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 (16/07/2018)
107.88 EUR
Julien  de SAUSSURE–FR0013174695–
Julien de SAUSSURE
Benjamine NICKLAUS–FR0013174695–
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
107.88 EUR
Change in NAV (16/07/2018)
3
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (16/07/2018)
107.88 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 29/06/2018

Spreads widened in June. Fears over the political situation in Italy and a possible crisis in the euro zone were still evident despite the reassuring declarations made by the Italian Prime Minister in early June. The possibility of a trade war and new customs barriers imposed by China and the United States have worried the market. Nevertheless, in mid-June spreads tightened temporarily. The Federal Reserve's viewpoint was more hawkish than expected, while the ECB was quite accommodating, neither however was unsurprising (with the Fed hiking its rates, and the ECB extending its QE until December 2018). June saw most segments posting negative performances. The insurance sector significantly so, with spreads widening 25 bps on perpetuals (delivering a performance of -1.06%) and with Tier 2's at -1.18%. CoCos also recorded a negative performance, especially when dollar-denominated, at -0.81% against -0.44% for its euro equivalent. Moody's has raised its ratings outlook for the Spanish banking system, from Stable to Positive, on the basis of its improved asset quality and stable credit metrics. CaixaBank and Sabadell also announced significant divestments of their impaired real estate assets (approximately €7 billion and 10 billion respectively). While Spanish bank ratings have not been modified following this announcement, this could take place in the medium term. Bankinter's Tier 2 bond could accordingly be eligible for most IG indices and CaixaBank's Tier 2 bonds might be included in the IG iBoxx index. Two insurers issued Restricted Tier 1 bonds: CNP and Vivat with coupons at 4.75% (for €500 million) and 7% (€300 million euros), respectively. Danske Bank, in Denmark, came to the market with an Additional Tier 1 offering a 7% coupon for $750 million dollars. The Portuguese bank, Caixa Geral, issued a Tier 2 bond with a 10-year maturity and 5.75% coupon for €500 million.

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Change in NAV

Chart – Base 100 (16/07/2018)
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 ID-EUR Cumulative Annualised
Since 01/01/2018

-2.52 %

-0.58 %

-2.52 %

-0.58 %

1 Year

1.56 %

1.09 %

1.55 %

1.09 %

Since inception

11.48 %

3.99 %

5.29 %

1.87 %

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

Share class (ID-EUR)

Benchmark

-2.52 %

-0.58 %

1.56 %

1.09 %

11.48 %

3.99 %

Annualised

Share class (ID-EUR)

Benchmark

1.55 %

1.09 %

5.29 %

1.87 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class ID-EURBenchmarkShare class ID-EURBenchmarkShare class ID-EURBenchmarkShare class ID-EURBenchmarkShare class ID-EURBenchmark
1 Year*3.91 %1.63 %2.94 %0.73 %-0.15 %0.76 %
3 Year *
Max. drawdownAlphaBeta
Share class ID-EURBenchmarkShare class ID-EURBenchmarkShare class ID-EURBenchmark
1 Year*-5.18 %-0.02 %1.76 %
3 Year *
Max. monthly gain Since inception3.14 %
Max. monthly loss Since inception-2.61 %
Share class ID-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 3.91 % 1.63 %
Tracking Error 2.94 %
Sharpe ratio 0.76 %
Alpha -0.02 %
Correlation coefficient 0.73 %
Information ratio -0.15 %
Max. monthly loss -2.61 %
Max. monthly gain 3.14 %
Max. drawdown -5.18 %
Beta 1.76 %

Fund information

Inception Date (Fund)
10/03/2008
Inception Date (Part)
07/06/2016
Legal form
Mutual Fund
Benchmark
ICE BofAML Euro Financial
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Distribution
Valuation frequency
Daily
Minimum initial investment
500000.00 EUR
ISIN Code
FR0013174695
AuM (fund)
1,966 M (EUR)
Regulatory authority
AMF
Management company
Edmond de Rothschild Asset Management (France)
Incorporation
France
Maximum management fee
0,600 %
Current management fee
0.600 %
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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