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EdR Emerging Convertibles Convertible bonds

Convertible bonds
Change in NAV (19/10/2017)
137.07 USD
Laurent  LE GRIN–FR0010852459–
Laurent LE GRIN
Thibaut BAILLY–FR0010852459–
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
137.07 USD
Change in NAV (19/10/2017)
3
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (19/10/2017)
137.07 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 29/09/2017

Emerging markets equities (+0.44%) underperformed developed ones (+2.32%) as dollar gained grounds in September and as the Fed confirmed gradual rates increases. China was downgraded by S&P one notch to A+ and the PBoC surprised the market with reserve ratio cut . As a way to continue the suppression of speculative demand in real estate, 6 major cities announced the tightening of home resale restrictions that are already in place in more than 30 cities across the country since 2010. In Russia CBR cut the key rate by 50 bps to 8.50% as inflation expectations fell to a record low. The oil price increased to 52 USD by the end of September as US oil inventories declined, as a result our position in Lukoil call option + Lukoil straight bond performed well. During the month we have switched very high delta Severstal 21 into more balanced 22 convertibles. We have also switched quite short Cemex 2018 into 2020 convertibles and increased the position as this Mexican building materials company continues its deleveraging process. In Taiwan we have taken profits on the rest of the high delta position in Nanya Tech. We have replaced the matured Parpublica/Galp by Amorim/Galp exchangeable. Our position in 3SBio contributed positively to the performance in September as stock rallied 16% - this Chinese biotech company announced Therapure CDMO business acquisition. On the negative side Steinhoff convertibles continued to be under pressure in September, we believe that successful IPO of African assets is credit positive as the company will use the proceeds for loan repayment.

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Change in NAV

Chart – Base 100 (19/10/2017)
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 R-USD Cumulative Annualised
Since 01/01/2017

6.31 %

5.46 %

6.31 %

5.46 %

1 Year

6.12 %

4.78 %

6.12 %

4.78 %

3 Year

14.45 %

15.65 %

4.59 %

4.95 %

5 year

22.42 %

29.06 %

4.13 %

5.23 %

Since inception

37.07 %

48.27 %

4.19 %

5.25 %

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

Share class (R-USD)

Benchmark

6.31 %

5.46 %

6.12 %

4.78 %

14.45 %

15.65 %

22.42 %

29.06 %

37.07 %

48.27 %

Annualised

Share class (R-USD)

Benchmark

6.12 %

4.78 %

4.59 %

4.95 %

4.13 %

5.23 %

4.19 %

5.25 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class R-USDBenchmarkShare class R-USDBenchmarkShare class R-USDBenchmarkShare class R-USDBenchmarkShare class R-USDBenchmark
1 Year*2.80 %3.52 %1.67 %0.88 %1.04 %1.22 %
3 Year *4.77 %5.13 %1.72 %0.94 %-0.16 %0.75 %
Max. drawdownAlphaBeta
Share class R-USDBenchmarkShare class R-USDBenchmarkShare class R-USDBenchmark
1 Year*-1.47 %0.06 %0.70 %
3 Year *-9.55 %0.02 %0.87 %
Max. monthly gain Since inception5.84 %
Max. monthly loss Since inception-9.17 %
Share class R-USD
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 2.80 % 4.77 % 3.52 % 5.13 %
Tracking Error 1.67 % 1.72 %
Sharpe ratio 1.22 % 0.75 %
Alpha 0.06 % 0.02 %
Correlation coefficient 0.88 % 0.94 %
Information ratio 1.04 % -0.16 %
Max. monthly loss -9.17 %
Max. monthly gain 5.84 %
Max. drawdown -1.47 % -9.55 %
Beta 0.70 % 0.87 %

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
FR0010852459
AuM (fund)
19 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
1,150 %
Current management fee
1.150 %
Subscription and redemption conditions
Daily before 4.30 pm C.E.T.on next day's net asset value

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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