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EdR Fund Bond Allocation Diversified bonds

Diversified bonds
Change in NAV (20/06/2017)
217.31 EUR
Guillaume  RIGEADE–LU1161527038–
Guillaume RIGEADE
Eliezer BENZIMRA–LU1161527038–
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
217.31 EUR
Change in NAV (20/06/2017)
3
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (20/06/2017)
217.31 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.
Contact

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 31/05/2017

In Europe, May saw a lull on the theme of political risk. Emmanuel Macron's victory in the French presidential elections helped to convince investors that there could well be an end to the populist wave in the euro zone. This squeezed market premiums on high yields and financial subordinates by 10-20 bps. What's more, economic indicators have continued to show an upturn in business confidence and encouraging growth figures. Despite this positive climate, long bonds in the euro zone have been surprisingly stable with, for example, the 10-year German bund closing unchanged in May after fluctuating within a range of about 15 bps. This was partly due to a number of modest negative surprises on the inflation front, coupled with statements by ECB officials maintaining that the euro zone still needed an ultra-accommodative monetary policy as much as before. Turning to special situations, it is worth noting the positive performances posted by Portugal and Greece. This was due in part to the improving economic and financial outlook and, on the other hand, the significant likelihood of a debt relief pact being reached. In the United States, in contrast, political risk has grown with almost daily revelations about President Trump's conduct and the increasing risk of impeachment. This could check the market's euphoria over the prospects for the economy and upcoming interest rate hikes. The 10-year US T-bond has hit lows not seen since the beginning of the year, dipping 12 bps over the month. A similar outperformance of US rates compared to those in Europe is reflected in the euro's rise against the USD. Moreover, the US Federal Reserve issued a reminder in its last FOMC report that any reduction would be extremely gradual, in order to reassure investors over the risks of an unplanned rate hike.

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Change in NAV

Chart – Base 100 (20/06/2017)
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 A-EUR Cumulative Annualised
Since 01/01/2017

2.31 %

0.89 %

2.31 %

0.89 %

1 Year

5.14 %

1.04 %

5.14 %

1.04 %

3 Year

10.54 %

10.79 %

3.39 %

3.47 %

5 year

27.22 %

28.56 %

4.93 %

5.15 %

Since inception

44.87 %

61.16 %

3.01 %

3.90 %

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

Share class (A-EUR)

Benchmark

2.31 %

0.89 %

5.14 %

1.04 %

10.54 %

10.79 %

27.22 %

28.56 %

44.87 %

61.16 %

Annualised

Share class (A-EUR)

Benchmark

5.14 %

1.04 %

3.39 %

3.47 %

4.93 %

5.15 %

3.01 %

3.90 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class A-EURBenchmarkShare class A-EURBenchmarkShare class A-EURBenchmarkShare class A-EURBenchmarkShare class A-EURBenchmark
1 Year*2.30 %3.04 %2.43 %0.62 %1.65 %0.36 %
3 Year *4.30 %3.48 %4.08 %0.46 %0.06 %1.04 %
Max. drawdownAlphaBeta
Share class A-EURBenchmarkShare class A-EURBenchmarkShare class A-EURBenchmark
1 Year*-1.73 %0.08 %0.47 %
3 Year *-5.20 %0.15 %0.57 %
Max. monthly gain Since inception3.48 %
Max. monthly loss Since inception-3.81 %
Share class A-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 2.30 % 4.30 % 3.04 % 3.48 %
Tracking Error 2.43 % 4.08 %
Sharpe ratio 0.36 % 1.04 %
Alpha 0.08 % 0.15 %
Correlation coefficient 0.62 % 0.46 %
Information ratio 1.65 % 0.06 %
Max. monthly loss -3.81 %
Max. monthly gain 3.48 %
Max. drawdown -1.73 % -5.20 %
Beta 0.47 % 0.57 %

Fund information

Inception Date (Fund)
30/12/2004
Inception Date (Part)
30/12/2004
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
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1161527038
AuM (fund)
1,076 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
0,800 %
Current management fee
0.800 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value
Subscription fee
3.00 % max
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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