NAV (24/04/2017)
125.30 EUR
Kris  DEBLANDER–FR0010852434–
Kris DEBLANDER
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)
1234567
Recommended holding period
> 3 years
125.30 EUR
Change in NAV (24/04/2017)
3
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (24/04/2017)
125.30 EUR
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 31/03/2017

Emerging equities rallied in March on a weaker dollar with MSCI Emerging finishing in green at +1.93%. With less conviction on future rate hikes from FED dollar slipped. Energy was one of the worst performing sectors in March with the Brent price falling -6%. In Asia, China reported strong economic data with the manufacturing PMI increasing to 51.8 (vs 51.7 expected), the highest level in almost 5 years. We have taken profits on high delta names Cez/Mol and Suzuki. Equally, we have reduced semis related names like BE Semiconductors and Teradyne after good stock performance and CB valuation richening. We have rolled to a longer maturity and higher strike our Tencent call options. We have initiated new position in Bangkok Dusit Medical 2019 convertible. The profile of the CB is very convex with just with just 10% premium for 2.5 years maturity. We believe this hospitals operator from Thailand can increase its market share. On the primary side we have seen one small deal from South African miner Royal Bafokeng Paltinum with 1.2 bn ZAR 7% coupon 5 Y convertible, we have passed this deal due to the size and the weak credit of the company. On the other hand we have participated in the US fabless semiconductor company Silicon Lab's new issue of 400 mln USD 1.375% coupon CBs, but only for a small size due to richening, we will monitor the bond to further build up our position. The fund befitted from the position in Yuexiu Transport CB in March with stock up 11.3%, as a toll roads operator the company benefits from cyclical exposure to Chinese economy. Another winner was Haitian, stock advanced 10.78% in March after good earnings report from this machinery company, as sales advanced 10% YoY. On the other hand, Steinhoff contributed negatively to the performance due to a weaknesses in the results of their last acquisition in the US Matress Firm and some risks of sovereign rating downgrade in South Africa.

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Change in NAV

Chart – Base 100 (24/04/2017)
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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 J-EUR Cumulative performance Annualised performance
Since 01/01/2017 2.45 %  
1 Year 5.77 % 5.73 %
3 Year 5.77 % 1.88 %
5 year 19.23 % 3.57 %
Since inception 25.30 % 3.18 %
Performance J-EUR Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative performance 2.45 % 5.77 % 5.77 % 19.23 % 25.30 %
Annualised performance 5.73 % 1.88 % 3.57 % 3.18 %


Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
1 Year3 Year 1 Year3 Year 1 Year3 Year 1 Year3 Year 1 Year3 Year
Share class J-EUR3.08 %4.95 %1.24 %1.79 %0.96 %0.94 %1.78 %-0.92 %1.15 %0.74 %
Benchmark3.78 %5.31 %
Max. monthly lossMax. monthly gainMax. drawdownAlphaBeta
Since inceptionSince inception1 Year3 Year 1 Year3 Year 1 Year3 Year
Share class J-EUR-10.44 %0.57 %-1.62 %-10.18 %0.06 %-0.10 %0.78 %0.88 %
Benchmark
Share class J-EUR
Benchmark
1 Year 3 Year 1 Year 3 Year
Volatility 3.08 % 4.95 % 3.78 % 5.31 %
Tracking Error 1.24 % 1.79 %
Sharpe ratio 1.15 % 0.74 %
Alpha 0.06 % -0.10 %
Correlation coefficient 0.96 % 0.94 %
Information ratio 1.78 % -0.92 %
Max. monthly loss -10.44 %
Max. monthly gain 0.57 %
Max. drawdown -1.62 % -10.18 %
Beta 0.78 % 0.88 %

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 (EUR)
Currency (fund)
USD
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
500000.00 EUR
ISIN Code
FR0010852434
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
1,000 %
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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