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EdR Fund Emerging Corporate Bonds Emerging bonds

Emerging bonds
NAV (22/02/2017)
104.56 EUR
Stéphane  MAYOR–LU1080015859–
Stéphane MAYOR
Marc LACRAZ–LU1080015859–
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
104.56 EUR
NAV (22/02/2017)
4
1234567
Risk and reward profile
3 years
Recommended holding period
NAV (22/02/2017)
104.56 EUR
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 31/01/2017

Emerging corporate debt markets began the year as it had ended, on a positive note. While interest rates in the United States remained stable over the period, yields on emerging debt were easing slightly. The result was a reduction in yield spreads in the corporate segment over the month. In terms of credit bonds, investment grade issuers ended the month on a modestly positive note, while still markedly under-performing the high yield segment — which closed with a gain exceeding 2%. At the regional level, all regions are now in positive territory with a special mention for Latin America and Africa, which closed the period up by over 2%. At national levels in the major countries to which we are exposed, it was Brazil and the Ukraine that stood out with well-above-average performances, that topped 3.5%. For their part, Argentina, Nigeria and South Africa also recorded a positive month with performances topping 2%. At the sector level, the commodities production and extraction segments performed best. EdR EM Corporate Bond posted yet another positive month with performance exceeding 3%, well above that of the market. The gains made in this category (in USD) have topped 30% per year, a first-class performance that significantly beat the market. Overall, fund performance is still being driven by its exposure to Latin America, the Ukraine, and high yield credit in general. The valuation of the emerging bond markets in which we are invested remains attractive, with a constructive external environment. Growth is on the rise and climbing commodity prices could well compensate for the possible pressures on interest rates. The prospects of profitable returns over a medium-term horizon remain attractive.

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Change in NAV

Chart – Base 100 (22/02/2017)
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

Performance B-EUR Cumulative performance Annualised performance
Since 01/01/2017 4.39 %  
1 Year 28.96 % 28.87 %
Since inception 13.63 % 5.02 %
Performance B-EUR Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative performance 4.39 % 28.96 % 13.63 %
Annualised performance 28.87 % 5.02 %


Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
1 Year1 Year1 Year1 Year1 Year
Share class B-EUR4.89 %3.03 %0.79 %5.40 %3.68 %
Benchmark3.39 %
AlphaBeta
1 Year1 Year
Share class B-EUR0.23 %1.14 %
Benchmark
Share class B-EUR
Benchmark
1 Year 3 Year 1 Year 3 Year
Volatility 4.89 % 3.39 %
Tracking Error 3.03 %
Sharpe ratio 3.68 %
Alpha 0.23 %
Correlation coefficient 0.79 %
Information ratio 5.40 %
Beta 1.14 %

Fund information

Inception Date (Fund)
25/05/2009
Inception Date (Part)
15/07/2014
Legal form
SICAV
Benchmark
JP Morgan CEMBI Broad
Currency (fund)
USD
Currency (share class)
EUR
Distribution Policy
Distribution
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1080015859
AuM (fund)
249 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
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.

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