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 Crossover Credit Corporate bonds

Corporate bonds
Change in NAV (16/11/2018)
130.12 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
130.12 EUR
Change in NAV (16/11/2018)
3
1234567
Risk and reward profile
3 years
Recommended holding period
Change in NAV (16/11/2018)
130.12 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 31/10/2018

October saw credit spreads widen significantly both in Europe and in US, making it one of the worst month of the year with March and June. Looking closer at this market move, the decompression between BBB and A credit spreads has been strong, highlighting the risk aversion among fixed income investors. Primary market issuance has been subdued in comparison with the rest of 2018 as equity market volatility forced many issuers to stay on the sideline and wait for a better window. Investment grade corporate spreads ended the month 10 bps higher in the US and 15 bps higher in the Eurozone. High yield CDS crossoveer indices widened by 45 over the month. In terms of sector, Autos were the main underperformers both in US and Europe. Concerns over the potential trade war with China, combined with fears of a slowdown in global growth created a sell-off in equities markets led investors to question central banks' forward guidance. The probability of the a US rate hike in December priced by the forward curve fell to 70% at the end of the month (from above 90% in December). Regarding the ECB, there was no surprise at the October meeting with the deposit rate left unchanged at -0.4% and policy guidance re-affirmed. The purchasing program is still projected to end in December, subject to incoming data. Nonetheless, the ECB acknowledged increased headwinds for the growth outlook in Europe.

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Change in NAV

Chart – Base 100 (16/11/2018)
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

-4.33 %

-1.73 %

1.02 %

2.94 %

1.60 %

3.14 %

Since inception

30.12 %

41.47 %

3.44 %

4.56 %

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

Share class (A-EUR)

Benchmark

30.12 %

41.47 %

Annualised

Share class (A-EUR)

Benchmark

-4.33 %

-1.73 %

1.02 %

2.94 %

1.60 %

3.14 %

3.44 %

4.56 %

*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*1.56 %1.39 %0.70 %0.89 %-3.35 %-1.11 %
3 Year *2.80 %2.85 %1.03 %0.93 %-1.63 %1.15 %
Max. drawdownAlphaBeta
Share class A-EURBenchmarkShare class A-EURBenchmarkShare class A-EURBenchmark
1 Year*-4.32 %-0.05 %1.00 %
3 Year *-4.32 %-0.12 %0.92 %
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 1.56 % 2.80 % 1.39 % 2.85 %
Tracking Error 0.70 % 1.03 %
Sharpe ratio -1.11 % 1.15 %
Alpha -0.05 % -0.12 %
Correlation coefficient 0.89 % 0.93 %
Information ratio -3.35 % -1.63 %
Max. monthly loss -3.21 %
Max. monthly gain 3.36 %
Max. drawdown -4.32 % -4.32 %
Beta 1.00 % 0.92 %

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)
179 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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