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 (19/09/2018)
104.49 EUR
Kris  DEBLANDER–LU1054232506–
Kris DEBLANDER
Alina EPIFANTSEVA–LU1054232506–
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
104.49 EUR
Change in NAV (19/09/2018)
4
1234567
Risk and reward profile
> 2 years
Recommended holding period
Change in NAV (19/09/2018)
104.49 EUR
Risk and reward profile
1234567
Recommended holding period
> 2 years
Kris DEBLANDER  
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 31/08/2018

August saw a return of volatility (VIX rose by +10.48% over the month), especially in emerging markets. Turkey was the starting point with the threat from the United States to increase tariffs on Turkish steel and aluminum imports. The fall in the Turkish lira had contagion effects on weak currencies such as the South African Rand, the Argentine Peso, and even more generally on South America but also on banking stocks in the Euro Zone that have exposure to Turkey. In a flight to quality German and US rated declined by 10 bps and peripheral country spreads widened, led by Italy on speculation over its budget and a likely conflict with Brussels in September. In this context European equities underperformed with Eurostoxx 600 finishing August in red at -2.39%. Regarding leading indicators, PMIs were slightly below expectations overall, the levels remain very high at over 54 on both sides of the Atlantic. Finally, we should also note the end of the publication season with 72.1% of companies beating expectations for revenues and 84.2% for earnings in the US and 60.7% and 51.7% respectively for European companies. On the primary CB side we saw 4.6 bn USD of new issues across 15 deals but no new deals in Europe. We increased our position in STM 2022, as we think the selloff post results was exaggerated. We restriked the Saint-Gobain calls as we remain positive on the name (low company valuation multiple not in line with its growth, strong balance sheet and upcoming catalysts like asset disposals, reorganization and potential buybacks). We also restriked lower our position in Deutsche Post call option after reassuring Q2 results with DHL Global Forwarding showing signs of improvement.

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Change in NAV

Chart – Base 100 (19/09/2018)
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 B-EUR Cumulative Annualised

-4.23 %

2.84 %

1.96 %

3.57 %

Since inception

4.49 %

10.15 %

1.43 %

3.18 %

Since 01/01/2018 1 year* 3 years* 5 years* Since inception
Cumulative

Share class (B-EUR)

Benchmark

4.49 %

10.15 %

Annualised

Share class (B-EUR)

Benchmark

-4.23 %

2.84 %

1.96 %

3.57 %

1.43 %

3.18 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmark
1 Year*5.45 %4.43 %3.53 %0.76 %-1.91 %0.87 %
3 Year *6.03 %5.17 %3.40 %0.83 %-0.56 %0.74 %
Max. drawdownAlphaBeta
Share class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmark
1 Year*-7.93 %-0.12 %0.94 %
3 Year *-9.46 %-0.14 %0.97 %
Max. monthly gain Since inception3.53 %
Max. monthly loss Since inception-4.98 %
Share class B-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 5.45 % 6.03 % 4.43 % 5.17 %
Tracking Error 3.53 % 3.40 %
Sharpe ratio 0.87 % 0.74 %
Alpha -0.12 % -0.14 %
Correlation coefficient 0.76 % 0.83 %
Information ratio -1.91 % -0.56 %
Max. monthly loss -4.98 %
Max. monthly gain 3.53 %
Max. drawdown -7.93 % -9.46 %
Beta 0.94 % 0.97 %

Fund information

Inception Date (Fund)
06/03/2001
Inception Date (Part)
20/08/2015
Legal form
SICAV
Benchmark
Exane Euro Convertibles Index
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Distribution
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1054232506
AuM (fund)
203 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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