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EdR Fund Bond Allocation Diversified bonds

Diversified bonds
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Change in NAV (14/08/2017)
100.09 GBP
Guillaume RIGEADE–LU1426148984–
Guillaume RIGEADE
Eliezer BENZIMRA–LU1426148984–
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
100.09 GBP
Change in NAV (14/08/2017)
3
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (14/08/2017)
100.09 GBP
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 31/07/2017

July saw the global bond markets becalmed. After ECB chief Mario Draghi's statements on the follow-up to QE, at the bank's meeting in July, he somewhat reassured the markets by providing evidence of the support necessary for the ECB in view of the low level of inflation. This was essentially the same reassuring speech that Janet Yellen gave at the Federal Reserve's FOMC meeting, reiterating that while inflation was below target this would not stop the Fed from launching a reduction in its balance sheet, which should start rather soon. Given this context, the 10-year US T-bond lost 1 bps in July, closing at 2.29%, while the 10-year German bund has evidenced some pressure this month. In this reassuring setting, peripheral bond and credit markets outperformed government bond markets. Peripheral indices as well as investment grade or high yield credit show gains from 0.5% to 1.2%. Likewise, emerging market bonds continued to post very good performances thanks to exceptional flows into this asset class, with year-to-date performance at 6.9%. It should be noted that the equity component found in convertible bonds suffered in July in the wake of European equity markets taken by surprise at the rise of the euro.

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Change in NAV

Chart – Base 100 (14/08/2017)
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Performance A-GBP Cumulative Annualised

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Since inception

0.09 %

0.71 %

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

Share class (A-GBP)

Benchmark

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0.09 %

0.71 %

Annualised

Share class (A-GBP)

Benchmark

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*Rolling periods

Annual performance



Fund information

Inception Date (Fund)
30/12/2004
Inception Date (Part)
28/07/2017
Legal form
SICAV
Benchmark
50% BarCap Euro-Aggregate Corporates (EUR)
50% BarCap Euro-Aggregate Treasury (EUR)
Currency (fund)
EUR
Currency (share class)
GBP
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1426148984
AuM (fund)
1,157 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
1.00 % 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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