Edmond de Rothschild

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EdR Fund Convertible Europe All Caps Convertible bonds

Convertible bonds
Change in NAV (15/10/2018)
94.30 EUR
Alina  EPIFANTSEVA–LU1232205366–
Alina EPIFANTSEVA
Ludovic DUFOUR–LU1232205366–
Ludovic DUFOUR
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
94.30 EUR
Change in NAV (15/10/2018)
4
1234567
Risk and reward profile
> 2 years
Recommended holding period
Change in NAV (15/10/2018)
94.30 EUR
Risk and reward profile
1234567
Recommended holding period
> 2 years
Alina EPIFANTSEVA  
Ludovic DUFOUR  
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 28/09/2018

Central Banks regained control in September. At the FOMC on 26 September, the FED raised its rates as expected and reiterated its intentions on future gradual rate hikes. In the meantime, the ECB recalled that nothing should be expected before the summer of 2019 (reaffirmation of gradual exit of accommodative policy). As a consequence, the dollar returned to 1.15/1.16 levels after having depreciated over the first three weeks of the month (to 1.18 vs euro). After a long wait, Italy will finally submit a deficit of 2.4% to the EU for its budget plan, which is higher than the market expected (2% expected but some fears of a number exceeding 3% of GDP). On the news, Italian spreads deteriorated (widening by 40bps), without contagion on other peripherals. In September, we participated in the new RAG/Evonik and SGL Carbon primary, we sold high delta Safran 2020 for the more balanced Airbus / Dassault. We added MTU 2023 after the recent correction on the implied vol. and switched Airbus 22 CB into options due to rich valuation of the CB. We reduced our financial sector exposure by selling our calls on ING. Finally, we took some profit on Total call options. This month, we gain from our exposure to the Energy sector (Brent ended at $82.5/barrel amid slowdown in US drilling and US/Saudi Arabia discussion over market stability). On the contrary, we suffered from the fall of chips stocks (and especially European AMS and STM) amid fallout of president Trump's trade war with China. We also suffered from our position in Nyrstar as the company announced a profit warning, 2H 2018 EBITDA will be materially lower than H1 due to negative impact from zinc prices compounded by low treatment charges.

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Fund information

Inception Date (Fund)
06/03/2001
Inception Date (Part)
03/04/2018
Legal form
SICAV
Benchmark
Exane Euro Convertibles Index
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1232205366
AuM (fund)
171 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
1,150 %
Current management fee
1.150 %
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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