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EdR Fund Europe Convertibles Convertible bonds

Convertible bonds

Type of Share Class:

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Change in NAV (19/04/2018)

597.62 EUR

Laurent LE GRIN–LU1103207525– — Laurent LE GRIN

Thibaut BAILLY–LU1103207525– — Thibaut BAILLY

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

597.62 EUR

Change in NAV (19/04/2018)

1234567

Risk and reward profile

> 2 years

Recommended holding period

Change in NAV (19/04/2018)

597.62 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 29/03/2018

Equity and credit markets were under pressure in March with concerns around a trade war that could hamper global growth as tariffs on Chinese imports were announced by the US in addition to steel and aluminum ones. In this context MSCI Europe TR was down -1.92% and Xover widened further 30 bps touching 293 level. Notably US Libor OIS Spreads moved out to the widest levels seen since 2008. The ECB slightly changed its guidance paving the way for asset purchases termination. On the earnings side the consensus EPS growth in Eurozone for 2019 is now at 9% up 0.2% from a month earlier.On the primary convertible side we saw four new deals: a vanilla CB from Econocom, non –dilutive CBs from Glencore and Carrefour, and a synthetic one from Morgan Stanley into Daimler shares for a total amount of 1.4 bn EUR. We participated in the new issue of Belgian IT company Econocom we think that the company could increase its FCF generation thanks to the growth of the services revenues. Another deal we liked was from diversified natural resources company Glencore, despite being a non-dilutive structure the CB provides an interesting 7Y option on base metals like nickel, copper, zinc that we think could benefit from inflationary environment in addition to an increase in the production of electric cars. During the month we reduced Maisons du Monde CB as the company disappointed with their 2018 sales guidance at only 10%, in addition the CB was extremely expensive, having richened 13 implied volatility points since the issue last year. On the options side we restriked lower after market correction our Credit Agricole, Ciaxa Bank, BT call options and initiated a new position in AXA as we think the sell off after announcing XL Group acquisition in the US was unjustified. In March we suffered from our absence on German real estate as rates as Bund went back to 0.5% and from Rallye/Casino exchangeable bond; as Casino share price went down on earnings report and Leclerc headlines the credit of the holding company widened in line with a higher LTV. On the positive side our absence from such names as Fresenius Medical and our position in Adidas via call options helped.

Change in NAV

Chart – Base 100 (19/04/2018)

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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 01/01/2018	0.59 % 0.01 %	0.59 % 0.01 %
1 Year	0.27 % 4.96 %	0.27 % 4.96 %
3 Year	-1.01 % 5.48 %	-0.34 % 1.79 %
5 year	19.66 % 27.93 %	3.65 % 5.05 %
Since inception	292.01 % 280.28 %	5.77 % 5.64 %

Performance A-EUR

Cumulative

Annualised

Since 01/01/2018

0.59 %

0.01 %

0.59 %

0.01 %

1 Year

0.27 %

4.96 %

0.27 %

4.96 %

3 Year

-1.01 %

5.48 %

-0.34 %

1.79 %

5 year

19.66 %

27.93 %

3.65 %

5.05 %

Since inception

292.01 %

280.28 %

5.77 %

5.64 %

		Since 01/01/2018	1 Year	3 Year	5 year	Since inception
Cumulative	Share class (A-EUR) Benchmark	0.59 % 0.01 %	0.27 % 4.96 %	-1.01 % 5.48 %	19.66 % 27.93 %	292.01 % 280.28 %
Annualised	Share class (A-EUR) Benchmark	–	0.27 % 4.96 %	-0.34 % 1.79 %	3.65 % 5.05 %	5.77 % 5.64 %

Since 01/01/2018

1 Year

3 Year

5 year

Since inception

Cumulative

Share class (A-EUR)

Benchmark

0.59 %

0.01 %

0.27 %

4.96 %

-1.01 %

5.48 %

19.66 %

27.93 %

292.01 %

280.28 %

Annualised

Share class (A-EUR)

Benchmark

–

0.27 %

4.96 %

-0.34 %

1.79 %

3.65 %

5.05 %

5.77 %

5.64 %

*Rolling periods

Annual performance

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)

621 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

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.