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 (11/12/2018)
106.95 USD
Alina  EPIFANTSEVA–LU1160369838–
Alina EPIFANTSEVA
Ludovic DUFOUR–LU1160369838–
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
106.95 USD
Change in NAV (11/12/2018)
3
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (11/12/2018)
106.95 USD
Risk and reward profile
1234567
Recommended holding period
> 3 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 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 30/11/2018

November was once again torn between mitigated corporates fundamentals and geopolitical tensions which continued to weigh on global risk appetite. With remaining tensions around Trade War, Italy and Brexit the global stock markets were unable to strongly bounce back (SX5E down -0.69%, S&P up +2.04%, Nikkei up +1.96%) after the terrible month of October. The US midterm elections was unsurprising, reassuring investors. The meeting between President Xi and President Trump at the G20 at the end of the month showed some inclination to de-escalate the tensions, yet some dark areas remain. Washington is said to be mulling new duties on car imports, a move that would very likely force the European Union to react. Brexit negotiations moved forward with EU 27 nations endorsing the Brexit deal ; yet uncertainty remains elevated with the probability of seeing the UK parliament voting against the deal in December being relatively high. Concerns also in the tensions existing between Rome and Brussels, European Commission rejected the Italian budget, discussions are ongoing and seem to be more constructive (spread Italy/Germany 10 years now below 300bps). On the macroeconomic side, in the US, US activity somewhat affected by the trade war witnessed a slowdown in industrial production yet the consumer confidence remained at a lofty 135.7 in November. In Europe, consumer confidence indices are in decline, flash PMI indicators were also disappointing. Finally, oil Brent moved from $75 to $60 amid exemptions on ban on importing Iranian crude, however Russia's President Putin met Saudi Crown Prince at G20 summit and they mentioned to renew a pact on oil production cuts. November saw 20 new deals for around 7 bn USD , with some revival of issuance in Japan and in Europe. In Europe we participated in the new deal from the repeat issuer Qiagen, a life sciences company; in the US in the new issue from Dexcom, a medical device company specialized in continuing glucose monitoring systems; in Japan in the deal from a medical equipment distribution company Ship Healthcare Holdings. We sold entirely our position in Vallourec CB ahead of the Q3 earnings results due to absence of improvement in the trajectory of the annual cash burn and potential significant credit spread widening that didn't not materialize yet on the back of the multiple earnings downgrades so far YTD. In Japan we sold low delta names like Lixil and Ezaki Glico. We added pro rata to most of our positions to invest new subscription. On the options side we bought a put spread on S&P 500 over March 2019 in order to geographically diversify our downside protection.

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Change in NAV

Chart – Base 100 (11/12/2018)
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 I-USD Cumulative Annualised

-3.08 %

0.78 %

Since inception

6.95 %

1.48 %

Since 01/01/2018 1 year* 3 years* 5 years* Since inception
Cumulative

Share class (I-USD)

Benchmark

6.95 %

Annualised

Share class (I-USD)

Benchmark

-3.08 %

0.78 %

1.48 %

*Rolling periods

Annual performance



Statistics

VolatilityMax. drawdown
Share class I-USDBenchmarkShare class I-USDBenchmark
1 Year*4.90 %-5.28 %
3 Year *3.65 %-6.08 %
Max. monthly gain Since inception3.20 %
Max. monthly loss Since inception-3.32 %
Share class I-USD
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 4.90 % 3.65 %
Tracking Error
Max. monthly loss -3.32 %
Max. monthly gain 3.20 %
Max. drawdown -5.28 % -6.08 %

Fund information

Inception Date (Fund)
27/11/2012
Inception Date (Part)
20/05/2014
Legal form
SICAV
Currency (fund)
EUR
Currency (share class)
USD
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
500000.00 EUR
ISIN Code
LU1160369838
AuM (fund)
115 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
0,550 %
Current management fee
0.550 %
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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