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 (16/08/2018)
126.80 EUR
Jean-Jacques  DURAND–LU1160351208–
Jean-Jacques DURAND
Romain BORDENAVE–LU1160351208–
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
126.80 EUR
Change in NAV (16/08/2018)
5
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (16/08/2018)
126.80 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 31/07/2018

Bear market rally or genuine inflexion point ? July saw a rebound in EM debt markets in a context of low liquidity and a return of some modest inflows after ten consecutive weeks of outflows. This doesn't seem convincing in this context given the global background and the relatively modest amount of outflows compared to previous market corrections. The EMBIG index was up +2.06% (hard currency debt) and local currency debt up +1.90% (GBI-EM index). EdRF Emerging Bonds is flat at -0.06% (I share USD) dragged mostly by Turkey, Argentina and our protections which dampened the rebound. Several events in Turkey weighted down on asset prices. First the nomination of the new cabinet, including Mr Erdogan's son in law as finance and treasury minister, was not well received by investors. Second a pause in rate hikes by the CBRT, despite higher than expected inflation numbers. As a result the Turkish lira lost more than 7% over the month. One positive note : complying with electoral promises, the president lifted the state of emergency which had been in place since the tentative coup of July 2016. Our second biggest exposure, Turkey is still hostage to political volatility but keeps strong credit metrics relative to very discounted valuations and adverse investor positioning. Our Argentine GDP linked bonds were still under pressure despite a rebound in other Argentine assets as growth expectations for 2018 have been revised down. As widely expected, in Mexico AMLO was elected president, also posting a higher than expected majority in congress. For the time being investors are buying a rather pragmatic new policy and the Mexican peso rallied by more than 6% over the month. Venezuelan oil production was down 4.5% over the previous month, confirming a trend that should see production down to 1 mbd at year end. This trend is already constraining Nicolas Maduro in its capacity to pay for the various supports that keep him in power. Regarding our special situations, the restructuring of Oi in Brazil came to its conclusion leaving us with some remaining upside in a deleveraged telecom company which is a potential acquisition target. Finally in China the dilemma is still there between preserving growth/social stability and tackling the debt bubble, leading the authorities back into the vicious circle of some more credit easing. The “trade war” playing in the background is not helping as China has much more to lose than the US…Save for some exceptions, it is hardly a great context to pile into risk as long as asset prices do not cheapen further.

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Change in NAV

Chart – Base 100 (16/08/2018)
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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

-17.27 %

-5.77 %

2.16 %

2.67 %

3.05 %

3.15 %

Since inception

232.70 %

6.10 %

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

Share class (A-EUR)

Benchmark

232.70 %

Annualised

Share class (A-EUR)

Benchmark

-17.27 %

-5.77 %

2.16 %

2.67 %

3.05 %

3.15 %

6.10 %

*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*9.18 %4.48 %8.64 %0.36 %-1.06 %-0.80 %
3 Year *12.62 %5.80 %9.95 %0.64 %0.02 %0.58 %
Max. drawdownAlphaBeta
Share class A-EURBenchmarkShare class A-EURBenchmarkShare class A-EURBenchmark
1 Year*-15.98 %-0.20 %0.74 %
3 Year *-20.08 %-0.03 %1.39 %
Max. monthly gain Since inception12.81 %
Max. monthly loss Since inception-18.41 %
Share class A-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 9.18 % 12.62 % 4.48 % 5.80 %
Tracking Error 8.64 % 9.95 %
Sharpe ratio -0.80 % 0.58 %
Alpha -0.20 % -0.03 %
Correlation coefficient 0.36 % 0.64 %
Information ratio -1.06 % 0.02 %
Max. monthly loss -18.41 %
Max. monthly gain 12.81 %
Max. drawdown -15.98 % -20.08 %
Beta 0.74 % 1.39 %

Fund information

Inception Date (Fund)
29/04/1998
Inception Date (Part)
28/04/1998
Legal form
SICAV
Benchmark
JP Morgan EMBI Global Hedged
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1160351208
AuM (fund)
444 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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