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 (19/04/2018)
133.41 EUR
Jean-Jacques  DURAND–LU1160351976–
Jean-Jacques DURAND
Romain BORDENAVE–LU1160351976–
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
133.41 EUR
Change in NAV (19/04/2018)
5
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (19/04/2018)
133.41 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.
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Investment objective

The Sub-Fund's investment objective is to outperform its benchmark, namely the JP Morgan EMBI Global Index, over an investment horizon of three years, using discretionary management on all bond markets from emerging countries.

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Commentary 29/03/2018

A lackluster month, with still jittery equity markets driven down by concerns over the technology giants and a global focus on trade wars as the Trump administration ups pressure on China. As a result US treasury yields came from their recent highs, giving support to long bonds.This helped hard currency debt which was up +0.45% (EMBIG index) and local currency debt up +1.02% (GBI-EM index). In this context EdR Fund Emerging Bonds printed a +0.63% performance (I share USD).In Argentina bonds were still weak, with 2017 growth at 2.9% printing just short of the 3% GDP warrants trigger. Added to heavy positioning and a weak global tone, this put further pressure on our position.Venezuelan presidential elections have been postponed until the end of May. The only opposition candidate willing to participate, ex-Chavista Henri Falcon required international observers as a pre-condition. It is still uncertain which strategy Maduro and his close associates will choose. In the meantime bonds remain well bid as probabilities for a change in regime have been going up.In Turkey a downgrade by Moody's was no big news. Lingering geopolitical risks, with actions in Syria against Kurds, and seasonality, keep a pressure on assets and especially the currency, impacting our fund. We have switched part of our local bonds exposure into a mix of short hard currency bonds and FX forwards, increasing our carry while lowering duration risk.After months of silence, Mozambique convened a presentation for creditors in London putting on the table some restructuring offers. These were promptly rejected by the creditors committee which controls more than 80% of the bonds and thus has a strong arm in these negotiations. In, other news it was reported that the country had successfully restructured its bilateral debt with China and India. A positive step knowing that most of the debt stock is concessional debt with commercial debt representing only 13% of the total.Noble Group had to default on its march 2018 bonds with its restructuring offer ongoing. We reduced our position as bonds had rallied following the offer. They have given back some of their gains to settle in the mid 40's. With challenges from some major shareholders, the deal is not a given. However there is potential upside from current levels either in a liquidation scenario or a successful continuity as a going concern as bondholders could get a sizeable equity share.The flow pattern is more subdued with weekly outflows and inflows alternating, a clear sign that the trend of continuous inflows has been broken after the recent rise in global market volatility.

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Change in NAV

Chart – Base 100 (19/04/2018)
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-EUR Cumulative Annualised
Since 01/01/2018

3.20 %

-2.92 %

3.20 %

-2.92 %

1 Year

-12.75 %

-0.46 %

-12.75 %

-0.46 %

3 Year

24.81 %

9.59 %

7.65 %

3.09 %

Since inception

33.41 %

21.01 %

6.80 %

4.45 %

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

Share class (K-EUR)

Benchmark

3.20 %

-2.92 %

-12.75 %

-0.46 %

24.81 %

9.59 %

33.41 %

21.01 %

Annualised

Share class (K-EUR)

Benchmark

-12.75 %

-0.46 %

7.65 %

3.09 %

6.80 %

4.45 %

*Rolling periods

Annual performance



Fund information

Inception Date (Fund)
29/04/1998
Inception Date (Part)
02/12/2013
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
500000.00 EUR
ISIN Code
LU1160351976
AuM (fund)
513 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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