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 (20/04/2018)
113.33 EUR
Laurent  LE GRIN–LU1232206091–
Laurent LE GRIN
Alina EPIFANTSEVA–LU1232206091–
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
113.33 EUR
Change in NAV (20/04/2018)
4
1234567
Risk and reward profile
> 2 years
Recommended holding period
Change in NAV (20/04/2018)
113.33 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 29/03/2018

Equity and credit markets were under pressure in March with concerns around a trade war that could hamper global growth as tariffs on Chinese imports were announced by the US in addition to the steel and aluminum ones. In this context MSCI Europe TR was down -1.92% and Xover widened further 30 bps touching 293 level. Notably US Libor OIS Spreads moved out to the widest levels seen since 2008. The ECB slightly changed its guidance paving the way for asset purchases termination. On the earnings side the consensus EPS growth in Eurozone for 2019 is now at 9% up 0.2% from a month earlier.On the primary convertible side we saw four new deals: a vanilla CB from Econocom, non-dilutive CBs from Glencore and Carrefour, and a synthetic one from Morgan Stanley into Daimler shares for a total amount of 1.4 bn EUR. We participated in the new issue of Belgian IT company Econocom we think that the company could increase its FCF generation thanks to the growth of the services revenues. Another deal we liked was from a diversified natural resources company Glencore, despite being a non-dilutive structure the CB provides an interesting 7Y option on base metals like nickel, copper, zinc that we think could benefit from inflationary environment in addition to an increase in the production of electric cars. During the month we increased many positions to invest new subscriptions as the fund collected around 50 mln EUR in March. We reduced Maisons du Monde CB as the company disappointed with their 2018 sales guidance at only 10%, in addition the CB was extremely expensive, having richened 13 implied volatility points since the issue last year. On the options side we restriked lower after market correction our Credit Agricole, Ciaxa Bank, BT call options initiated a new position in AXA as we think the selloff after announcing XL Group acquisition in the US was unjustified. We sold off the rest of the Wereldhave position as the CB is becoming too short with very low probability of conversion. In march we suffered from our absence on German real estate as rates as Bund went back to 0.5% and from Rallye/Casino exchangeable bond; as Casino share price went down on earnings report and Leclerc headlines the credit of the holding company widened in line with a higher LTV. On the positive side the recent new issue Ence performed well on the stronger outlook for pulp prices and Ablynx CB moved closer to the takeover value as Sanofi announced the beginning of the tender.

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Change in NAV

Chart – Base 100 (20/04/2018)
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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 N-EUR Cumulative Annualised
Since 01/01/2018

0.91 %

0.14 %

0.91 %

0.14 %

1 Year

4.23 %

5.07 %

4.23 %

5.07 %

Since inception

13.33 %

7.53 %

5.49 %

3.15 %

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

Share class (N-EUR)

Benchmark

0.91 %

0.14 %

4.23 %

5.07 %

13.33 %

7.53 %

Annualised

Share class (N-EUR)

Benchmark

4.23 %

5.07 %

5.49 %

3.15 %

*Rolling periods

Annual performance



Fund information

Inception Date (Fund)
06/03/2001
Inception Date (Part)
18/12/2015
Legal form
SICAV
Benchmark
Exane Euro Convertibles Index
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
10000000.00 EUR
ISIN Code
LU1232206091
AuM (fund)
289 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
0,400 %
Current management fee
0.400 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value

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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