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 Financial Bonds Corporate bonds

Corporate bonds
Change in NAV (18/09/2018)
1,152.65 EUR
Julien  de SAUSSURE–FR0011034560–
Julien de SAUSSURE
Benjamine NICKLAUS–FR0011034560–
Benjamine NICKLAUS
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
1,152.65 EUR
Change in NAV (18/09/2018)
3
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (18/09/2018)
1,152.65 EUR
Risk and reward profile
1234567
Recommended holding period
> 3 years
Julien de SAUSSURE  
Benjamine NICKLAUS  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The UCITS' objective is to outperform the Bank of America Merrill Lynch EMU Financial Corporate Index over the recommended investment period through a portfolio exposed to bonds issued primarily by international financial institutions.

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Commentary 31/08/2018

Faced with numerous macroeconomic and political risks, the market has been turbulent in August, and spreads have widened. Fears over international trade continued to be a source of pressure despite recent advances around a reformed version of Nafta (with an agreement reached between the United States and Mexico, while discussions with Canada continue). An article in the Financial Times in mid August drew investor attention to the risks faced by European banks with exposure to Turkey (among them BBVA through Garanti, Unicredit via Yapi Kredi, BNP through TEB and ING via ING Bank Turkey). The downtrend then accelerated: the most exposed banks saw their spreads widen, and this weakness extended across the financial sector for a brief period. Political risk was still present in Italy this month, too, with its banks and insurers continuing to suffer, pending further negotiations on the country's 2019 budget in September. August saw most sectors posting a negative performance. The insurance sector significantly so, with spreads widening 34 bps on perpetuals (delivering a performance of -1.16%) and with Tier 2's at -0.89%. Banking Tier 2 issues also posted a negative performance (-0.36%). Meanwhile, euro-denominated CoCos recorded a negative performance (-0.79%) while those in dollars posted slightly positive (+0.09%). Most Q2 results posted this month were above the consensus. French banks posted a good performance, especially Crédit Agricole, with a sharp increase in revenue over a year. Across the Channel, Barclays surprised the market with solid results, having reduced its bad debt and litigation provisions. However, many Italian banks disappointed the market with falling capital ratios due to the negative impact of movements around the spread on the BTP. The primary market was highly active. Barclays and BNP issued AT1 bonds with a 7.75% coupon $2.5 billion and a 7% for $750 million respectively. Svenska Handelsbanken and the insurer Mapfre issued Tier 2 bonds with 10- and 30-year coupons at 1.625% and 4.125% respectively. Various banks issued preferred senior bonds at August's end (Intesa Sanpaolo, Belfius Bank, Commerzbank, Deutsche Bank, Barclays, HSBC, Sabadell). Rabobank issued its first non-preferred senior at five years with coupon at 0.75% for €1 billion. Similarly, Bank of Ireland Group has issued an inaugural five-year senior bond (HoldCo) with coupon at 1.375% for €750 million.

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Change in NAV

Chart – Base 100 (18/09/2018)
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 S-EUR Cumulative Annualised

0.33 %

0.07 %

4.22 %

2.37 %

Since inception

15.27 %

8.29 %

3.63 %

2.02 %

Since 01/01/2018 1 year* 3 years* 5 years* Since inception
Cumulative

Share class (S-EUR)

Benchmark

15.27 %

8.29 %

Annualised

Share class (S-EUR)

Benchmark

0.33 %

0.07 %

4.22 %

2.37 %

3.63 %

2.02 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class S-EURBenchmarkShare class S-EURBenchmarkShare class S-EURBenchmarkShare class S-EURBenchmarkShare class S-EURBenchmark
1 Year*3.80 %1.58 %2.87 %0.73 %0.01 %0.21 %
3 Year *4.93 %1.92 %3.81 %0.71 %0.43 %1.44 %
Max. drawdownAlphaBeta
Share class S-EURBenchmarkShare class S-EURBenchmarkShare class S-EURBenchmark
1 Year*-5.12 %1.75 %
3 Year *-7.37 %-0.02 %1.82 %
Max. monthly gain Since inception3.27 %
Max. monthly loss Since inception-2.91 %
Share class S-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 3.80 % 4.93 % 1.58 % 1.92 %
Tracking Error 2.87 % 3.81 %
Sharpe ratio 0.21 % 1.44 %
Alpha -0.02 %
Correlation coefficient 0.73 % 0.71 %
Information ratio 0.01 % 0.43 %
Max. monthly loss -2.91 %
Max. monthly gain 3.27 %
Max. drawdown -5.12 % -7.37 %
Beta 1.75 % 1.82 %

Fund information

Inception Date (Fund)
10/03/2008
Inception Date (Part)
26/09/2014
Legal form
Mutual Fund
Benchmark
ICE BofAML Euro Financial
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
10000000.00 EUR
ISIN Code
FR0011034560
AuM (fund)
2,048 M (EUR)
Regulatory authority
AMF
Management company
Edmond de Rothschild Asset Management (France)
Incorporation
France
Maximum management fee
0,450 %
Current management fee
0.450 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on 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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