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 Fund Convertible Europe All Caps Convertible bonds

Convertible bonds
Change in NAV (12/07/2018)
267.97 EUR
Laurent  LE GRIN–LU0112675722–
Laurent LE GRIN
Alina EPIFANTSEVA–LU0112675722–
Alina EPIFANTSEVA
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
> 2 years
267.97 EUR
Change in NAV (12/07/2018)
4
1234567
Risk and reward profile
> 2 years
Recommended holding period
Change in NAV (12/07/2018)
267.97 EUR
Risk and reward profile
1234567
Recommended holding period
> 2 years
Laurent LE GRIN  
Alina EPIFANTSEVA  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The objective of this Sub-Fund is to achieve medium term capital growth by managing a portfolio of fixed income securities convertible into stock of companies domiciled in European countries or exercising a preponderant part of their economic activity in that region.

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Commentary 29/06/2018

Global equity markets started June positively only to be derailed mid-month by protectionism risks. The trade war theme is still going on with Washington threatening to add another 200 bn USD worth of Chinese goods, increasing the number of sector possibly impacted. On the central banks side the ECB announced that it will reduce asset purchases to 15 bn EUR a month from October to December before stopping them altogether if inflation continued to trend higher. The bank also sent an accommodating message on interest rates saying they would not rise before mid-2019 and then only if the 2% inflation target had been hit. The news sent the euro lower against the US dollar while long bond yields went lower to (German 10Y to 0.30%). Italian political risk has faded with the appointment of Claudio Borghi and Alberto Bagnai (for parliamentary budget and finance committees), although both are euro sceptics. Regarding oil, OPEC decided to increase production, not by raising quotas, but through 100% compliance with existing commitments. The Brent traded in a narrow $75-80 range. In this context MSCI Europe finished in red -0.29% and Xover widened to 320 bps. On the primary side we have participated in the new issue of Safran in Europe, having reduced the high delta 2020 in the prior month. We equally participated in the new issue of SOITEC. We reduced some high delta names like Airbus/Dassault, Bayer/Covestro, STM, Qiagen 19. We sold some short term bonds like Nexans, Sampo/Solidium and reduced expensive in terms of valuation Maison du Monde, Econocom, Glencore. On the options side we have restriked lower our call options on Credit Agricole. To increase protection in the portfolio we bought 3350 Sep-18 puts on Eurostoxx 50. Our overweight positioning in cyclicals hurt by trade war fears and lower rates impacted the performance. Financials, European auto sector and some underperforming individual names like Rallye weighed on the performance, as well as our absence from German residential real estate sector.

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Change in NAV

Chart – Base 100 (12/07/2018)
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 A-EUR Cumulative Annualised
Since 01/01/2018

-3.39 %

-0.02 %

-3.39 %

-0.02 %

1 Year

-3.64 %

2.53 %

-3.64 %

2.53 %

3 Year

4.26 %

6.98 %

1.40 %

2.27 %

5 year

21.01 %

23.44 %

3.89 %

4.30 %

Since inception

78.65 %

79.75 %

3.40 %

3.44 %

Since 01/01/2018 1 Year 3 Year 5 year Since inception
Cumulative

Share class (A-EUR)

Benchmark

-3.39 %

-0.02 %

-3.64 %

2.53 %

4.26 %

6.98 %

21.01 %

23.44 %

78.65 %

79.75 %

Annualised

Share class (A-EUR)

Benchmark

-3.64 %

2.53 %

1.40 %

2.27 %

3.89 %

4.30 %

3.40 %

3.44 %

*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*5.39 %4.44 %3.40 %0.78 %-1.62 %0.70 %
3 Year *6.39 %5.56 %3.30 %0.86 %-0.28 %0.52 %
Max. drawdownAlphaBeta
Share class A-EURBenchmarkShare class A-EURBenchmarkShare class A-EURBenchmark
1 Year*-6.87 %-0.10 %0.94 %
3 Year *-10.61 %-0.07 %0.98 %
Max. monthly gain Since inception7.83 %
Max. monthly loss Since inception-12.03 %
Share class A-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 5.39 % 6.39 % 4.44 % 5.56 %
Tracking Error 3.40 % 3.30 %
Sharpe ratio 0.70 % 0.52 %
Alpha -0.10 % -0.07 %
Correlation coefficient 0.78 % 0.86 %
Information ratio -1.62 % -0.28 %
Max. monthly loss -12.03 %
Max. monthly gain 7.83 %
Max. drawdown -6.87 % -10.61 %
Beta 0.94 % 0.98 %

Fund information

Inception Date (Fund)
06/03/2001
Inception Date (Part)
06/03/2001
Legal form
SICAV
Benchmark
Exane Euro Convertibles Index
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU0112675722
AuM (fund)
232 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
1,350 %
Current management fee
1.350 %
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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