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EdR Fund Convertible Europe All Caps Convertible bonds

Convertible bonds
Change in NAV (22/03/2017)
104.86 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
104.86 EUR
Change in NAV (22/03/2017)
Risk and reward profile
> 2 years
Recommended holding period
Change in NAV (22/03/2017)
104.86 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 28/02/2017

European equities continued to rise in February as outlook for corporate earnings expected for the end of 2017 are much better. We can count on 12% expected earnings per share growth in the euro zone and UK. Inflation expectations remain steady but ECB should maintain its easing monetary policy stance during the number of political elections that Europe is now facing from March to September. Economic growth should continue to strengthen as confidence and PMI data are more and more brighter. We have reduced or sold some exposure to France as presidential elections are looming like Air France, Accor, Kering and BIM / Elior. British Airways shares recovered from the lows and are trading above price levels before Brexit. We took some profits to cut a bit the equity sensitivity of the holding. We remain confident about valuation. Air France shares jumped after a good set of results showing improvements in free cash flow. an agreement with pilots and management in March will help to boost share price. The merger deal between Intesa and Generali failed and we took advantage of a weakness in Generali shares to re-strike our call options with a lower exercice price. We have participated for a small size in a new Severstal convertible due to its attractive technical profile waiting for a an announcement on import duties form EU on HRC from Russia to increase the position. Nyrstar shares plummeted after weak Q4 results, tough discussions about Treatment Charges between miners and smelters and higher capex for Port Pirie. However credit tightened as Company will issue a new senior bond to ease short term financing pressures. We invested along subscriptions in the funds in a couple of names already held in the portfolio. We maintain our existing bets on Ageas perpetual convertible bonds, Sacyr, Indra, BE Semiconductor, Ubisoft and Nexans.

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Change in NAV

Chart – Base 100 (22/03/2017)
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 1.87 %  
1 Year 6.50 % 6.50 %
Since inception 4.86 % 3.03 %
Performance B-EUR Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative performance 1.87 % 6.50 % 4.86 %
Annualised performance 6.50 % 3.03 %


VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
1 Year1 Year1 Year1 Year1 Year
Share class B-EUR4.85 %2.56 %0.85 %0.94 %1.33 %
Benchmark4.27 %
1 Year1 Year
Share class B-EUR0.05 %0.96 %
Share class B-EUR
1 Year 3 Year 1 Year 3 Year
Volatility 4.85 % 4.27 %
Tracking Error 2.56 %
Sharpe ratio 1.33 %
Alpha 0.05 %
Correlation coefficient 0.85 %
Information ratio 0.94 %
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)
119 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.