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 (12/10/2018)
106.72 EUR
Alina  EPIFANTSEVA–LU1160370505–
Alina EPIFANTSEVA
Ludovic DUFOUR–LU1160370505–
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
106.72 EUR
Change in NAV (12/10/2018)
3
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (12/10/2018)
106.72 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 28/09/2018

The FED regained control in September. At the FOMC, the FED raised its rates as expected and reiterated its intentions on its 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) and the BoJ is still far from considering rate hikes. 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, higher than market expectation. Regarding the “Trade War”, latest announcements had virtually no impact on the equity markets (US's tariffs were less severe than expected); on the month, both Eurostoxx and S&P were flat showing little dispersion (+0.19% and +0.43% respectfully). In the portfolio, we have participated in the new issue of Rag/Evonik 2024 CB and Splunk in the US. We switched from Ctrip 2022 to 2020 to increase equity sensitivity on the name and Biomarin 2024 into 2020 to arbitrate rich valuation of the 2024 bond. We sold high premium Finisar CB into Lumemtum 2024 to keep exposure in the optical sector. In the memory space, we sold high premium expensive Western Digital and bought some Nutanix instead after a correction in the cloud space. On the Aeronautic side, we bought Airbus / Dassault after stock correction, and MTU 2023 after the recent correction on the implied volatility side. In Asia we have taken profits on Kunlun Energy as the stock continued to trend higher on Kunlun's margin recovery and better capacity utilization prospects. On the positive side the fund profited from its exposure to financials via call options with higher rates in Europe. On the negative side, the fund suffered from the fall of chips stocks (especially AMS) amid fallout of president Trump's trade war with China and possible restriction to US manufacturers' supply chains.

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Change in NAV

Chart – Base 100 (12/10/2018)
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 B-EUR Cumulative Annualised

-5.27 %

1.08 %

Since inception

12.69 %

2.05 %

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

Share class (B-EUR)

Benchmark

12.69 %

Annualised

Share class (B-EUR)

Benchmark

-5.27 %

1.08 %

2.05 %

*Rolling periods

Annual performance



Statistics

VolatilityMax. drawdown
Share class B-EURBenchmarkShare class B-EURBenchmark
1 Year*4.41 %-4.55 %
3 Year *3.82 %-6.33 %
Max. monthly gain Since inception3.18 %
Max. monthly loss Since inception-4.03 %
Share class B-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 4.41 % 3.82 %
Tracking Error
Max. monthly loss -4.03 %
Max. monthly gain 3.18 %
Max. drawdown -4.55 % -6.33 %

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
Distribution
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1160370505
AuM (fund)
114 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
1,000 %
Current management fee
1.000 %
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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