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EdR Euro Sustainable Credit Corporate bonds

Corporate bonds
Change in NAV (16/08/2017)
362.02 EUR
Alexis  FORET–FR0010172767–
Alexis FORET
Raphaël CHEMLA–FR0010172767–
Raphaël CHEMLA
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
> 2 years
362.02 EUR
Change in NAV (16/08/2017)
3
1234567
Risk and reward profile
> 2 years
Recommended holding period
Change in NAV (16/08/2017)
362.02 EUR
Risk and reward profile
1234567
Recommended holding period
> 2 years
Alexis FORET  
Raphaël CHEMLA  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The UCITS aims to outperform its benchmark index over the recommended investment period through investments on the corporate bond markets that seek to combine financial profitability and the implementation of a sustainable development policy in return for a risk of capital loss.

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Commentary 30/06/2017

While the European business climate has reached record levels last seen in 2011, with a marked increase in the most cyclical sectors (building and retail trade), June's close saw a change of tone at the ECB. Bonds in the euro zone then experienced a correction that was particularly evident in Germany and France. ECB chief Mario Draghi has suggested that the ECB would consider a gradual end to QE. He said that deflationary forces were being replaced by inflationary forces. European sovereign bonds (especially in the core economies) were weak in June. The yield on the 10-year and 5-year German bund rose from 0.30% to 0.46% and -0.43% to -0.23%, respectively. Investment grade corporate spreads tightened again over the month, partially offsetting the impact of weak benchmarks. This compression was widespread. The credit market was relieved by the resolution of the bank crisis in Italy and Spain. Spreads on investment grade paper in the euro zone have now reached their lowest level in several years. Given this climate, European high yields performed reasonably well. The fund was up +0.3% in June, driven by the single-B compartment (up +0.5%), while the double-BB compartment rose +0.2%. The primary market's momentum continued. There were no less than €12.5 billion new issues in June, the largest monthly issue since April 2017 and September 2016. The first part of June featured a number of significant developments: resolution of the Banco Popular dilemma, the ECB's commentary, elections in Britain, and French parliamentary elections. Nevertheless, these events did not generate high volatility but a rise in optimism which resulted in narrower spreads. What's more, this continued through the second part of the month despite the issues around the Italian banks, Banca Veneto and Banco Popolare di Vicenza, and relatively volatile oil prices. June saw the insurance sector outperforming, as spreads narrowed 31 bps on insurance perpetuals. Cocos denominated in both dollars and euros performed well, although the Coco index in euros suffered from the negative performance of Banco Popular paper and by contagion from a number of other peripheral lines. The Banco Popular crisis was resolved by the Single Resolution Board on June 7. It was sold to Santander for a symbolic single euro, after imposing heavy losses on the shareholders and AT1 bondholders, and conversion of T2s. We then witnessed the liquidation of two more banks, Banca Veneto and Banco Populare di Vicenza under Italian national banking regulations. They have been split into two separate entities: a ‘good' and a ‘bad' bank, with the good bank being taken over by Intesa for a symbolic €1.

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Change in NAV

Chart – Base 100 (16/08/2017)
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 C-EUR Cumulative Annualised
Since 01/01/2017

3.30 %

1.82 %

3.30 %

1.82 %

1 Year

3.29 %

0.74 %

3.29 %

0.74 %

3 Year

9.18 %

8.64 %

2.96 %

2.79 %

5 year

21.19 %

22.62 %

3.92 %

4.16 %

Since inception

374.94 %

4.53 %

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

Share class (C-EUR)

Benchmark

3.30 %

1.82 %

3.29 %

0.74 %

9.18 %

8.64 %

21.19 %

22.62 %

374.94 %

Annualised

Share class (C-EUR)

Benchmark

3.29 %

0.74 %

2.96 %

2.79 %

3.92 %

4.16 %

4.53 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmark
1 Year*2.17 %2.29 %1.19 %0.86 %2.54 %0.34 %
3 Year *3.30 %2.88 %1.36 %0.91 %0.07 %1.05 %
Max. drawdownAlphaBeta
Share class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmark
1 Year*-1.94 %0.06 %0.82 %
3 Year *-4.89 %1.04 %
Max. monthly gain Since inception10.43 %
Max. monthly loss Since inception-16.90 %
Share class C-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 2.17 % 3.30 % 2.29 % 2.88 %
Tracking Error 1.19 % 1.36 %
Sharpe ratio 0.34 % 1.05 %
Alpha 0.06 %
Correlation coefficient 0.86 % 0.91 %
Information ratio 2.54 % 0.07 %
Max. monthly loss -16.90 %
Max. monthly gain 10.43 %
Max. drawdown -1.94 % -4.89 %
Beta 0.82 % 1.04 %

Fund information

Inception Date (Fund)
24/06/1982
Inception Date (Part)
24/06/1982
Legal form
Mutual Fund
Benchmark
BarCap Euro-Aggregate Corporates (EUR)
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
FR0010172767
AuM (fund)
89 M (EUR)
Regulatory authority
AMF
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 12.30 am C.E.T. on day's net asset value
Subscription fee
1.00 % max

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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