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 Credit Emerging bonds

Emerging bonds
Change in NAV (17/01/2018)
139.20 USD
Stéphane  MAYOR–LU1080015776–
Stéphane MAYOR
Marc LACRAZ–LU1080015776–
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
139.20 USD
Change in NAV (17/01/2018)
4
1234567
Risk and reward profile
3 years
Recommended holding period
Change in NAV (17/01/2018)
139.20 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 29/12/2017

Emerging corporate bond markets were unchanged in December, in line with the last three months. US interest rates rose slightly over the period, as did emerging debt markets. Yield spreads on the corporate bond segment have barely changed over the period. The continued positive trend on the commodities market, supported by industrial metals and energy — with Brent crude holding above the $60/bbl mark over the last two months — has contributed to the positive sentiment visible on the market. On the credit side, high yield issuers have modestly outperformed their investment grade counterparts. The regions, meanwhile, posted slightly positive performances, particularly in the Africa region. However, Latin America and Africa recorded the top regional performances for the year, reaching close to 13% and 12% respectively. The Middle East and Asia were noticeably down with respective performances of 4.3% and 5.3%. Among the principal countries to which we are exposed, the Ukraine kept up the strong trend it recorded in recent months. This period posted neutral for Brazil and negative (by 0.5%) for Russia. Elsewhere, Turkey stands out with a +1% gain for the month, helping it to catch up some of its back-log after a period of underperformance. The Ukraine posted the year's best performance with an impressive gain topping 23%. Nigeria, at 16%, Argentina at 15% and Brazil with 14% were also in the leading contingent. At the sector level, the best performances came from commodities producers, particularly in Mining & Metals, but also the Pulp & Paper industry. EdR Emerging Credit accordingly recorded yet another positive month, its 10th this financial year. It's performance was in line with that of the market this month. However, it has climbed almost 12% (in USD) over the year, a performance that considerably beats the benchmark's, at roughly 8%. 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 and growth prospects offered by the emerging economies. The outlook for profitable returns over a medium-term horizon remain attractive.

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Change in NAV

Chart – Base 100 (17/01/2018)
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

0.45 %

0.17 %

0.45 %

0.17 %

1 Year

9.68 %

6.86 %

9.68 %

6.86 %

3 Year

45.51 %

21.60 %

13.29 %

6.72 %

5 year

29.65 %

23.56 %

5.33 %

4.32 %

Since inception

90.08 %

93.84 %

7.70 %

7.95 %

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

Share class (B-USD)

Benchmark

0.45 %

0.17 %

9.68 %

6.86 %

45.51 %

21.60 %

29.65 %

23.56 %

90.08 %

93.84 %

Annualised

Share class (B-USD)

Benchmark

9.68 %

6.86 %

13.29 %

6.72 %

5.33 %

4.32 %

7.70 %

7.95 %

*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*3.03 %1.84 %2.05 %0.75 %1.87 %3.82 %
3 Year *8.08 %4.21 %5.31 %0.80 %1.07 %1.44 %
Max. drawdownAlphaBeta
Share class B-USDBenchmarkShare class B-USDBenchmarkShare class B-USDBenchmark
1 Year*-1.38 %0.03 %1.24 %
3 Year *-8.91 %0.17 %1.54 %
Max. monthly gain Since inception5.65 %
Max. monthly loss Since inception-6.45 %
Share class B-USD
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 3.03 % 8.08 % 1.84 % 4.21 %
Tracking Error 2.05 % 5.31 %
Sharpe ratio 3.82 % 1.44 %
Alpha 0.03 % 0.17 %
Correlation coefficient 0.75 % 0.80 %
Information ratio 1.87 % 1.07 %
Max. monthly loss -6.45 %
Max. monthly gain 5.65 %
Max. drawdown -1.38 % -8.91 %
Beta 1.24 % 1.54 %

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
Distribution
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1080015776
AuM (fund)
382 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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