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EdR Fund Euro Credit Short Term Corporate bonds

Corporate bonds
Change in NAV (26/04/2017)
11,419.43 EUR
Raphaël  CHEMLA–LU1082946630–
Raphaël CHEMLA
Julie GUALINO-DALY–LU1082946630–
The identity of the managers presented in this document may change during the life of the product.
Risk and reward profile (1)
Recommended holding period
Between 12 and 24 months
11,419.43 EUR
Change in NAV (26/04/2017)
Risk and reward profile
Between 12 and 24 months
Recommended holding period
Change in NAV (26/04/2017)
11,419.43 EUR
Risk and reward profile
Recommended holding period
Between 12 and 24 months
Raphaël CHEMLA  
The identity of the managers presented in this document may change during the life of the product.

Investment objective

The Sub-Fund's investment objective is to outperform its benchmark, net of management fees, over an investment horizon of one to two years, through a portfolio representing investment opportunities present on the short-term corporate credit markets.

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Commentary 31/03/2017

The Dutch elections, the Brexit kick-off, and trouble in the Trump administration barely affected credit spreads. Approaching elections in France have, however, added some volatility to government bond markets. The corporate reporting season has ended, and, in general, there have been no unpleasant surprises to report. The Euro Investment Grade credit market was negatively impacted by a drop in government bond prices. However, credit spreads narrowed slightly in March as a result of positive economic data, as well as a modest decline in political concerns. A notable exception was the energy sector, which saw spreads widening slightly due to lower crude oil prices. European corporate debt outperformed its US counterpart in credit spread terms, in the wake of investor concerns over Donald Trump's ability to get his tax reforms through after his health reform setback. The high yield credit market in Europe remains largely driven by QE (which will dip in April to €60 billion in asset repurchasing from €80 billion per month), and by technical factors largely benefiting the issuers. So far, the market has been little affected by Theresa May's triggering of Article 50, and Donald Trump's setback in his attempt to reform Obamacare.

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Change in NAV

Chart – Base 100 (26/04/2017)
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 performance Annualised performance
Since 01/01/2017 0.20 %  
1 Year 1.12 % 1.12 %
3 Year 4.04 % 1.33 %
5 year 8.05 % 1.56 %
Since inception 14.19 % 1.81 %
Performance I-EUR Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative performance 0.20 % 1.12 % 4.04 % 8.05 % 14.19 %
Annualised performance 1.12 % 1.33 % 1.56 % 1.81 %


VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
1 Year3 Year 1 Year3 Year 1 Year3 Year 1 Year3 Year 1 Year3 Year
Share class I-EUR0.74 %1.49 %0.51 %1.00 %0.72 %0.83 %0.96 %0.11 %2.34 %1.99 %
Benchmark0.53 %0.69 %
Max. monthly lossMax. monthly gainAlphaBeta
Since inceptionSince inception1 Year3 Year 1 Year3 Year
Share class I-EUR-1.13 %1.29 %0.01 %-0.07 %1.01 %1.77 %
Share class I-EUR
1 Year 3 Year 1 Year 3 Year
Volatility 0.74 % 1.49 % 0.53 % 0.69 %
Tracking Error 0.51 % 1.00 %
Sharpe ratio 2.34 % 1.99 %
Alpha 0.01 % -0.07 %
Correlation coefficient 0.72 % 0.83 %
Information ratio 0.96 % 0.11 %
Max. monthly loss -1.13 %
Max. monthly gain 1.29 %
Beta 1.01 % 1.77 %

Fund information

Inception Date (Fund)
Inception Date (Part)
Legal form
BofA Merrill Lynch 1-3 Year Euro Corporate Non-Fin
Currency (fund)
Currency (share class)
Distribution Policy
Valuation frequency
Minimum initial investment
500000.00 EUR
AuM (fund)
221 M (EUR)
Regulatory authority
EU Regulation
Management company
Edmond de Rothschild Asset Management (Luxembourg)
Delegated Management Company
Edmond de Rothschild Asset Management (France)
Maximum management fee
0,150 %
Current management fee
0.150 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value
Performance fee
20,000 %

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.