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 (11/10/2018)
102.95 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
102.95 EUR
Change in NAV (11/10/2018)
3
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (11/10/2018)
102.95 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 28/09/2018

September saw investors adopting a wait-and-see attitude due to negotiations on the Italian budget. Spreads tightened, driven by expectations of a budget in line with European standards. Fears over international trade were still in evidence (with new customs tariffs coming into effect and scheduled trade talks between China and the United States cancelled), while central bank meetings (unsurprisingly) had little impact on spreads. The announcement of Italy's budget deficit at September's end, at -2.4% of GDP, however, disappointed investors, wiping out some of the month's performance. Nevertheless, most segments managed to post positive performances. The insurance sector, particularly perpetuals (+0.46%) and euro-denominated CoCos (+0.45%), performed particularly well. Note, too, the strong performance recorded by Banking Tier 2's (+0.49%). Litigation emerged as somewhat of a topic during the month. Faced with the opening of several money-laundering investigations into Danske Bank (around €200 billion is thought to have passed through its Estonian subsidiary from 2007-2015 via some 15,000 non-resident foreign client accounts), its bonds took a beating. Moreover, ratings agencies lowered the bank's outlook from stable to negative over the month. In Denmark, the bank could face a fine of around 4 billion kroner. Other countries could also impose sanctions, including US authorities, since a significant portion of the transactions came from Russian accounts. Meanwhile, ING has reached an agreement with the Dutch authorities concerning money laundering and will be paying a fine of €775 million. The financial impact of this can be absorbed by the bank, representing about 24 bps on its CET1 ratio, and the deal allows for an end to the procedure launched by US authorities. Numerous primary CoCos issues were launched this month, with an issue total of €6.2 billion. The Spanish market was particularly dynamic with CoCos issued by Abanca (7.5% coupon), BBVA (5.875% coupon) and Bankia (6.375% coupon). In the insurance sector, Groupama and Phoenix issued Tier 2 bonds with a 10-year maturity (with coupon at 3.375%) and 11 years (4.375% coupon).

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Change in NAV

Chart – Base 100 (11/10/2018)
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

-1.44 %

-0.39 %

Since inception

10.54 %

3.57 %

4.37 %

1.51 %

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

Share class (ID-EUR)

Benchmark

10.54 %

3.57 %

Annualised

Share class (ID-EUR)

Benchmark

-1.44 %

-0.39 %

4.37 %

1.51 %

*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 %1.57 %2.91 %0.75 %-0.08 %0.23 %
3 Year *
Max. drawdownBeta
Share class ID-EURBenchmarkShare class ID-EURBenchmark
1 Year*-5.30 %1.88 %
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 % 1.57 %
Tracking Error 2.91 %
Sharpe ratio 0.23 %
Correlation coefficient 0.75 %
Information ratio -0.08 %
Max. monthly loss -2.61 %
Max. monthly gain 3.14 %
Max. drawdown -5.30 %
Beta 1.88 %

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)
2,029 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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