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 (09/11/2018)
95.65 CHF
Stéphane  MAYOR–LU1790342049–
Stéphane MAYOR
Marc LACRAZ–LU1790342049–
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
95.65 CHF
Change in NAV (09/11/2018)
4
1234567
Risk and reward profile
3 years
Recommended holding period
Change in NAV (09/11/2018)
95.65 CHF
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 31/10/2018

In a year that remains challenging and shows no real trend, the markets for emerging corporate debt marked time in October after posting a good September. Risk aversion became a little more marked with an uptrend in the dollar index and US bonds. In addition, a slight decline in raw materials was noted which did not help general sentiment. Yields on emerging corporate bonds rose by 15 bps. The rise was less pronounced on US bonds, and yield spreads widened slightly as a result over the period. On the credit market, despite being in the red, high yield issuers modestly outperformed their investment grade counterparts. Differences were noticeable at the regional level. While the high-yield segment in Latin America and Europe closed the month in positive territory, Asia, Africa and the Middle East posted negative performances. Looking at the leading countries to which we are exposed, Turkey continued to improve and closed the month with a performance of around 2%. Brazil also stood out with a positive performance of 1.5%, supported by the prospect of Jair Bolsonaro's election as president and the establishment of a liberal-oriented economic programme more likely to reassure investors. Meanwhile, the Ukraine ended the month in positive territory, in contrast to Argentina. Given this environment, EdR Emerging Credit's performance was slightly negative on Class A paper in USD, but it came out moderately above that of the market itself. In general, the external environment remains constructive, supported by the good results companies are reporting. Profitability expectations remain positive over the medium term horizon, with an asset valuation that remains attractive, particularly in the high yield segment.

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Fund information

Inception Date (Fund)
25/05/2009
Inception Date (Part)
03/04/2018
Legal form
SICAV
Benchmark
JPM CEMBI Broad Composite (Hedge CHF)
Currency (fund)
USD
Currency (share class)
CHF
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1790342049
AuM (fund)
430 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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