Edmond de Rothschild

Welcome to our Fund Center

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.

Please enter your country and indicate which investor category you belong to:
Mobile Logo

EdR Fund Emerging Bonds Emerging bonds

Emerging bonds
Change in NAV (22/05/2018)
167.59 EUR
Jean-Jacques  DURAND–LU1160352354–
Jean-Jacques DURAND
Romain BORDENAVE–LU1160352354–
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
167.59 EUR
Change in NAV (22/05/2018)
5
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (22/05/2018)
167.59 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 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.

View more View less

Commentary 30/04/2018

The pressure is still on as US treasury 10-year yields rose above the 3% mark for the first time since 2013 and the US dollar followed, appreciating against most currencies. EM Local currencies were heavily impacted however our exposure in some of these against the euro did somewhat soften the blow.In April our fund EdRF Emerging Bonds was down -1.26% (I share USD) versus -1.46% for hard currency debt (EMBIG index) and -2.96% for local currency debt (GBI-EM index). Venezuelan bonds were down more than 5% as contested elections scheduled for the end of May are approaching and many observers now see a Maduro victory as their base case. An expected low participation rate and thin lead in the polls of the only opposition candidate willing to participate make it a plausible scenario. This would most likely accelerate the fall in oil production and ultimately lead to a regime change in more unorthodox ways. Basic flows factors, with outflows from ETFs are also to blame for the move. In the background, China did retaliate to US tariffs, hitting among others agricultural products originating from Trump's supportive states in the Mid-West. A resolution doesn't seem to be in sight and headwinds are accumulating against the smooth economic transition which is still the market consensus. In Turkey there was row of seemingly market positive news : a better than expected 75bp hike by the central bank , early elections , apparent stabilization in inflation. However this did not compensate for bad current account numbers and global market sentiment. As a result the Turkish lira lost close to 4% over the month against the US dollar but only 1% against the euro, making the world's cheapest currency even cheaper. An overshoot in a risk averse market is quite possible giving potential opportunities to increase our exposure. In Mexico positive developments in NAFTA negotiations were counterbalanced by an increasing lead in the polls of the left wing candidate for the coming presidential elections. Thus in this context of USD strength the Mexican peso was under pressure. Flows were still positive in local currency funds and equities but threading water in hard currency debt funds. In the primary markets, issuers are rushing to place new issues before the window closes completely resulting in record year to date issuance amounts. With the EMBIG index down more than -3% and local currency debt now back to flat, this could tilt the pattern to more consistent outflows and further market weakness.

View more View less

Change in NAV

Chart – Base 100 (22/05/2018)
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 I-EUR Cumulative Annualised
Since 01/01/2018

-0.55 %

-5.79 %

-0.55 %

-5.79 %

1 Year

-12.24 %

-3.92 %

-12.24 %

-3.92 %

3 Year

14.61 %

6.40 %

4.65 %

2.09 %

5 year

28.67 %

8.73 %

5.17 %

1.69 %

Since inception

67.59 %

30.23 %

7.41 %

3.73 %

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

Share class (I-EUR)

Benchmark

-0.55 %

-5.79 %

-12.24 %

-3.92 %

14.61 %

6.40 %

28.67 %

8.73 %

67.59 %

30.23 %

Annualised

Share class (I-EUR)

Benchmark

-12.24 %

-3.92 %

4.65 %

2.09 %

5.17 %

1.69 %

7.41 %

3.73 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmark
1 Year*8.98 %3.82 %8.87 %0.24 %-1.09 %-0.36 %
3 Year *12.23 %5.72 %9.67 %0.63 %0.36 %0.52 %
Max. drawdownAlphaBeta
Share class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmark
1 Year*-14.29 %-0.20 %0.57 %
3 Year *-16.80 %0.25 %1.35 %
Max. monthly gain Since inception12.31 %
Max. monthly loss Since inception-8.59 %
Share class I-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 8.98 % 12.23 % 3.82 % 5.72 %
Tracking Error 8.87 % 9.67 %
Sharpe ratio -0.36 % 0.52 %
Alpha -0.20 % 0.25 %
Correlation coefficient 0.24 % 0.63 %
Information ratio -1.09 % 0.36 %
Max. monthly loss -8.59 %
Max. monthly gain 12.31 %
Max. drawdown -14.29 % -16.80 %
Beta 0.57 % 1.35 %

Fund information

Inception Date (Fund)
29/04/1998
Inception Date (Part)
04/03/2011
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
LU1160352354
AuM (fund)
498 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
0,400 %
Current management fee
0.400 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value
Performance fee
15,000 %

Fund documentation

Select all

(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.

Top