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 Floating Rate Credit Corporate bonds

Corporate bonds
Change in NAV (24/04/2018)
11,352.33 EUR
Benjamine  NICKLAUS–LU1082946713–
Benjamine NICKLAUS
Léo ABELLARD–LU1082946713–
Léo ABELLARD
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
Between 12 and 24 months
11,352.33 EUR
Change in NAV (24/04/2018)
2
1234567
Risk and reward profile
Between 12 and 24 months
Recommended holding period
Change in NAV (24/04/2018)
11,352.33 EUR
Risk and reward profile
1234567
Recommended holding period
Between 12 and 24 months
Benjamine NICKLAUS  
Léo ABELLARD  
The identity of the managers presented in this document may change during the life of the product.
Contact

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 29/03/2018

Early March saw the Italian election taking place. Initially a source of market concern, it saw spreads widening significantly, but then they tightened once it was over. Trade war headlines kept the credit market participants worried since the middle of the month. While the EU received a last-minute exemption from the steel and aluminum tariffs, the potential for an escalating global trade conflict impacted sentiment. Shipping companies bore the brunt of concerns over the war of words. Against this backdrop, central back meetings surprisingly took a back seat: the US Fed raised its target rate by 25bp to 1.5-1.75% and the ECB tweaked its QE guidance, supporting economists' view that net asset purchases would be terminated this year. Although economic data releases remained solid, they also suggested that momentum is cooling. Eurozone PMIs continued to decelerate in March and the composite PMI declined for a second consecutive month. In that context duration has rallied with €10yr yield down 16bps and $10yr yield down 12bps over the month. The neutralization of the rate component (rate hedging) in our fix-to-float bucket cost roughly 30bps to the fund performance. As soon as the primary market has reopened we saw spreads widening. This reflects a conservative mindset from investors: when supply resumed market participants had no intention to add beta, so instead sold in secondary and locked the new issue premium. This was particularly true for € Investment Grade and Subordinated Financials. Primary activity has been more muted in € High Yield, but nonetheless spreads moved wider in March (iBoxx HY index +24bps to 291bps), with returns negative for a second consecutive month. In addition, March also saw all subordinated financials segments underperforming. The insurance sector significantly so, with spreads widening 40 bps on perpetuals and Tier 2's posting a performance of -1.40% and -0.96%.

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Change in NAV

Chart – Base 100 (24/04/2018)
Avertissement
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 N-EUR Cumulative Annualised
Since 01/01/2018

-0.48 %

0.68 %

-0.48 %

0.68 %

1 Year

0.31 %

1.03 %

0.31 %

1.03 %

3 Year

2.56 %

2.77 %

0.84 %

0.91 %

5 year

6.69 %

5.01 %

1.30 %

0.98 %

Since inception

13.52 %

6.20 %

1.75 %

0.83 %

Since 01/01/2018 1 Year 3 Year 5 year Since inception
Cumulative

Share class (N-EUR)

Benchmark

-0.48 %

0.68 %

0.31 %

1.03 %

2.56 %

2.77 %

6.69 %

5.01 %

13.52 %

6.20 %

Annualised

Share class (N-EUR)

Benchmark

0.31 %

1.03 %

0.84 %

0.91 %

1.30 %

0.98 %

1.75 %

0.83 %

*Rolling periods

Annual performance



Fund information

Inception Date (Fund)
07/01/1999
Inception Date (Part)
05/01/2011
Legal form
SICAV
Benchmark
EURIBOR EUR 3M
250BP
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
10000000.00 EUR
ISIN Code
LU1082946713
AuM (fund)
259 M (EUR)
Regulatory authority
CSSF
EU Regulation
UCITS
Management company
Edmond de Rothschild Asset Management (Luxembourg)
Delegated Management Company
Edmond de Rothschild Asset Management (France)
Incorporation
Luxembourg
Maximum management fee
0,200 %
Current management fee
0.200 %
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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