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EdR Fund Bond Allocation Diversified bonds

Diversified bonds
Change in NAV (26/04/2017)
110.53 CHF
Guillaume  RIGEADE–LU1426149875–
Guillaume RIGEADE
Eliezer BENZIMRA–LU1426149875–
The identity of the managers presented in this document may change during the life of the product.
Risk and reward profile (1)
Recommended holding period
> 3 years
110.53 CHF
Change in NAV (26/04/2017)
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (26/04/2017)
110.53 CHF
Risk and reward profile
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.

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 31/03/2017

March saw government bond rates in core European countries coming under pressure, driven by positive economic indicators and a decline in political risk. In the run-up to the French elections, political risk had already triggered a drop in German interest rates earlier. This was due to German debt, identified as the least risky investment in Europe, serving as a safe haven when the market priced in the risk of populist parties succeeding in the elections. But the reassuring result of the Dutch elections on top of Macron's progress in the French polls implying a better chance him beating Le Pen then soothed market concerns, and allowed German rates to go up again. As a result, the spreads on government bonds relative to Germany's have narrowed in most countries. Meanwhile, Greece has also benefited from positive developments in negotiations with its creditors. The short-term segment of the German yield curve has also been narrowed by very strong economic indicators. In particular, confidence indices have continued to rise. Given this on top of February's still clearly rising inflation, the market began to speculate on a possible change in tone by the ECB, which could well find reasons to adopt less accommodative monetary policy by the year end. The last TLTRO was accordingly very successful. It underscores the banks' appetite for this type of measure and, above all, the fact that they are preparing for less in the future. US bond rates were more or less steady over the month, while the Federal Reserve raised its key interest rates once again. This monetary tightening was fully anticipated by the market, and speeches by US central bankers are preparing the yield curve for a very gradual rise in interest rates over the next two years. Given this context, driven by strong shifts in government bond rates, corporate credit spreads have shown little volatility, and even narrowed slightly. Emerging debt has continued to outperform the other asset classes.

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Change in NAV

Chart – Base 100 (26/04/2017)
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 I-CHF Cumulative performance Annualised performance
Since 01/01/2017 1.58 %  
1 Year 5.16 % 5.16 %
Since inception 10.53 % 5.72 %
Performance I-CHF Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative performance 1.58 % 5.16 % 10.53 %
Annualised performance 5.16 % 5.72 %


VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
1 Year1 Year1 Year1 Year1 Year
Share class I-CHF2.53 %3.05 %0.43 %1.48 %0.22 %
Benchmark3.09 %
Max. monthly lossMax. monthly gainAlphaBeta
Since inceptionSince inception1 Year1 Year
Share class I-CHF-1.57 %2.95 %0.09 %0.35 %
Share class I-CHF
1 Year 3 Year 1 Year 3 Year
Volatility 2.53 % 3.09 %
Tracking Error 3.05 %
Sharpe ratio 0.22 %
Alpha 0.09 %
Correlation coefficient 0.43 %
Information ratio 1.48 %
Max. monthly loss -1.57 %
Max. monthly gain 2.95 %
Beta 0.35 %

Fund information

Inception Date (Fund)
Inception Date (Part)
Legal form
50% BarCap Euro-Aggregate Corporates (EUR)
50% BarCap Euro-Aggregate Treasury (EUR)
Currency (fund)
Currency (share class)
Distribution Policy
Valuation frequency
Minimum initial investment
500000.00 CHF
AuM (fund)
897 M (EUR)
Regulatory authority
EU Regulation
Management company
Edmond de Rothschild Asset Management (Luxembourg)
Delegated Management Company
Edmond de Rothschild Asset Management (France)
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.