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EdR Fund Europe Convertibles Convertible bonds

Convertible bonds
Change in NAV (17/08/2017)
105.79 USD
Laurent  LE GRIN–LU1103207285–
Laurent LE GRIN
Kris DEBLANDER–LU1103207285–
Kris DEBLANDER
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
105.79 USD
Change in NAV (17/08/2017)
4
1234567
Risk and reward profile
> 2 years
Recommended holding period
Change in NAV (17/08/2017)
105.79 USD
Risk and reward profile
1234567
Recommended holding period
> 2 years
Laurent LE GRIN  
Kris DEBLANDER  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The objective is to grow the value of its assets in the medium term (3 to 5 years). The assets of the Sub-Fund are predominantly, but not exclusively, invested in convertible or exchangeable bonds with underlying assets in the eurozone. The Sub-Fund seeks to optimise the risk/return ratio over the specified period by diversifying its sources of return – underlying assets, sector, coupon, issuer, interest rate and currency – based on a systematic analysis of the various exposures.

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Commentary 31/07/2017

The euro strength could put at risk the acceleration of economic growth in Europe making earnings growth momentum less vigorous. Mario Draghi kept expectations low for inflation and recent figures gave him right. Euro strength could result from investors' confidence in ECB monetary policy and could be also the consequences of turmoil affecting President Trump. In the short term, we believe European economic growth could be fueled by economic reforms in France and corporate earnings improvements. Interest rates could continue to rise as Eurozone GDP growth could reach 1.7% in 2017. Earnings growth stand still at 20% (including banking sector) by the end of 2017 and should reach 9.5% in 2018. Our strategy remains the same. We are neutral in term of equity sensitivity with around 39% and we keep a selective approach in our sector selection favoring financials and cyclicals. We have taken some profits on corporate bonds and we kept protections through put option in the Eurostoxx 50 over September. We have participated in the primary of these 2 recent CBs in June. At the levels of 13Eur we found it to be a good entry and built a significant position (4.5%), we have previously sold old CBs across the funds earlier in the year at around 15 Eur. This semis company reported good Q2 results with further improvement in gross margin. We also like the name for auto industry exposure. STM is not in the benchmark. In the short run the main drivers will be the launch of Iphone 8 and the ramp up of Tesla's Model 3. Our call options on Credit Agricole, Generali, Allianz added to performance. We have initiated or increased holdings in Siemens, Deutsche Telekom, Air France and BMW as valuation is still attractive. We continue to remain absent from german real estate sector.

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Change in NAV

Chart – Base 100 (17/08/2017)
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 A-USD Cumulative Annualised
Since 01/01/2017

15.18 %

16.19 %

15.18 %

16.19 %

1 Year

9.33 %

9.29 %

9.33 %

9.29 %

3 Year

-4.24 %

-0.80 %

-1.43 %

-0.27 %

5 year

22.07 %

24.95 %

4.07 %

4.55 %

Since inception

5.79 %

14.19 %

0.86 %

2.04 %

Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative

Share class (A-USD)

Benchmark

15.18 %

16.19 %

9.33 %

9.29 %

-4.24 %

-0.80 %

22.07 %

24.95 %

5.79 %

14.19 %

Annualised

Share class (A-USD)

Benchmark

9.33 %

9.29 %

-1.43 %

-0.27 %

4.07 %

4.55 %

0.86 %

2.04 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class A-USDBenchmarkShare class A-USDBenchmarkShare class A-USDBenchmarkShare class A-USDBenchmarkShare class A-USDBenchmark
1 Year*8.33 %7.95 %2.83 %0.94 %0.37 %1.38 %
3 Year *9.96 %10.40 %2.49 %0.97 %-0.39 %-0.09 %
Max. drawdownAlphaBeta
Share class A-USDBenchmarkShare class A-USDBenchmarkShare class A-USDBenchmark
1 Year*-8.59 %0.02 %0.99 %
3 Year *-20.04 %-0.09 %0.93 %
Max. monthly gain Since inception11.48 %
Max. monthly loss Since inception-12.12 %
Share class A-USD
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 8.33 % 9.96 % 7.95 % 10.40 %
Tracking Error 2.83 % 2.49 %
Sharpe ratio 1.38 % -0.09 %
Alpha 0.02 % -0.09 %
Correlation coefficient 0.94 % 0.97 %
Information ratio 0.37 % -0.39 %
Max. monthly loss -12.12 %
Max. monthly gain 11.48 %
Max. drawdown -8.59 % -20.04 %
Beta 0.99 % 0.93 %

Fund information

Inception Date (Fund)
13/12/1993
Inception Date (Part)
28/01/2011
Legal form
SICAV
Benchmark
Exane Euro Convertibles Index
Currency (fund)
EUR
Currency (share class)
USD
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1103207285
AuM (fund)
732 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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