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 Convexity Convertible bonds

Convertible bonds
Change in NAV (15/02/2019)
98.62 EUR
Cristina  JARRIN–LU1160368608–
Cristina JARRIN
Ludovic DUFOUR–LU1160368608–
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
> 3 years
98.62 EUR
Change in NAV (15/02/2019)
3
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (15/02/2019)
98.62 EUR
Risk and reward profile
1234567
Recommended holding period
> 3 years
Cristina JARRIN  
Ludovic DUFOUR  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The Sub-Fund's investment objective is to optimise the risk/return ratio over the recommended investment period by selecting for at least 60% of its net assets, convertible or exchangeable bonds, corporate bonds and stock options, and by diversifying its sources of return: underlying, sector, coupon, issuer, rate, via a systematic analysis of the different exposures.

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Commentary 31/12/2018

With year's end approaching and the fall of liquidity that goes with it, Equity markets witnessed one of their worst month with MSCI world losing -8.56% at month end in a highly volatile context. If the month opened with hopes at the Argentina's G20 summit, Huawei CFO's arrest (implying negotiations between US/China are still far from over), general doubts over fundamentals (as macroeconomics publications continued to point towards deceleration globally, and especially in Europe) and questioning on current expected levels of earnings contributed to send markets lower (S&P down -9.81%, Nikkei -10.33%, Stoxx600 -5.85%). Political news in Europe brought little relief with Theresa May surviving the confidence vote and Italy leaning toward European requirements overs its 2019 budget (spread BTP/BUND is now back to 250 level after its peak mid-November) yet clouds remain with Brexit talks postponed to January and impacts of Yellow Vests Protests in France. Looking at Central Banks, even if we had no surprises (FED proceeded to a new hike, ECB maintaining), both showed signs of worry regarding their forecasts for growth in 2019. In China, Xi Jinping's speech to mark the 40th anniversary ceremony of China's Reform and Opening-up did not detail any new initiatives for reforms. In the meantime the Caixin Manufacturing index fall to 49. Lastly, oil prices kept on falling with a Brent plunging close to -10% to $53.8/Barrel, lowest level since September 2017 amid usual worries over global growth and doubts on OPEC to regulate the market. CB primary was quasi null with only USD 800milion worth of paper (4 papers in total, 2 in the US, 1 in Europe and 1 in Asia Ex). In the US, serial issuer the Medicines Company came back a new $150M CB offering 2024 to fund the development of Inclisiran (New Promising Agent in the Management of Hypercholesterolemia). In Europe, Almirall (specialty pharmaceutical company with a focus on dermatology) issued €250 million, to repay the bridge loan for the acquisition of Allergan's Medical Dermatology (we participated in this primary issue). We close our positions in Steinhoff 22 & 23 as restructuration implies transformation into guaranteed secured loans. In a context of “falling” steel price, we have decided to reduce the metal & mining sector with selling a bit of Outokumpu and Serverstal. Finally, we reduced our position in Rally/Casino.

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Change in NAV

Chart – Base 100 (15/02/2019)
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 N-EUR Cumulative Annualised

-5.06 %

1.29 %

Since inception

-1.38 %

-0.37 %

Since 01/01/2019 1 year* 3 years* 5 years* Since inception
Cumulative

Share class (N-EUR)

Benchmark

-1.38 %

Annualised

Share class (N-EUR)

Benchmark

-5.06 %

1.29 %

-0.37 %

*Rolling periods

Annual performance



Statistics

VolatilityMax. drawdown
Share class N-EURBenchmarkShare class N-EURBenchmark
1 Year*4.82 %-9.44 %
3 Year *4.14 %-10.16 %
Max. monthly gain Since inception3.23 %
Max. monthly loss Since inception-3.33 %
Share class N-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 4.82 % 4.14 %
Tracking Error
Max. monthly loss -3.33 %
Max. monthly gain 3.23 %
Max. drawdown -9.44 % -10.16 %

Fund information

Inception Date (Fund)
27/11/2012
Inception Date (Part)
05/05/2015
Legal form
SICAV
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
5000000.00 EUR
ISIN Code
LU1160368608
AuM (fund)
76 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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