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 (18/04/2018)
109.25 CHF
Julie  GUALINO-DALY–LU1400356025–
Julie GUALINO-DALY
Alexis FORET–LU1400356025–
Alexis FORET
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
109.25 CHF
Change in NAV (18/04/2018)
3
1234567
Risk and reward profile
2 years
Recommended holding period
Change in NAV (18/04/2018)
109.25 CHF
Risk and reward profile
1234567
Recommended holding period
2 years
Julie GUALINO-DALY  
Alexis FORET  
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 29/03/2018

After a very strong and promising start, credit is finishing in poor fashion with total and excess returns in negative territory. While the EU received a last-minute exemption from the steel and aluminum tariffs, the potential for an escalating global trade conflict impacted sentiment. 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.HY spreads moved again wider in March (iBoxx HY NFI +24bp to 291bp), with returns negative for a second consecutive month. The iBoxx HY NFI lost 0.2% and was marginally outperformed by Financials (-0.2%) mom. Most sectors incurred losses, with Construction (+0.3%), Healthcare (+0.3%), and Utilities (+0.1%) the best sectors in March and Basic Resources (+0.1%) also resilient. Technology (-0.6%), Oil & Gas (-0.3%), and Industrials (-0.3%) took the biggest hits in the month. CCC notes (-1%) underperformed their BB (-0.2%) and B (-0.1%) peers in March, but remain well ahead YTD (+1.5%). Nevertheless, 1Q18 is the first quarter of negative returns for high yield (iBoxx HY NFI -0.68%) in almost three years (3Q15 -3.45%), with the bulk of the YTD decline from BB notes (-0.98%).

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Change in NAV

Chart – Base 100 (18/04/2018)
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 I-CHF Cumulative Annualised
Since 01/01/2018

-0.18 %

0.21 %

-0.18 %

0.21 %

1 Year

3.13 %

4.18 %

3.13 %

4.18 %

Since inception

9.25 %

12.73 %

4.72 %

6.45 %

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

Share class (I-CHF)

Benchmark

-0.18 %

0.21 %

3.13 %

4.18 %

9.25 %

12.73 %

Annualised

Share class (I-CHF)

Benchmark

3.13 %

4.18 %

4.72 %

6.45 %

*Rolling periods

Annual performance



Fund information

Inception Date (Fund)
14/02/1997
Inception Date (Part)
18/05/2016
Legal form
SICAV
Benchmark
ICE BofAML BB-B Euro Non-Financial H-Y Constrained
Currency (fund)
EUR
Currency (share class)
CHF
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
500000.00 EUR
ISIN Code
LU1400356025
AuM (fund)
244 M (EUR)
Regulatory authority
CSSF
Management company
Edmond de Rothschild Asset Management (Luxembourg)
Delegated Management Company
Edmond de Rothschild Asset Management (France)
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
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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