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 (14/11/2018)
118.16 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
118.16 EUR
Change in NAV (14/11/2018)
5
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (14/11/2018)
118.16 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 31/10/2018

In a global de-risking context, October has been negative for the emerging markets debt universe erasing most of the gains from the preceding month's rebound. We managed to remain positive mostly thanks to our Turkish and Argentine exposures together with our protection on Chinese credit risk.Our fund EdRF Emerging Bonds is up by +0.21% (I share USD) whereas the EMBIG index (hard currency debt) drops -2.23% and local currency debt concedes -1.96% (GBI-EM index). A thaw in US-Turkish relations, coming from the release of Pastor Brunson was reinforced by the gruesome assassination of Jamal Khashoggi in the Saudi consulate in Istanbul. The Saudi journalist and NY Times correspondent was a fierce critic of the regime. Turkish authorities have been skillfully releasing their intelligence to the US government implicating the Saudi leadership. With volatility receding and both local and foreign investors getting back into the Turkish lira, the currency gained 8% over the month. In this context, bank bonds also continued their rally. The currency also came back stronger in Argentina, up close to 15%, as the new IMF program has been approved and markets stabilized. In Brazil the comfortable victory of Jair Bolsonaro was taken positively by the market as his economic team has been perceived as credible and reformist. The big hurdle will be governability as congress remains fragmented. The Mexican Peso was the clear underperformer among EM currencies as the president elect decided to follow a popular vote and cancel the new Mexico City airport project. After a decent post-election rally on the basis of expected pragmatic economic policies, this controversial decision has planted a doubt in investors' minds. Venezuelan bonds were down with PDVSA testing new lows before rebounding after reports the government was considering the idea of creating a new oil company which would inherit all the assets but not the debt of PDVSA. This risk had been mentioned many times in the past in the evaluation of the different risks between sovereign bonds and those from the national oil company. We have always kept the view that both entities were alter egos. As a matter of fact existing judgments by US courts have already pierced what jurists call the “corporate veil”, demonstrating that the sovereign and PDVSA have long been enough imbricated to make this point. In China the background of continuing tensions on trade and weak economic indicators, have caused a widening in credit spread thus benefiting our protection. Given our prospects through the restructuring and price levels, we sold our remaining position in Noble Group bonds and redeployed some cash into Argentine provincial bonds where we still see value. Otherwise, our global positioning didn't change much.

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Change in NAV

Chart – Base 100 (14/11/2018)
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

-11.32 %

-7.01 %

-0.51 %

1.93 %

Since inception

18.16 %

14.53 %

3.43 %

2.78 %

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

Share class (K-EUR)

Benchmark

18.16 %

14.53 %

Annualised

Share class (K-EUR)

Benchmark

-11.32 %

-7.01 %

-0.51 %

1.93 %

3.43 %

2.78 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class K-EURBenchmarkShare class K-EURBenchmarkShare class K-EURBenchmarkShare class K-EURBenchmarkShare class K-EURBenchmark
1 Year*10.11 %4.99 %8.67 %0.52 %-0.74 %-1.40 %
3 Year *13.62 %5.85 %10.91 %0.64 %-0.20 %0.37 %
Max. drawdownAlphaBeta
Share class K-EURBenchmarkShare class K-EURBenchmarkShare class K-EURBenchmark
1 Year*-19.32 %-0.12 %1.05 %
3 Year *-28.15 %-0.19 %1.48 %
Max. monthly gain Since inception12.82 %
Max. monthly loss Since inception-8.96 %
Share class K-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 10.11 % 13.62 % 4.99 % 5.85 %
Tracking Error 8.67 % 10.91 %
Sharpe ratio -1.40 % 0.37 %
Alpha -0.12 % -0.19 %
Correlation coefficient 0.52 % 0.64 %
Information ratio -0.74 % -0.20 %
Max. monthly loss -8.96 %
Max. monthly gain 12.82 %
Max. drawdown -19.32 % -28.15 %
Beta 1.05 % 1.48 %

Fund information

Inception Date (Fund)
28/04/1998
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)
456 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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