Edmond de Rothschild

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EdR Fund Convertible Europe All Caps Convertible bonds

Convertible bonds
Change in NAV (15/06/2018)
107.30 EUR
Laurent  LE GRIN–LU1054232506–
Laurent LE GRIN
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
107.30 EUR
Change in NAV (15/06/2018)
4
1234567
Risk and reward profile
> 2 years
Recommended holding period
Change in NAV (15/06/2018)
107.30 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 31/05/2018

The political crisis in Italy and, to a lesser extent, Spain reignited fears regarding the future of the European Union, prompting equities to fall and corporate credit to gap wider. Unsurprisingly European markets were hardest hit with the Eurostoxx ending the month down -3.67% while the iTraxx Crossover moved to its widest level since late 2016 and the BTP-Bund spread widened to 300 bps. Our biggest decliners were financial names, as the Eurostoxx Banks Index has a big weight in peripheral banks and the sector fell -9.73% from 21/05-29/05. Our Energy names also came under pressure, for example calls on European E&Ps and CB names in oil services names like Fugro and Vallourec, as oil retraced from the highs owing to concerns regarding the potential for increasing supply from Russia and Saudi Arabia. In Italy our position in cables manufacturer Prysmian declined as did Spanish names like Ence, Indra, Cellnex. The weaker Euro could support European equities in the short term while the focus shifts to credit and rates during summer with the ECB meeting on the 14th of June. The headline inflation numbers in Germany for the month of May surprised on the upside at 2.2% vs consensus estimate of 1.8% up 0.8% from April numbers and unemployment fell to a record low of 5.2%. As in Spain (2.1% CPI on May) half of inflation move is explained by energy prices, however a portion is unexplained, this leaves upside risk to the core numbers. We remain relatively cautiously positioned. The equity sensitivity of the fund stands at 34% vs 38% vs the benchmark. On the sector side we prefer not to change our allocation and maintain a bias to cyclicals. On the primary side we have participated in the new deal from Sika, this Swiss construction company came to market with a jumbo 1.65 billion CHF 7Y 0.25% coupon CB for acquisition of its own shares from Company de Saint Gobain. We took profits on high delta names Ubisoft, STM, Safran. On the options side in the beginning of the month we took some profits on Caixa Bank and NN Group. We bought Telecom Italia 2022 CB as it has started trading with 1.5% yield difference compared with the pari passu straight 2022 bond.

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Change in NAV

Chart – Base 100 (15/06/2018)
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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
Since 01/01/2018

-1.18 %

0.62 %

-1.18 %

0.62 %

1 Year

-1.22 %

2.68 %

-1.22 %

2.68 %

Since inception

7.30 %

9.61 %

2.53 %

3.30 %

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

Share class (B-EUR)

Benchmark

-1.18 %

0.62 %

-1.22 %

2.68 %

7.30 %

9.61 %

Annualised

Share class (B-EUR)

Benchmark

-1.22 %

2.68 %

2.53 %

3.30 %

*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*5.32 %4.49 %3.35 %0.78 %-0.99 %0.31 %
3 Year *
Max. drawdownAlphaBeta
Share class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmark
1 Year*-5.01 %-0.06 %0.92 %
3 Year *
Max. monthly gain Since inception3.53 %
Max. monthly loss Since inception-5.71 %
Share class B-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 5.32 % 4.49 %
Tracking Error 3.35 %
Sharpe ratio 0.31 %
Alpha -0.06 %
Correlation coefficient 0.78 %
Information ratio -0.99 %
Max. monthly loss -5.71 %
Max. monthly gain 3.53 %
Max. drawdown -5.01 %
Beta 0.92 %

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)
248 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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