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 (18/06/2018)
97.89 USD
Jean-Jacques  DURAND–LU1225423869–
Jean-Jacques DURAND
Romain BORDENAVE–LU1225423869–
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
97.89 USD
Change in NAV (18/06/2018)
5
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (18/06/2018)
97.89 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.
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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 31/05/2018

Another year where the “the sell in May and go away” was right on the spot. Sell they did, go away, we shall see over the coming months. As summer is approaching, with its usual drop in liquidity, and as many clouds have appeared, many investors might decide to further de-expose. As a matter of fact, the episode of outflows from EM debt funds witnessed so far is still marginal compared to previous occasions in 2013 or 2016. So there might be more to come and we will be patient before raising substantially our exposure.In May EdRF Emerging Bonds was down -2.85% (I share USD) versus -1.08% for hard currency debt (EMBIG index) and -4.98% for local currency debt (GBI-EM index).The US Dollar strengthened and US interest rates finished the month lower after peaking just above 3.10% in the 10 year sector.As a result emerging markets currencies were particularly hit with the Argentine peso, Turkish lira and Mexican peso in the bottom trio. This did impact our fund in spite of the mitigating factor of a weaker euro, dragged down by the Italian political crisis. In Turkey, facing the pressure, with presidential and parliamentary elections approaching, the Central bank seemed to get its act together with a 3% rate hike and a simplification of its interest rate policy. We increased our exposure there with more attractive valuations and positioning factors both in local currency and in USD sovereign bonds.Venezuelan elections confirmed market expectations as Nicolas Maduro has managed to stay in power with a record low participation rate, an opposition boycott and widespread manipulation. As such, results were rejected by the international community and a new round of sanctions followed, targeting both financing channels and individuals. This context should accelerate the oil production decline and exacerbate tensions within the regime, hence raising the pressure for a change. Bonds were down 5% on average.We used the sharp and much needed devaluation in Argentina to initiate a position in the peso given the high carry and better entry level. A very reactive central bank hiked rates by a total of 12.75% over two weeks and the government announced it would seek an IMF program, a politically sensitive decision. The willingness to continue with reforms and reduce the deficit is still there and a window remains open before the next elections at the end of 2019.Our remaining exposure in Argentine hard currency debt was also impacted explaining another part of the weak performance. The still heavy positioning makes us cautious before raising our exposure in this sector but opportunities are emerging.

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Change in NAV

Chart – Base 100 (18/06/2018)
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 B-USD Cumulative Annualised
Since 01/01/2018

-2.58 %

-5.79 %

-2.58 %

-5.79 %

1 Year

-10.72 %

-2.14 %

-10.67 %

-2.13 %

Since inception

1.86 %

3.27 %

0.87 %

1.53 %

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

Share class (B-USD)

Benchmark

-2.58 %

-5.79 %

-10.72 %

-2.14 %

1.86 %

3.27 %

Annualised

Share class (B-USD)

Benchmark

-10.67 %

-2.13 %

0.87 %

1.53 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class B-USDBenchmarkShare class B-USDBenchmarkShare class B-USDBenchmarkShare class B-USDBenchmarkShare class B-USDBenchmark
1 Year*9.81 %4.92 %8.73 %0.46 %-0.95 %-0.51 %
3 Year *
Max. drawdownAlphaBeta
Share class B-USDBenchmarkShare class B-USDBenchmarkShare class B-USDBenchmark
1 Year*-11.20 %-0.16 %0.91 %
3 Year *
Max. monthly gain Since inception
Max. monthly loss Since inception
Share class B-USD
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 9.81 % 4.92 %
Tracking Error 8.73 %
Sharpe ratio -0.51 %
Alpha -0.16 %
Correlation coefficient 0.46 %
Information ratio -0.95 %
Max. drawdown -11.20 %
Beta 0.91 %

Fund information

Inception Date (Fund)
29/04/1998
Inception Date (Part)
04/05/2016
Legal form
SICAV
Benchmark
JP Morgan EMBI Global (USD)
Currency (fund)
EUR
Currency (share class)
USD
Distribution Policy
Distribution
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1225423869
AuM (fund)
479 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
3.00 % 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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