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 (22/05/2018)
115.99 USD
Julien  de SAUSSURE–FR0011882281–
Julien de SAUSSURE
Benjamine NICKLAUS–FR0011882281–
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
115.99 USD
Change in NAV (22/05/2018)
3
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (22/05/2018)
115.99 USD
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 30/04/2018

Early April saw the financial markets climbing strongly, little affected by the prevailing macroeconomic and geopolitical uncertainties (risk of a trade war, developments in Syria, US sanctions against Russia, etc). Nevertheless, we noticed that a number of issuing banks with significant exposure to Russia (Raffaisen, Unicredit and Société Générale) came under heavy pressure following sanctions. In mid-April, the situation changed and spreads widened, in part due to profit-taking in the wake of this rally. Faced with interest rate volatility, this downtrend ran on to the month's end, despite the publication of broadly respectable results. This month we have seen all segments outperforming. The downtrend at the month end wiped away only a fraction of the gains made in early April. The insurance sector significantly outperformed, with spreads tightening 12 bps on perpetuals and Tier 2's posting a performance of 0.49%. In the same way, EUR and USD denominated CoCos recorded a positive performance of 0.59% and 0.42% respectively. Banking Tier 2 issues also posted a positive performance (0.22%). Meanwhile, European banks have started publishing their Q1 results. A general trend is now emerging with slower revenue growth, improving asset quality, and stabilising capital ratios (with regulatory measures having little impact given the amount of capital generation). In particular, we saw good results posted by Spanish banks and a strong performance by Credit Suisse and DNB. Swedish banks, however, mostly underperformed because of some pressure on credit margins. UBS also posted disappointing results given an underperformance in its wealth management business. The primary market was active in early April with Caixabank issuing a Tier 2 NC7 with a 12-year maturity for €1 billion and a 2.25% coupon, and Ibercaja Banco launching an AT1 for €350 million with a 7% coupon. In addition, two small issuers entered the market this month: Bawag and Deutsche Pfandbriefbank issued AT1s for €300 million with coupons at 5% and 5.75%. KBC has issued a CoCo for €1 billion with a 4.25% coupon to refinance its future calls. Meanwhile, Phoenix Group issued a Restricted Tier 1 (RT1) for £500 million GBP with a 5.75% coupon.

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Change in NAV

Chart – Base 100 (22/05/2018)
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 BH-USD Cumulative Annualised
Since 01/01/2018

-1.20 %

-0.82 %

-1.20 %

-0.82 %

1 Year

4.67 %

1.13 %

4.67 %

1.13 %

3 Year

13.78 %

6.22 %

4.39 %

2.03 %

Since inception

15.99 %

9.99 %

3.83 %

2.44 %

Since 01/01/2018 1 Year 3 Year 5 year Since inception
Cumulative

Share class (BH-USD)

Benchmark

-1.20 %

-0.82 %

4.67 %

1.13 %

13.78 %

6.22 %

15.99 %

9.99 %

Annualised

Share class (BH-USD)

Benchmark

4.67 %

1.13 %

4.39 %

2.03 %

3.83 %

2.44 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class BH-USDBenchmarkShare class BH-USDBenchmarkShare class BH-USDBenchmarkShare class BH-USDBenchmarkShare class BH-USDBenchmark
1 Year*3.14 %1.57 %2.39 %0.67 %1.83 %0.30 %
3 Year *4.87 %2.29 %3.60 %0.71 %0.72 %0.61 %
Max. drawdownAlphaBeta
Share class BH-USDBenchmarkShare class BH-USDBenchmarkShare class BH-USDBenchmark
1 Year*-2.30 %0.07 %1.34 %
3 Year *-8.00 %0.13 %1.52 %
Max. monthly gain Since inception3.26 %
Max. monthly loss Since inception-2.99 %
Share class BH-USD
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 3.14 % 4.87 % 1.57 % 2.29 %
Tracking Error 2.39 % 3.60 %
Sharpe ratio 0.30 % 0.61 %
Alpha 0.07 % 0.13 %
Correlation coefficient 0.67 % 0.71 %
Information ratio 1.83 % 0.72 %
Max. monthly loss -2.99 %
Max. monthly gain 3.26 %
Max. drawdown -2.30 % -8.00 %
Beta 1.34 % 1.52 %

Fund information

Inception Date (Fund)
10/03/2008
Inception Date (Part)
11/06/2014
Legal form
Mutual Fund
Benchmark
ICE BofAML Euro Financial
Currency (fund)
EUR
Currency (share class)
USD
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
FR0011882281
AuM (fund)
2,013 M (EUR)
Regulatory authority
AMF
Management company
Edmond de Rothschild Asset Management (France)
Incorporation
France
Maximum management fee
1,200 %
Current management fee
1.200 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value
Subscription fee
1.00 % max
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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