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EdR Fund Emerging Corporate Bonds Emerging bonds

Emerging bonds
Change in NAV (22/03/2017)
122.96 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
122.96 EUR
Change in NAV (22/03/2017)
4
1234567
Risk and reward profile
3 years
Recommended holding period
Change in NAV (22/03/2017)
122.96 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 28/02/2017

In February, emerging corporate bond markets again confirmed the positive start they had posted at the beginning of the year. While interest rates in the United States remained stable over the period, yields on emerging debt eased slightly, particularly in the high yield segment. The result was a very modest reduction in yield spreads within the corporate segment. In terms of credit, investment grade and high yield issuers recorded similar performances of around 1.5% over the period. At a regional level, all areas are in positive territory with performances varying from 1% to 2%, with Latin America continuing to stand out, and it remains the top regional performer. Looking at the main countries in which we are exposed, while Brazil has continued to outperform, the Ukraine was down during the month. Further clashes on the border with separatist territories and the emergence of road blocks have rekindled tensions and generated volatility for Ukrainian companies in the Donbass region. Elsewhere, Nigeria and Turkey, in which we respectively increased and initiated exposure, posted performances exceeding 2% this month. At the sector level, it was once again the commodities and industry segments that performed best. EdR EM Corporate Bond recorded yet another positive month. Performance was up by over 1%, slightly below that of the market, given the negative impact of exposure to the Ukraine. The gains made in this category (in USD) have topped 30% for the year, a first-class performance that significantly beat the market. Overall, fund performance is still being driven by its exposure to high yield credit in general, and in Latin America. Duration is still defensive at slightly over 3.5 years while the external environment remains constructive. Growth is on the rise and the robust commodity prices could well offset 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 (22/03/2017)
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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

Performance I-EUR Cumulative performance Annualised performance
Since 01/01/2017 3.13 %  
1 Year 22.53 % 22.53 %
Since inception 22.96 % 9.39 %
Performance I-EUR Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative performance 3.13 % 22.53 % 22.96 %
Annualised performance 22.53 % 9.39 %


Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
1 Year1 Year1 Year1 Year1 Year
Share class I-EUR3.91 %2.65 %0.74 %5.63 %3.91 %
Benchmark3.09 %
AlphaBeta
1 Year1 Year
Share class I-EUR0.25 %0.93 %
Benchmark
Share class I-EUR
Benchmark
1 Year 3 Year 1 Year 3 Year
Volatility 3.91 % 3.09 %
Tracking Error 2.65 %
Sharpe ratio 3.91 %
Alpha 0.25 %
Correlation coefficient 0.74 %
Information ratio 5.63 %
Beta 0.93 %

Fund information

Inception Date (Fund)
25/05/2009
Inception Date (Part)
02/12/2014
Legal form
SICAV
Benchmark
JP Morgan CEMBI Broad
Currency (fund)
USD
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
500000.00 EUR
ISIN Code
LU1080016071
AuM (fund)
260 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

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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