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 (20/09/2018)
122.92 EUR
Stéphane  MAYOR–LU1080016071–
Stéphane MAYOR
Marc LACRAZ–LU1080016071–
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
122.92 EUR
Change in NAV (20/09/2018)
4
1234567
Risk and reward profile
3 years
Recommended holding period
Change in NAV (20/09/2018)
122.92 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 31/08/2018

July's rebound in the emerging corporate bond markets proved to be short-lived, and they resumed their downtrend in August. The market was negatively influenced by sharp tensions on the Turkish lira and the Argentine peso. US bonds eased slightly while emerging corporate yields appreciated around 20 bps, producing a significant rise in yield spreads that topped 30 bps. In credit terms, high-yield issues considerably underperformed (-2.4%) their investment grade counterparts, which ended up modestly positive over the month. Most regions posted negative performances except Asia, with a more defensive profile. Europe, given the situation in Turkey, stood out with a significant drop exceeding -5%. Looking at the main countries to which we are exposed, Brazil, Ukraine and Russia (still weakened by the threat of US sanctions), moved into negative territory. Nigeria held on to its positive trend and outperformed the market. Both Turkey (-15%) and Argentina (-8%) had an extremely difficult month, impacted by investor mistrust of their ability to meet their financing requirement in hard currencies. Given this environment, EdR Emerging Crédit posted a negative performance, impacted by its Turkish and Argentine allocations and by positioning higher on risk than the market index. Overall, we feel the Argentine and Turkish decline seems somewhat exaggerated. The valuation has become extremely generous in both these particular market segments. Normalisation is likely to occur and support the performance of the underlyings. Despite a difficult environment, the prospect for returns remains attractive over the medium term.

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Change in NAV

Chart – Base 100 (20/09/2018)
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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 I-EUR Cumulative Annualised

-5.64 %

-3.97 %

7.96 %

4.08 %

Since inception

22.92 %

12.80 %

5.58 %

3.22 %

Since 01/01/2018 1 year* 3 years* 5 years* Since inception
Cumulative

Share class (I-EUR)

Benchmark

22.92 %

12.80 %

Annualised

Share class (I-EUR)

Benchmark

-5.64 %

-3.97 %

7.96 %

4.08 %

5.58 %

3.22 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmark
1 Year*3.45 %2.06 %2.01 %0.85 %-1.24 %-1.68 %
3 Year *7.29 %4.23 %4.26 %0.86 %0.85 %1.02 %
Max. drawdownAlphaBeta
Share class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmark
1 Year*-8.16 %-0.02 %1.43 %
3 Year *-8.16 %0.14 %1.48 %
Max. monthly gain Since inception5.72 %
Max. monthly loss Since inception-5.11 %
Share class I-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 3.45 % 7.29 % 2.06 % 4.23 %
Tracking Error 2.01 % 4.26 %
Sharpe ratio -1.68 % 1.02 %
Alpha -0.02 % 0.14 %
Correlation coefficient 0.85 % 0.86 %
Information ratio -1.24 % 0.85 %
Max. monthly loss -5.11 %
Max. monthly gain 5.72 %
Max. drawdown -8.16 % -8.16 %
Beta 1.43 % 1.48 %

Fund information

Inception Date (Fund)
25/05/2009
Inception Date (Part)
02/12/2014
Legal form
SICAV
Benchmark
JPM CEMBI Broad Composite (Hedge EUR)
Currency (fund)
USD
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
500000.00 EUR
ISIN Code
LU1080016071
AuM (fund)
397 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
0,400 %
Current management fee
0.400 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value
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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