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EdR Fund Emerging Corporate Bonds Emerging bonds

Emerging bonds
Change in NAV (18/10/2017)
188.57 USD
Stéphane  MAYOR–LU1080015420–
Stéphane MAYOR
Marc LACRAZ–LU1080015420–
Marc LACRAZ
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
188.57 USD
Change in NAV (18/10/2017)
4
1234567
Risk and reward profile
3 years
Recommended holding period
Change in NAV (18/10/2017)
188.57 USD
Risk and reward profile
1234567
Recommended holding period
3 years
Stéphane MAYOR  
Marc LACRAZ  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

Investment objective: The objective of the Sub-Fund is to achieve long-term optimum growth of the invested capital via investments in regulated capital and money markets. In particular, the Sub-Fund aims to outperform the JP Morgan CEMBI Broad Index.

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Commentary 29/09/2017

Emerging corporate bond markets were unchanged in September, after two months of positive performances. While US interest rates tightened by around 20 bps over the period, yields on emerging debt rose more modestly. The net result was a slight reduction in yield spreads within the corporate segment. The positive trend on the commodities market, and oil in particular, over the period contributed to the positive sentiment evident on the markets. On the credit side, high yield issuers once again outperformed their investment grade counterparts. The regions, meanwhile, put in performances ranging from 0% to 1%. Latin America has remained the top regional performer, both over the month and since the beginning the year, with a performance exceeding 11%. Asia, however, was falling behind. Among the principal countries to which we are exposed, the Ukraine kept up the strong trend it recorded in recent months, to post yet another gain of around 2% over the month. Meanwhile, Brazil and Argentina have continued to outperform the market with a gain of 0.9%. Nigeria, too, up by 1.4% over the month, also stood out for a second month in a row. At the sector level, the best performances came from commodities production, plus paper and pulp, as well as transport. Accordingly, EdR EM Corporate Bond recorded yet another positive month with performance up more than 1%, exceeding that of the market. It has climbed over 10% since the beginning of the year in USD, a performance that considerably beats the benchmark. Overall, fund performance is still being supported by its exposure to high yield credit, as well as to Latin America and the Ukraine. Duration remains slightly defensive at close to four years while the external environment is still constructive, sustained by the positive trend in commodities. Growth is also making positive progress and capital flows remain bullish. The prospects for profitable returns over a medium-term horizon remain attractive.

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Change in NAV

Chart – Base 100 (18/10/2017)
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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 A-USD Cumulative Annualised
Since 01/01/2017

11.43 %

7.73 %

11.43 %

7.73 %

1 Year

15.25 %

6.48 %

15.25 %

6.48 %

3 Year

29.43 %

17.96 %

8.96 %

5.65 %

5 year

33.48 %

25.46 %

5.94 %

4.64 %

Since inception

88.57 %

93.00 %

7.84 %

8.14 %

Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative

Share class (A-USD)

Benchmark

11.43 %

7.73 %

15.25 %

6.48 %

29.43 %

17.96 %

33.48 %

25.46 %

88.57 %

93.00 %

Annualised

Share class (A-USD)

Benchmark

15.25 %

6.48 %

8.96 %

5.65 %

5.94 %

4.64 %

7.84 %

8.14 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class A-USDBenchmarkShare class A-USDBenchmarkShare class A-USDBenchmarkShare class A-USDBenchmarkShare class A-USDBenchmark
1 Year*3.57 %2.49 %2.46 %0.72 %3.46 %2.09 %
3 Year *9.43 %4.53 %6.24 %0.83 %0.44 %1.15 %
Max. drawdownAlphaBeta
Share class A-USDBenchmarkShare class A-USDBenchmarkShare class A-USDBenchmark
1 Year*-2.39 %0.14 %1.04 %
3 Year *-13.61 %-0.09 %1.72 %
Max. monthly gain Since inception5.65 %
Max. monthly loss Since inception-6.45 %
Share class A-USD
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 3.57 % 9.43 % 2.49 % 4.53 %
Tracking Error 2.46 % 6.24 %
Sharpe ratio 2.09 % 1.15 %
Alpha 0.14 % -0.09 %
Correlation coefficient 0.72 % 0.83 %
Information ratio 3.46 % 0.44 %
Max. monthly loss -6.45 %
Max. monthly gain 5.65 %
Max. drawdown -2.39 % -13.61 %
Beta 1.04 % 1.72 %

Fund information

Inception Date (Fund)
25/05/2009
Inception Date (Part)
25/05/2009
Legal form
SICAV
Benchmark
JP Morgan CEMBI Broad
Currency (fund)
USD
Currency (share class)
USD
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1080015420
AuM (fund)
334 M (USD)
Regulatory authority
CSSF
EU Regulation
UCITS
Management company
Edmond de Rothschild Asset Management (Luxembourg)
Delegated Management Company
Edmond de Rothschild (Suisse) S.A.
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
1.00 % 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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