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EdR Fund Emerging Corporate Bonds Emerging bonds

Emerging bonds
Change in NAV (20/06/2017)
105.34 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
105.34 EUR
Change in NAV (20/06/2017)
4
1234567
Risk and reward profile
3 years
Recommended holding period
Change in NAV (20/06/2017)
105.34 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 31/05/2017

Emerging corporate bond markets posted a moderately positive performance in May after a good run in April. Interest rates eased on the US 10-year Treasury note while holding steady on the emerging market debt indices. As a result, yield spreads on the corporate bond segment widened slightly over the period. Looking at the credit markets, investment grade issuers delivered an out-performance of close to 1% on the high yield segment, which closed unchanged over the period. At a regional level, all regions have been heading into positive territory. Performance fell in Latin America, drawn down by Brazil, in the wake of the new political and financial scandal that has broken out in the country. However, Latin America remains the top regional player since the beginning of the year alongside Africa, with performance close to +6.6%. Looking at the main countries in which we have exposure, Brazil underperformed, as a result of new tensions. Corruption revelations attributed to the giant protein producer, JBS, and the suspicions it has raised regarding Michel Temer, have weakened the market and triggered a hike in volatility. For their part, Ukraine and Russia have continued to perform well, and Nigeria, to which we have gradually raised our allocation since the beginning of the year, has enjoyed another positive month, posting a +1.4% hike. At the sector level, the defensive utilities and TMT sectors outperformed while Mines & Metals and industrial segments seemed to be falling. EdR EM Corporate Bond experienced a mixed month, negatively influenced by its exposure to Brazil. However, its gains since the beginning of the year have topped +6.5% (in USD), a performance that is distinctly above the market's. Generally, the fund's performance still reflects its exposure to high yield credit, and to Latin America. Duration has remained defensive at slightly over four years while the external environment remains constructive and confidence is solid. Growth is making positive progress and capital flows are continuing to rise. The prospects of profitable returns over a medium-term horizon remain attractive.

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Change in NAV

Chart – Base 100 (20/06/2017)
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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 B-EUR Cumulative Annualised
Since 01/01/2017

5.17 %

4.94 %

5.17 %

4.94 %

1 Year

15.55 %

7.94 %

15.55 %

7.94 %

Since inception

14.48 %

14.90 %

4.72 %

4.85 %

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

Share class (B-EUR)

Benchmark

5.17 %

4.94 %

15.55 %

7.94 %

14.48 %

14.90 %

Annualised

Share class (B-EUR)

Benchmark

15.55 %

7.94 %

4.72 %

4.85 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmark
1 Year*3.70 %2.88 %2.69 %0.69 %2.97 %3.06 %
3 Year *
Max. drawdownAlphaBeta
Share class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmark
1 Year*-2.42 %0.15 %0.89 %
3 Year *
Max. monthly gain Since inception5.66 %
Max. monthly loss Since inception-6.43 %
Share class B-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 3.70 % 2.88 %
Tracking Error 2.69 %
Sharpe ratio 3.06 %
Alpha 0.15 %
Correlation coefficient 0.69 %
Information ratio 2.97 %
Max. monthly loss -6.43 %
Max. monthly gain 5.66 %
Max. drawdown -2.42 %
Beta 0.89 %

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)
301 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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