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EdR Fund Bond Allocation Diversified bonds

Diversified bonds
Change in NAV (15/11/2017)
101.20 EUR
Guillaume  RIGEADE–LU1161526733–
Guillaume RIGEADE
Eliezer BENZIMRA–LU1161526733–
Eliezer BENZIMRA
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
101.20 EUR
Change in NAV (15/11/2017)
3
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (15/11/2017)
101.20 EUR
Risk and reward profile
1234567
Recommended holding period
> 3 years
Guillaume RIGEADE  
Eliezer BENZIMRA  
The identity of the managers presented in this document may change during the life of the product.
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Investment objective

The Sub-Fund's objective is to offer an annualised performance exceeding the Index composed of 50% of the Barclays Capital Euro Aggregate Corporate Total Return Index and 50% of the Barclays Capital Euro Aggregate Treasury Total Return Index over the investment period.

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Commentary 31/10/2017

October saw a strong disconnect between the bond markets, with pressure on US rates and, in contrast, those in Europe easing considerably. In the United States, macroeconomic indicators are still extremely positive. Confidence indices, such as the ISM, are at their highest in over a decade, and the labour market is experiencing an ongoing reduction in the unemployment rate, with wages rising slightly above expectations. As a result, US rates have continued to rise, particularly on shorter maturities, with the Federal Reserve's next key rate hike now expected in December — as a very high probability. In Europe, core state rates benefited from a monetary policy still considered to be highly accommodative, while peripheral states were further supported by a de-escalation of the Catalan crisis and good news from Italy. On the corporate bond market, investment grade and high yield bonds all benefited from these supporting factors, but the best-performing asset class has been the subordinated financial bond segment. The ECB has announced a recalibration of its quantitative easing, which has been extended to September 2018, but at a lower monthly purchase rate of €30 billion. The measure brought consensus to the market, while ECB chief Mario Draghi managed to get this next step perceived as highly accommodating by focusing attention on the huge amount of coupon and maturities reinvestment. In Italy, the bond market benefited from S&P's rating upgrade to BBB and significant progress in introduction of Italy's new electoral law.

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Change in NAV

Chart – Base 100 (15/11/2017)
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 J-EUR Cumulative Annualised

Since inception

1.20 %

1.06 %

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

Share class (J-EUR)

Benchmark

1.20 %

1.06 %

Annualised

Share class (J-EUR)

Benchmark

*Rolling periods

Annual performance



Fund information

Inception Date (Fund)
30/12/2004
Inception Date (Part)
08/06/2017
Legal form
SICAV
Benchmark
50% BarCap Euro-Aggregate Corporates (EUR)
50% BarCap Euro-Aggregate Treasury (EUR)
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Distribution
Valuation frequency
Daily
Minimum initial investment
500000.00 EUR
ISIN Code
LU1161526733
AuM (fund)
1,623 M (EUR)
Regulatory authority
CSSF
EU Regulation
UCITS
Management company
Edmond de Rothschild Asset Management (Luxembourg)
Delegated Management Company
Edmond de Rothschild Asset Management (France)
Incorporation
Luxembourg
Maximum management fee
0,400 %
Current management fee
0.400 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value
Performance fee
15,000 %

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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