Edmond de Rothschild

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EdR Fund Crossover Credit Corporate bonds

Corporate bonds
Change in NAV (16/08/2018)
132.66 EUR
Mark  KOWALSKI–LU1080013482–
Mark KOWALSKI
Raphaël CHEMLA–LU1080013482–
Raphaël CHEMLA
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
132.66 EUR
Change in NAV (16/08/2018)
3
1234567
Risk and reward profile
3 years
Recommended holding period
Change in NAV (16/08/2018)
132.66 EUR
Risk and reward profile
1234567
Recommended holding period
3 years
Mark KOWALSKI  
Raphaël CHEMLA  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The Sub-Fund's objective is to achieve optimum long-term capital growth by investing in debt securities traded on regulated capital and money markets. In particular, the Sub-Fund aims to outperform the index.

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Commentary 31/07/2018

In July, credit spreads tightened significantly on the back of lower primary issuance as well as the return of risk appetite among investors. In this context, high beta names outperformed and within the Investment Grade universe BBB issuers were the best performers. Corporate high yield outperformed investment grade debt, with both the XOVER (EUR) and the CDX HY (US) indices tightening in by 40bps (to 280 and 328 respectively) over the month. EM debt also rebounded strongly. In terms of sectors, technology, communications and staples led while cyclicals in general lagged in the wake of trade tensions between the US and the rest of the world. This good performance has been tempered by the rise in government yields with 10 year German bund ending the month at 0.44% (0.3% on the 30th of June) and 10 year US treasury yield at 2.96% (vs 2.86%). The ECB had a mildly dovish meeting. The Bank of Japan sent mixed signals. On one hand it cut its inflation forecast and reaffirmed its commitment to a very accommodative monetary policy but on the other hand it has allowed the 10 year yield to move in a wider range (+0.2% -0.2%) from its 0% target, which triggered a sell-off in JGBs. Despite critical tweets from the White House, the Fed is on course to keep hiking rates given the confirmed strength of the US economy. GDP grew 4.1% quarter-on-quarter, a strong print despite being slightly lower than consensus. Nevertheless both US and EUR corporate indices registered a very strong month.

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Change in NAV

Chart – Base 100 (16/08/2018)
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 A-EUR Cumulative Annualised

-2.02 %

-0.48 %

1.60 %

3.12 %

2.38 %

3.71 %

Since inception

32.66 %

42.50 %

3.82 %

4.81 %

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

Share class (A-EUR)

Benchmark

32.66 %

42.50 %

Annualised

Share class (A-EUR)

Benchmark

-2.02 %

-0.48 %

1.60 %

3.12 %

2.38 %

3.71 %

3.82 %

4.81 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class A-EURBenchmarkShare class A-EURBenchmarkShare class A-EURBenchmarkShare class A-EURBenchmarkShare class A-EURBenchmark
1 Year*1.61 %1.42 %0.56 %0.94 %-2.11 %-0.38 %
3 Year *3.04 %3.18 %0.97 %0.95 %-1.34 %1.00 %
Max. drawdownAlphaBeta
Share class A-EURBenchmarkShare class A-EURBenchmarkShare class A-EURBenchmark
1 Year*-3.93 %-0.02 %1.07 %
3 Year *-3.93 %-0.09 %0.91 %
Max. monthly gain Since inception3.36 %
Max. monthly loss Since inception-3.21 %
Share class A-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 1.61 % 3.04 % 1.42 % 3.18 %
Tracking Error 0.56 % 0.97 %
Sharpe ratio -0.38 % 1.00 %
Alpha -0.02 % -0.09 %
Correlation coefficient 0.94 % 0.95 %
Information ratio -2.11 % -1.34 %
Max. monthly loss -3.21 %
Max. monthly gain 3.36 %
Max. drawdown -3.93 % -3.93 %
Beta 1.07 % 0.91 %

Fund information

Inception Date (Fund)
04/02/2011
Inception Date (Part)
04/02/2011
Legal form
SICAV
Benchmark
33.3% ICE BofAML BBB Euro Corporate hedged USD
33.3% ICE BofAML 1-10 Year BBB US Corporate
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1080013482
AuM (fund)
270 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
0,750 %
Current management fee
0.750 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value
Subscription fee
1.00 % max

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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