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 (17/01/2018)
125.05 USD
Jean-Jacques  DURAND–LU1160351620–
Jean-Jacques DURAND
Romain BORDENAVE–LU1160351620–
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
125.05 USD
Change in NAV (17/01/2018)
5
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (17/01/2018)
125.05 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 29/12/2017

The year is finishing on a weak note for us. Venezuelan bonds were only marginally lower. However some past due coupons were taken out of our NAV as some bonds entered into actual default after their grace period expired. Despite official comments about some payments on PDVSA bonds having been sent, investors are now waiting to see the actual cash on their accounts. Our fund is down -0.81% (I share USD) whereas hard currency debt posted +0.63% (EMBIG index) and local currency bonds +2.02% (GBI-EM index) helped by a weaker dollar. No significant news from Caracas this month, the recent purge at the helm of PDVSA will only accelerate the decline in oil production which is another pressure factor for a regime or policy change. In the meantime hyperinflation is setting in (about 80% reported for December) and the auction organized by ISDA following the triggering of Credit Default Swaps lead to a 24.5 recovery price. Municipal elections were largely won by the ruling party in the same context of opposition demobilization and of a tweaked electoral system. On the currencies front, the Mexican peso was weaker, mostly on the back of NAFTA negotiations and local politics, and the Euro stronger, both have been hurting us. On the positive side the Turkish lira helped us as strong growth numbers and a favorable positioning supported the currency despite a timid 50bps hike by the central bank. Most notably our Brazilian special situation OI Telecom was up close to 20% as a restructuring plan was finally approved by creditors giving them control of the company. Another special situation, Noble, announced the initiation of restructuring talks with creditors with a possible partial exchange into equity.The year closes on a very upbeat mood with an overall bullish consensus on the EM debt asset class and a primary market geared to flood investors with new issuance in January. We keep our cautious outlook given valuations and investors positioning.

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Change in NAV

Chart – Base 100 (17/01/2018)
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 K-USD Cumulative Annualised
Since 01/01/2018

3.78 %

0.21 %

3.78 %

0.21 %

1 Year

-4.17 %

7.53 %

-4.17 %

7.53 %

3 Year

52.65 %

22.77 %

15.11 %

7.06 %

Since inception

25.05 %

18.14 %

6.88 %

5.08 %

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

Share class (K-USD)

Benchmark

3.78 %

0.21 %

-4.17 %

7.53 %

52.65 %

22.77 %

25.05 %

18.14 %

Annualised

Share class (K-USD)

Benchmark

-4.17 %

7.53 %

15.11 %

7.06 %

6.88 %

5.08 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class K-USDBenchmarkShare class K-USDBenchmarkShare class K-USDBenchmarkShare class K-USDBenchmarkShare class K-USDBenchmark
1 Year*9.15 %3.41 %8.27 %0.43 %-2.12 %2.45 %
3 Year *15.86 %5.46 %13.19 %0.61 %0.36 %1.16 %
Max. drawdownAlphaBeta
Share class K-USDBenchmarkShare class K-USDBenchmarkShare class K-USDBenchmark
1 Year*-15.11 %-0.35 %1.15 %
3 Year *-17.55 %0.03 %1.76 %
Max. monthly gain Since inception12.81 %
Max. monthly loss Since inception-8.50 %
Share class K-USD
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 9.15 % 15.86 % 3.41 % 5.46 %
Tracking Error 8.27 % 13.19 %
Sharpe ratio 2.45 % 1.16 %
Alpha -0.35 % 0.03 %
Correlation coefficient 0.43 % 0.61 %
Information ratio -2.12 % 0.36 %
Max. monthly loss -8.50 %
Max. monthly gain 12.81 %
Max. drawdown -15.11 % -17.55 %
Beta 1.15 % 1.76 %

Fund information

Inception Date (Fund)
29/04/1998
Inception Date (Part)
08/09/2014
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
500000.00 USD EQ EUR
ISIN Code
LU1160351620
AuM (fund)
485 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
0,700 %
Current management fee
0.700 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value

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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