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 (19/09/2018)
99.10 EUR
Mark  KOWALSKI–LU1781815300–
Mark KOWALSKI
Raphaël CHEMLA–LU1781815300–
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
99.10 EUR
Change in NAV (19/09/2018)
3
1234567
Risk and reward profile
3 years
Recommended holding period
Change in NAV (19/09/2018)
99.10 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 31/08/2018

Central banks are still continuing slowly down the path of exiting the path of ultra-accommodative policy. In the US, a rate hike in September has been well telegraphed by the FED and a second rate hike in December is partially priced in by investors, especially given the excellent economic statistics released in August. Notably, US GDP grew at an annualized rate of 4.2%, and consumer confidence numbers were strikingly high. No specific news regarding the European Central Bank came out in August, with investors focusing on the September meeting. The ECB will halve its asset buying program (from EUR 30bln to 15bln per month) from September. The Bank of Japan was rumored in early August to have been planning to signal a less expansive policy , but continuing weak inflation seems to have prompted Governor Kuroda to change his mind. While the news has not been confirmed, it reinforced the hawkish investors' sentiment after the BoJ set a more flexible target on 10year government bond yield in July, allowing this latter to rise up to +0.2%. Following a significant tightening in July, global corporate spreads drifted slightly wider in August on the back of renewed geopolitical headlines (US-China trade tensions, budget talks in Italy, and especially the currency crisis in Turkey and Argentina). This widening was despite the strong earning season results and relatively quiet primary issuance activity. However performances of EUR and US IG corporate markets were positive thanks to the lower yields in benchmark rates. US IG corporate market outperformed the EUR IG corporate market over the period. 10 year IG corporate spreads rose 8 basis points in the US and 12 basis points in the Eurozone. US High Yield continued its strong resilience, with the CDX only rising by 3, whereas the EUR Crossover index rose by 19.

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Fund information

Inception Date (Fund)
04/02/2011
Inception Date (Part)
03/04/2018
Legal form
SICAV
Benchmark
33.3% ICE BofAML BBB Euro Corporate
33.3% ICE BofAML 1-10 Year BBB US Corporate Hedged EUR
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1781815300
AuM (fund)
265 M (EUR)
Regulatory authority
CSSF
Management company
Edmond de Rothschild Asset Management (Luxembourg)
Delegated Management Company
Edmond de Rothschild Asset Management (France)
Incorporation
Luxembourg
Maximum management fee
0,650 %
Current management fee
0.650 %
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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