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 Euro High Yield Corporate bonds

Corporate bonds
Change in NAV (12/12/2018)
104.58 EUR
Alexis  FORET–LU1160363047–
Alexis FORET
Léo ABELLARD–LU1160363047–
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
2 years
104.58 EUR
Change in NAV (12/12/2018)
3
1234567
Risk and reward profile
2 years
Recommended holding period
Change in NAV (12/12/2018)
104.58 EUR
Risk and reward profile
1234567
Recommended holding period
2 years
Alexis FORET  
Léo ABELLARD  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The objective is to outperform its benchmark over the minimum recommended investment period. In order to achieve this objective, additional return will be sought for the bond portfolio through active management of interest rate risk and credit risk.

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Commentary 30/11/2018

In November, risk aversion remained strong as investors were focused on political issues, disappointing global growth figures and oil prices. Preliminary eurozone PMIs came lower than expected and the end of the ECB's asset purchase also weighted on market sentiment.In this context equity markets declined and credit spreads widened while German government rates performed.The Xover index spread widened sharply (+30bps) but this move was even more pronounced for HY cash bonds (+65pbs).The HY market had a -2,05% total return over the month as credit spreads widened by 65 basis points despite a slight decrease in the underlying government rates (-7bps).The performance of HY credit was negative across the board with lower rated bonds leading the path (-1,49% for BB, -3,14% for B and -4,39% for CCC and lower).All sectors had a negative performance with Construction leading the path (-6,5%) followed by Basic Materials (-3%) while Techs and Utilities cushioned their losses (respectively -0,7% and -0,9%).There was about €1,5bn of primary issuance in November of which International Design Group (B2/B), the Italian furniture designer issued two 7 years maturity tranches (6.5% coupon and a floating rate) for a global amount of €720 Mi and Intertrust (Ba2/BB+), a support services company which issued a €500 Mi, 7 years bond with a 3.375% coupon.

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Change in NAV

Chart – Base 100 (12/12/2018)
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 B-EUR Cumulative Annualised

-5.80 %

-3.16 %

1.98 %

4.06 %

2.53 %

3.71 %

Since inception

30.19 %

44.98 %

4.08 %

5.79 %

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

Share class (B-EUR)

Benchmark

30.19 %

44.98 %

Annualised

Share class (B-EUR)

Benchmark

-5.80 %

-3.16 %

1.98 %

4.06 %

2.53 %

3.71 %

4.08 %

5.79 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmark
1 Year*3.25 %2.92 %0.70 %0.98 %-3.64 %-0.81 %
3 Year *4.31 %4.25 %1.18 %0.96 %-1.31 %0.93 %
Max. drawdownAlphaBeta
Share class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmark
1 Year*-5.57 %-0.05 %1.09 %
3 Year *-5.99 %-0.12 %0.98 %
Max. monthly gain Since inception3.75 %
Max. monthly loss Since inception-2.83 %
Share class B-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 3.25 % 4.31 % 2.92 % 4.25 %
Tracking Error 0.70 % 1.18 %
Sharpe ratio -0.81 % 0.93 %
Alpha -0.05 % -0.12 %
Correlation coefficient 0.98 % 0.96 %
Information ratio -3.64 % -1.31 %
Max. monthly loss -2.83 %
Max. monthly gain 3.75 %
Max. drawdown -5.57 % -5.99 %
Beta 1.09 % 0.98 %

Fund information

Inception Date (Fund)
14/02/1997
Inception Date (Part)
09/05/2012
Legal form
SICAV
Benchmark
ICE BofAML BB-B Euro Non-Financial H-Y Constrained
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Distribution
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1160363047
AuM (fund)
206 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
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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