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EdR Fund Europe Convertibles Convertible bonds

Convertible bonds

Type of Share Class:

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Change in NAV (22/06/2017)

609.84 EUR

Laurent LE GRIN–LU1103207525– — Laurent LE GRIN

Kris DEBLANDER–LU1103207525– — 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

Contact

609.84 EUR

Change in NAV (22/06/2017)

1234567

Risk and reward profile

> 2 years

Recommended holding period

Change in NAV (22/06/2017)

609.84 EUR

Risk and reward profile

1234567

Recommended holding period

> 2 years

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.

Commentary 31/05/2017

May has been marked by several major events, such as Emmanuel Macron's election, the G7 event and OPEC meeting. European equity markets welcome the French election outcome. The pace of expected earnings growth continues to strengthen across European countries. Investors community expect more than 20% growth rate by the end of 2017 and a little bit more than 10% for 2018. French and Eurozone PMI still stands above 54 and 57 respectively. European equity rose by 2,65% against 1,41 for US equity market. Positive momentum is reviving in Europe with political fears waning. All obstacles ahead of us, however, are not removed. Upcoming UK, German and Italian elections could bring higher volatility in the market and could exacerbate investors' fears. As the volatility bottomed at the end of May to an historically low level, we took advantage of this by rolling our put option in Euro Stoxx 50 from June to end of July. We have sold or reduced a couple of names that have performed very well since the beginning of the year such as Sanofi, Kering, Adidas, Elior, Inditex and Atos. Ahead of the UK election we sold our holding in British Land 2017. We strengthened holdings in Air France, Cap Gemini, Prysmian 2018, IAG 2020, Outokumpu 2020 Technip, Rallye 2020, Sacyr 2019 and Crédit Agricole Eurazeo. We increased the equity sensitivity of America Movil KPN 2020 (which stands at 50% premium) with a call options in KPN. We think that the company is trading with a discount compared to its peers. We added Telefonica and sold Vodafone. Telefonica convertible bond has an attractive profile making it more attractive than option. Company could also be be re-rated. Finally we restruck our call option in Repsol from 14,5€ June 2018 to €16,5 March 2019. Our strategic positioning remains the same as previous months. We still believe in European economic revival and we are looking at to maintain our key exposure on cyclical and growth sectors, oil and telecommunications services companies. We suffered from our material underweight in German real estate (absence of position in Deutsche Wohnen, Leg Immobilien and GrandCity Properties).We have participated in the new issue of GN Store in Denmark.

Change in NAV

Chart – Base 100 (22/06/2017)

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Net dividends reinvested
Past performance and volatility does not guarantee future performance and volatility which may change over time, and can be affected by fluctuating exchange rates. Performance data does not take into account the fees and charges received when issuing and redeeming units.

Performance A-EUR	Cumulative	Annualised
Since 01/01/2017	3.95 % 4.86 %	3.95 % 4.86 %
1 Year	7.49 % 7.55 %	7.49 % 7.55 %
3 Year	5.72 % 10.01 %	1.87 % 3.22 %
5 year	34.85 % 38.24 %	6.16 % 6.69 %
Since inception	300.03 % 272.67 %	6.07 % 5.75 %

Performance A-EUR

Cumulative

Annualised

Since 01/01/2017

3.95 %

4.86 %

3.95 %

4.86 %

1 Year

7.49 %

7.55 %

7.49 %

7.55 %

3 Year

5.72 %

10.01 %

1.87 %

3.22 %

5 year

34.85 %

38.24 %

6.16 %

6.69 %

Since inception

300.03 %

272.67 %

6.07 %

5.75 %

		Since 01/01/2017	1 Year	3 Year	5 year	Since inception
Cumulative	Share class (A-EUR) Benchmark	3.95 % 4.86 %	7.49 % 7.55 %	5.72 % 10.01 %	34.85 % 38.24 %	300.03 % 272.67 %
Annualised	Share class (A-EUR) Benchmark	–	7.49 % 7.55 %	1.87 % 3.22 %	6.16 % 6.69 %	6.07 % 5.75 %

Since 01/01/2017

1 Year

3 Year

5 year

Since inception

Cumulative

Share class (A-EUR)

Benchmark

3.95 %

4.86 %

7.49 %

7.55 %

5.72 %

10.01 %

34.85 %

38.24 %

300.03 %

272.67 %

Annualised

Share class (A-EUR)

Benchmark

–

7.49 %

7.55 %

1.87 %

3.22 %

6.16 %

6.69 %

6.07 %

5.75 %

*Rolling periods

Annual performance

Net dividends reinvested
Past performance and volatility does not guarantee future performance and volatility which may change over time, and can be affected by fluctuating exchange rates. Performance data does not take into account the fees and charges received when issuing and redeeming units.

Statistics

	Volatility		Tracking Error		Correlation coefficient		Information ratio		Sharpe ratio
	Share class A-EUR	Benchmark	Share class A-EUR	Benchmark	Share class A-EUR	Benchmark	Share class A-EUR	Benchmark	Share class A-EUR	Benchmark
1 Year*	4.83 %	4.40 %	1.84 %	–	0.92 %	–	-0.05 %	–	1.71 %	–
3 Year *	6.14 %	6.24 %	1.94 %	–	0.95 %	–	-0.71 %	–	0.52 %	–

	Max. drawdown		Alpha		Beta
	Share class A-EUR	Benchmark	Share class A-EUR	Benchmark	Share class A-EUR	Benchmark
1 Year*	-4.78 %	–	–	–	1.01 %	–
3 Year *	-11.46 %	–	-0.10 %	–	0.94 %	–

Max. monthly gain Since inception	0.99 %
Max. monthly loss Since inception	-10.44 %

	Share class A-EUR		Benchmark
	1 Year*	3 Year *	1 Year*	3 Year *
Volatility	4.83 %	6.14 %	4.40 %	6.24 %
Tracking Error	1.84 %	1.94 %	–	–
Sharpe ratio	1.71 %	0.52 %	–	–
Alpha	–	-0.10 %	–	–
Correlation coefficient	0.92 %	0.95 %	–	–
Information ratio	-0.05 %	-0.71 %	–	–
Max. monthly loss	-10.44 %		–
Max. monthly gain	0.99 %		–
Max. drawdown	-4.78 %	-11.46 %	–	–
Beta	1.01 %	0.94 %	–	–

Past performance and volatility does not guarantee future performance and volatility which may change over time, and can be affected by fluctuating exchange rates. Performance data does not take into account the fees and charges received when issuing and redeeming units.

Fund information

Inception Date (Fund)

13/12/1993

Inception Date (Part)

13/12/1993

Legal form

SICAV

Benchmark

Exane Euro Convertibles Index

Currency (fund)

EUR

Currency (share class)

EUR

Distribution Policy

Accumulation

Valuation frequency

Daily

Minimum initial investment

1 Share

PEA eligible

ISIN Code

LU1103207525

AuM (fund)

734 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

3.00 % max

Performance fee

15,000 %

Fund documentation

Download

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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.