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 (04/12/2018)
112.92 EUR
Alina  EPIFANTSEVA–LU1160370091–
Alina EPIFANTSEVA
Ludovic DUFOUR–LU1160370091–
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
112.92 EUR
Change in NAV (04/12/2018)
3
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (04/12/2018)
112.92 EUR
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 31/10/2018

October was marked by a strong correction in global equity markets (MSCI World TR -6.80% ) and credit spreads widening (Xover +25 bps). This risk aversion move across asset classes could be attributed to rising US Treasuries yields that touched 3.23%, continued trade tension and concerns over global growth slowdown. Up move in the US rates was triggered by positive US data and hawkish comments by Jerome Powell. It is also interesting to note that US real interest rates rose sharply while inflation break even decreased which clearly shows a tightening of financial conditions. The second half of the month saw not so stellar Q3 earnings season, for example half of Eurostoxx 600 companies have already reported and 37 of them announced profit warnings, which is higher than the five year average. 82% of S&P500 companies beat EPS estimates, with EPS growth running at 23% y/y, and surprising positively by 7%, however the forward guidance has been indicating 2018 may mark the top for corporate earnings growth. Rising raw material costs are still the most cited negative factor by companies, followed by trade war and tariffs. In this context tech has underperformed with NASDAQ down -9.20% on the month. As for the safe heavens, the Bund yield was down 8 bps and yen appreciated from YTD high 114.5 level vs the dollar. October is usually a very quiet month for convertible global issuance amid earnings blackout period. We only saw 10 deals (7 in the US, 1 in Europe, 1 in Asia, 1 in Japan) for a total of 2.1 bn USD. We have participated to the new issue of JPM/Dufry, tendering the old bond like CBs. We took some profits on Severstal 2022 with good stock performance. In the semis/optical space, we added more exposure on the severe pullback in the names like Teradyne, Microchip, II VI, Silicon Lab in the US. We switched our Illumina 2023 expensive CBs into cheaper Illumina 2021. In China we took profits on Kunlun Energy 2019 CB after recent stock rally. On the options side we added new positions in LVMH, Ubisoft call options after recent stocks correction and took partial profits on our Sanofi calls.

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Change in NAV

Chart – Base 100 (04/12/2018)
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-EUR Cumulative Annualised

-6.13 %

-0.76 %

1.09 %

Since inception

12.92 %

2.04 %

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

Share class (I-EUR)

Benchmark

12.92 %

Annualised

Share class (I-EUR)

Benchmark

-6.13 %

-0.76 %

1.09 %

2.04 %

*Rolling periods

Annual performance



Statistics

VolatilityMax. drawdown
Share class I-EURBenchmarkShare class I-EURBenchmark
1 Year*4.95 %-7.21 %
3 Year *3.70 %-7.44 %
Max. monthly gain Since inception3.16 %
Max. monthly loss Since inception-3.33 %
Share class I-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 4.95 % 3.70 %
Tracking Error
Max. monthly loss -3.33 %
Max. monthly gain 3.16 %
Max. drawdown -7.21 % -7.44 %

Fund information

Inception Date (Fund)
27/11/2012
Inception Date (Part)
27/11/2012
Legal form
SICAV
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
500000.00 EUR
ISIN Code
LU1160370091
AuM (fund)
116 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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