Edmond de Rothschild

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EdR Fund Convertible Europe All Caps Convertible bonds

Convertible bonds
Change in NAV (17/01/2018)
113.43 EUR
Laurent  LE GRIN–LU1054232688–
Laurent LE GRIN
Alina EPIFANTSEVA–LU1054232688–
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
113.43 EUR
Change in NAV (17/01/2018)
4
1234567
Risk and reward profile
> 2 years
Recommended holding period
Change in NAV (17/01/2018)
113.43 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 30/11/2017

The market is going into this year's final stretch in an environment of uncertainty over Brexit discussions, tax reform in the United States and the Opec meeting, while geopolitical risk is charging back thanks to the latest North Korean missile launch. In most cases, the Q3 results look good. The expected pace of earnings growth for 2018's close is now 7%. By 2017's end, this should rise to over 10%. The primary market was full of new issues with, among them Maison du Monde, in which we took part. This competitor for Ikea and Conforama is refinancing itself at a low cost and continuing its growth strategy. We also welcomed the new issue launched by the Dutch company, BE Semiconductor, which we already had in the portfolio. Meanwhile, we have reduced or exited a number of positions to keep our sensitivity close to 45%, including Sogefi, STMicroelectronics, Evonik, Ageas, AMS and Telecom Italia 2022. Given the poor results published by Elior, we have sold our remaining position in this exchangeable. We managed to restrike our Total options with a higher exercise price in the wake of the oil price hikes, and we added Technip. Adidas, which we prefer to Kering, was also added after publication of its earnings. Performance is still under pressure given our absence from German real estate stocks and Deutsche Post, which we find over-priced. Steinhoff has been a negative contributor over the period despite its stock rebounding. We have continued to raise our overall exposure to banks and cyclical companies, taking advantage of a wave of new subscriptions coming into the fund.

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Change in NAV

Chart – Base 100 (17/01/2018)
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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 I-EUR Cumulative Annualised
Since 01/01/2018

2.60 %

0.92 %

2.60 %

0.92 %

1 Year

7.99 %

7.81 %

7.99 %

7.81 %

3 Year

16.96 %

13.04 %

5.35 %

4.16 %

Since inception

13.43 %

13.21 %

3.48 %

3.43 %

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

Share class (I-EUR)

Benchmark

2.60 %

0.92 %

7.99 %

7.81 %

16.96 %

13.04 %

13.43 %

13.21 %

Annualised

Share class (I-EUR)

Benchmark

7.99 %

7.81 %

5.35 %

4.16 %

3.48 %

3.43 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmark
1 Year*3.93 %3.42 %2.86 %0.70 %-0.37 %2.15 %
3 Year *6.44 %6.06 %2.60 %0.92 %0.25 %0.74 %
Max. drawdownAlphaBeta
Share class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmark
1 Year*-3.04 %0.01 %0.81 %
3 Year *-11.83 %0.06 %0.97 %
Max. monthly gain Since inception4.48 %
Max. monthly loss Since inception-4.91 %
Share class I-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 3.93 % 6.44 % 3.42 % 6.06 %
Tracking Error 2.86 % 2.60 %
Sharpe ratio 2.15 % 0.74 %
Alpha 0.01 % 0.06 %
Correlation coefficient 0.70 % 0.92 %
Information ratio -0.37 % 0.25 %
Max. monthly loss -4.91 %
Max. monthly gain 4.48 %
Max. drawdown -3.04 % -11.83 %
Beta 0.81 % 0.97 %

Fund information

Inception Date (Fund)
06/03/2001
Inception Date (Part)
14/05/2014
Legal form
SICAV
Benchmark
Exane Euro Convertibles Index
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
500000.00 EUR
ISIN Code
LU1054232688
AuM (fund)
217 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
0,900 %
Current management fee
0.900 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value
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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