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 Emerging Bonds Emerging bonds

Emerging bonds
Change in NAV (16/07/2018)
100.58 EUR
Jean-Jacques  DURAND–LU1160350812–
Jean-Jacques DURAND
Romain BORDENAVE–LU1160350812–
Romain BORDENAVE
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
100.58 EUR
Change in NAV (16/07/2018)
5
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (16/07/2018)
100.58 EUR
Risk and reward profile
1234567
Recommended holding period
> 3 years
Jean-Jacques DURAND  
Romain BORDENAVE  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The objective is to outperform the benchmark, over using discretionary management on all bond markets from emerging countries.

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Commentary 29/06/2018

June has been another negative month for the EM Debt complex, as outflows accelerated and the global context did not improve. YTD net flows now stand at USD 4.2bn compared to USD 40.6 bn in 2017 over the same period. With USD (-1.8bn), hard currency fund flows have now turned negative. Sources of instability in Europe should remain and so does the “global trade war”. Hardly helpful for our asset class as long as there is no clear market capitulation in sight. In that respect several reports indicate that dedicated EM debt funds have rather low cash balances constituting another risk factor for the segment.Over the month our fund EdRF Emerging Bonds is down -2.66% (I share USD) versus -1.00% for hard currency debt (EMBIG index) and -2.86% for local currency debt (GBI-EM index).No big surprises in the Turkish elections as Mr Erdogan won the presidency with 53% of votes however his AKP party failed to secure a majority in parliament. It is only thanks to a strong showing by the MHP party that the governing coalition could reach a parliamentary majority. This rise of the nationalists should help preserve the NATO link as they have historically been wary of Russian influence. Another larger than expected 125 bps hike by the Central Bank also reassured regarding the independence of monetary policy.The Mexican peso gave back its gains toward the end of the month as the July 1st election was getting closer and in Ukraine our position was hurt amid doubts on the commitment to the IMF program.Regarding the IMF, a key piece of news was the agreement with Argentina leading to a massive USD 50 bn Stand-By Agreement. It did help stabilize the currency and should give a window to the Macri administration in order to pursue reforms while managing social costs before the 2019 elections. In this sense the program contains some margins, knowing how sensitive the subject of the IMF has become since the crisis of the early 2000's. Hard currency bonds were still under pressure amid general market weakness and a still heavy positioning from fund managers. In that respect our Argentina GDP linked securities have suffered again but offer an attractive option for the medium term as we believe that the growth potential is still there. We used the volatility on the peso to add to our FX forward position with local rates above 38%.Venezuelan bonds were also down, with oil company PDVSA debt almost back to its historical lows. Reports of another recent plot in the military to overthrow Nicolas Maduro seem to confirm the growing tensions within the regime in the context of declining oil production and international sanctions. We have suffered on some of our more volatile positions as we have started to re-expose the fund. However we still keep high cash levels and some protections as we believe we should find more attractive opportunities in the coming months.

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Change in NAV

Chart – Base 100 (16/07/2018)
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
Since 01/01/2018

-4.10 %

-4.92 %

-4.10 %

-4.92 %

1 Year

-14.80 %

-3.04 %

-14.69 %

-3.01 %

3 Year

11.54 %

9.46 %

3.70 %

3.06 %

5 year

24.32 %

17.87 %

4.45 %

3.34 %

Since inception

33.89 %

12.14 %

5.17 %

2.00 %

Since 01/01/2018 1 Year 3 Year 5 year Since inception
Cumulative

Share class (B-EUR)

Benchmark

-4.10 %

-4.92 %

-14.80 %

-3.04 %

11.54 %

9.46 %

24.32 %

17.87 %

33.89 %

12.14 %

Annualised

Share class (B-EUR)

Benchmark

-14.69 %

-3.01 %

3.70 %

3.06 %

4.45 %

3.34 %

5.17 %

2.00 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmark
1 Year*9.57 %4.51 %8.97 %0.37 %-0.99 %-0.98 %
3 Year *12.62 %5.73 %9.91 %0.65 %0.14 %0.50 %
Max. drawdownAlphaBeta
Share class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmark
1 Year*-15.99 %-0.20 %0.78 %
3 Year *-20.07 %0.07 %1.43 %
Max. monthly gain Since inception12.80 %
Max. monthly loss Since inception-8.63 %
Share class B-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 9.57 % 12.62 % 4.51 % 5.73 %
Tracking Error 8.97 % 9.91 %
Sharpe ratio -0.98 % 0.50 %
Alpha -0.20 % 0.07 %
Correlation coefficient 0.37 % 0.65 %
Information ratio -0.99 % 0.14 %
Max. monthly loss -8.63 %
Max. monthly gain 12.80 %
Max. drawdown -15.99 % -20.07 %
Beta 0.78 % 1.43 %

Fund information

Inception Date (Fund)
29/04/1998
Inception Date (Part)
01/10/2012
Legal form
SICAV
Benchmark
JP Morgan EMBI Global Hedged
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Distribution
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1160350812
AuM (fund)
484 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
3.00 % 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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