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EdR Fund Convertible Europe All Caps Convertible bonds

Convertible bonds
Change in NAV (24/04/2017)
107.03 EUR
Laurent  LE GRIN–LU1054232506–
Laurent LE GRIN
Kris DEBLANDER–LU1054232506–
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
> 2 years
107.03 EUR
Change in NAV (24/04/2017)
Risk and reward profile
> 2 years
Recommended holding period
Change in NAV (24/04/2017)
107.03 EUR
Risk and reward profile
Recommended holding period
> 2 years
Laurent LE GRIN  
The identity of the managers presented in this document may change during the life of the product.

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 31/03/2017

European equity markets continued to rise fueled by an accelerating EPS growth expected by the end of 2017. Investors could hope a steady growth rate of 13,3% compared with 12% planned at the beginning of the year in the Euro Zone. The far right failed its first major test during the Ducth election making investors more optimistic and confident (maybe wrongly) about the upcoming political events in France and Germany. Oil prices fading calmed down inflation risks putting fixed income markets in a better shape. New issues in Europe came with a strong pace from 4,2 billion in the first 3 months in 2016 to 7,5 billion during the same period this year. We participated in the new issues of BASF and SNAM. Bonds have been fairly priced and we see upside on the underlying for both. We have sold both STMicroelectronics 2019 and 2021 as equity sensitivity stand above 80%. We remain pretty positive on the name and we will try to find an entry point again. The news regarding European Union not adding more preliminary duties on hot-rolled steel from Russia triggered us to increase our holdings in Severstal 2022. We have reduced or/and sold a couple of names like ING, Philips, Peugeot, IAG, BE Semiconductor and America Movil to take profit or to make room to add more Ageas Fresh, Ubi Soft, Safran, Valeo, Nexity, Allianz and Air France. We restruck higher our call options on Generali to get more equity sensitivity after Intesa Sanpaolo failed to make a takeover bid on the Italian insurer. We have increased the portion of names linked to energy sector by investing in call options on ENI and TechnipFMC. We have benefitted from our absence on German real estate. Ageas Fresh continues to add value as the instrument experience a revival. Sogefi and BE Semiconductor also did well. Both Steinhoff contributed negatively to the performance due to weaknesses in the results of their last acquisition in the US Matress Firm and some risks of sovereign rating downgrade in South Africa. We have sold the Steinhoff 2023 to reinvest in the 22s in order to limit the duration risk. We still hold put-spread 3,300 / 3150 over June 2017. We remain confident in the European economy recovery, but French elections are looming and could bring some volatility in the short term.

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Change in NAV

Chart – Base 100 (24/04/2017)
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 B-EUR Cumulative performance Annualised performance
Since 01/01/2017 3.97 %  
1 Year 7.33 % 7.29 %
Since inception 7.03 % 4.13 %
Performance B-EUR Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative performance 3.97 % 7.33 % 7.03 %
Annualised performance 7.29 % 4.13 %


VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
1 Year1 Year1 Year1 Year1 Year
Share class B-EUR4.84 %2.56 %0.85 %1.12 %1.25 %
Benchmark4.29 %
Max. monthly lossMax. monthly gainAlphaBeta
Since inceptionSince inception1 Year1 Year
Share class B-EUR-5.71 %6.26 %0.06 %0.96 %
Share class B-EUR
1 Year 3 Year 1 Year 3 Year
Volatility 4.84 % 4.29 %
Tracking Error 2.56 %
Sharpe ratio 1.25 %
Alpha 0.06 %
Correlation coefficient 0.85 %
Information ratio 1.12 %
Max. monthly loss -5.71 %
Max. monthly gain 6.26 %
Beta 0.96 %

Fund information

Inception Date (Fund)
Inception Date (Part)
Legal form
Exane Euro Convertibles Index
Currency (fund)
Currency (share class)
Distribution Policy
Valuation frequency
Minimum initial investment
1 Share
AuM (fund)
121 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
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
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.