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EdR Fund Emerging Corporate Bonds Emerging bonds

Emerging bonds
Change in NAV (24/04/2017)
138.00 USD
Stéphane  MAYOR–LU1080015776–
Stéphane MAYOR
Marc LACRAZ–LU1080015776–
The identity of the managers presented in this document may change during the life of the product.
Risk and reward profile (1)
Recommended holding period
3 years
138.00 USD
Change in NAV (24/04/2017)
Risk and reward profile
3 years
Recommended holding period
Change in NAV (24/04/2017)
138.00 USD
Risk and reward profile
Recommended holding period
3 years
Stéphane MAYOR  
The identity of the managers presented in this document may change during the life of the product.

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 31/03/2017

Emerging corporate bond markets experienced a relatively stable month in March. Interest rates remained stable both on the US 10-year Treasury note and emerging market debt indices. As a result, yield spreads on the corporate bond segment have barely shifted over the month. Looking at credit markets, investment grade and high yield issuers posted similar performances at close to 0% over the period. At a regional level, all regions headed into positive territory, except Latin America, which closed very slightly down, having been penalised by the decline in commodity prices. However, Latin America remains the top regional player since the beginning of the year with performance close to +4%. Looking at the main countries in which we have exposure, performances were barely significant. Brazil is down slightly, given the decline in commodities, while the Ukraine is up, reversing the previous month's negative trend. Performance has also been supported by reduced internal pressures and the prospect of a new tranche ($1 billion USD) from the IMF. In addition, Turkey, where we initiated a position at the beginning of the year, has continued trend well, slightly outperforming the other countries. At the sector level, not surprisingly given what we mentioned above on commodities, it was the mining and metals sector, and also infrastructure, that weakened modestly. EdR EM Corporate Bond recorded a neutral month. Performance was very slightly below that of the market, given the negative impact of the exposure to Brazil. The gains made in this category have topped 25% for the year in USD, a first-class performance that significantly beat the market. Overall, the fund's performance is still reflecting its exposure to high yield credit in general, and to Latin America. Duration has remained defensive at slightly over 3.7 years while the external environment remains constructive and confidence is sound. Growth is increasing and commodities should continue to trend positively over the next few quarters. The prospects of profitable returns over a medium-term horizon remain attractive.

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Change in NAV

Chart – Base 100 (24/04/2017)
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 performance Annualised performance
Since 01/01/2017 5.98 %  
1 Year 22.10 % 21.97 %
3 Year 22.80 % 7.08 %
5 year 33.80 % 5.98 %
Since inception 79.34 % 7.65 %
Performance B-USD Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative performance 5.98 % 22.10 % 22.80 % 33.80 % 79.34 %
Annualised performance 21.97 % 7.08 % 5.98 % 7.65 %


VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
1 Year3 Year 1 Year3 Year 1 Year3 Year 1 Year3 Year 1 Year3 Year
Share class B-USD3.97 %9.65 %2.79 %6.42 %0.71 %0.81 %5.08 %0.14 %2.93 %1.12 %
Benchmark3.08 %4.73 %
Max. monthly lossMax. monthly gainAlphaBeta
Since inceptionSince inception1 Year3 Year 1 Year3 Year
Share class B-USD-6.45 %5.65 %0.25 %-0.20 %0.92 %1.65 %
Share class B-USD
1 Year 3 Year 1 Year 3 Year
Volatility 3.97 % 9.65 % 3.08 % 4.73 %
Tracking Error 2.79 % 6.42 %
Sharpe ratio 2.93 % 1.12 %
Alpha 0.25 % -0.20 %
Correlation coefficient 0.71 % 0.81 %
Information ratio 5.08 % 0.14 %
Max. monthly loss -6.45 %
Max. monthly gain 5.65 %
Beta 0.92 % 1.65 %

Fund information

Inception Date (Fund)
Inception Date (Part)
Legal form
JP Morgan CEMBI Broad
Currency (fund)
Currency (share class)
Distribution Policy
Valuation frequency
Minimum initial investment
1 Share
AuM (fund)
274 M (USD)
Regulatory authority
EU Regulation
Management company
Edmond de Rothschild Asset Management (Luxembourg)
Delegated Management Company
Edmond de Rothschild (Suisse) S.A.
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

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.