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EdR Fund Emerging Bonds Emerging bonds

Emerging bonds
Change in NAV (19/10/2017)
1,474.82 USD
Jean-Jacques  DURAND–LU1160351034–
Jean-Jacques DURAND
Romain BORDENAVE–LU1160351034–
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
1,474.82 USD
Change in NAV (19/10/2017)
5
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (19/10/2017)
1,474.82 USD
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 29/09/2017

With most investors back from holidays, September was marked by an avalanche of new issues bringing the tally YTD to a record. With USD 78bn of EM credit issuance, the monthly amount itself has broken all records since 2004. This supply was absorbed by the market as inflows are still coming into EM Debt funds. However the momentum and market balance seem to be getting more fragile going into the autumn. The latest moves in US rates do not help in this sense. Core rates readjusted substantially with US Treasury 10yr yields up more than 20 bps; the underlying strength of the US economy and the expected normalization of the Fed's policy came back to the foreground in a context of heavy positioning. However neither the latest missile tests from North Korea nor the Kurdish independence referendum were sufficient to have a material effect on our markets. EM hard currency debt was basically flat at -0.01% over the month (EMBI Global index) and local currency debt was down -0.34% (GBI-EM index). Our fund EdR Emerging Bond is up +0.40% (I share in USD). Despite some negative contribution from our Ukraine exposure our US treasury hedges did help along with some idiosyncratic positions like our Argentine GDP linked securities up close to 7%.Venezuelan debt was slightly up as the confirmations of some coupon payments and a 10% rise in oil were just enough to reassure investors ahead of the substantial payments due between the end of October and early November. The USD 3.5 bn due, essentially by state oil company PDVSA is a challenging amount but nonetheless achievable. Avoiding default there would buy the country some time as the redemption schedule is lighter in 2018. In the meantime discussions with the Russians about different financings are still ongoing. Negotiations with the opposition hosted by the Dominican Republic seem to be paused as some pre-conditions have not been met.Inflows into EM debt funds have already surpassed the USD 50 bn mark at this stage, putting them already above any of the past full years on record. Our very cautious positioning hasn't changed and if anything we are still inclined to reduce some of the more mainstream exposures we still have.

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Change in NAV

Chart – Base 100 (19/10/2017)
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-USD Cumulative Annualised
Since 01/01/2017

0.99 %

9.24 %

0.99 %

9.24 %

1 Year

0.84 %

5.52 %

0.84 %

5.52 %

3 Year

34.55 %

19.03 %

10.37 %

5.96 %

Since inception

48.20 %

20.71 %

8.59 %

4.02 %

Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative

Share class (A-USD)

Benchmark

0.99 %

9.24 %

0.84 %

5.52 %

34.55 %

19.03 %

48.20 %

20.71 %

Annualised

Share class (A-USD)

Benchmark

0.84 %

5.52 %

10.37 %

5.96 %

8.59 %

4.02 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class A-USDBenchmarkShare class A-USDBenchmarkShare class A-USDBenchmarkShare class A-USDBenchmarkShare class A-USDBenchmark
1 Year*7.59 %4.87 %6.98 %0.44 %-0.52 %0.69 %
3 Year *15.74 %5.85 %12.64 %0.65 %0.25 %0.96 %
Max. drawdownAlphaBeta
Share class A-USDBenchmarkShare class A-USDBenchmarkShare class A-USDBenchmark
1 Year*-8.83 %-0.04 %0.69 %
3 Year *-22.11 %-0.05 %1.75 %
Max. monthly gain Since inception12.78 %
Max. monthly loss Since inception-8.52 %
Share class A-USD
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 7.59 % 15.74 % 4.87 % 5.85 %
Tracking Error 6.98 % 12.64 %
Sharpe ratio 0.69 % 0.96 %
Alpha -0.04 % -0.05 %
Correlation coefficient 0.44 % 0.65 %
Information ratio -0.52 % 0.25 %
Max. monthly loss -8.52 %
Max. monthly gain 12.78 %
Max. drawdown -8.83 % -22.11 %
Beta 0.69 % 1.75 %

Fund information

Inception Date (Fund)
29/04/1998
Inception Date (Part)
11/01/2013
Legal form
SICAV
Benchmark
JP Morgan EMBI Global (USD)
Currency (fund)
EUR
Currency (share class)
USD
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1160351034
AuM (fund)
491 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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