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 Europe Convertibles Convertible bonds

Convertible bonds
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Change in NAV (15/02/2019)
547.68 EUR
Cristina JARRIN–LU1103207525–
Cristina JARRIN
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
547.68 EUR
Change in NAV (15/02/2019)
4
1234567
Risk and reward profile
> 2 years
Recommended holding period
Change in NAV (15/02/2019)
547.68 EUR
Risk and reward profile
1234567
Recommended holding period
> 2 years
Cristina JARRIN  
Thibaut BAILLY  
The identity of the managers presented in this document may change during the life of the product.
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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 31/12/2018

With year's end approaching and the fall of liquidity that goes with it, Equity markets witnessed one of their worst month with MSCI world losing -8.56% at month end in a highly volatile context. If the month opened with hopes at the Argentina's G20 summit, Huawei CFO's arrest (implying negotiations between US/China are still far from over), general doubts over fundamentals (as macroeconomics publications continued to point towards deceleration globally, and especially in Europe) and questioning on current expected levels of earnings contributed to send markets lower (S&P down -9.81%, Nikkei -10.33%, Stoxx600 -5.85%). Political news in Europe brought little relief with Theresa May surviving the confidence vote and Italy leaning toward European requirements overs its 2019 budget (spread BTP/BUND is now back to 250 level after its peak mid-November) yet clouds remain with Brexit talks postponed to January and impacts of Yellow Vests Protests in France. Regarding some macro figures, December PMI continued to weaken, especially in France and Eurozone close to 50 threshold for the latest; German IFO is weakening (despite good order books). Looking at Central Banks, even if we had no surprises (FED proceeded to a new hike, ECB maintaining), both showed signs of worry regarding their forecasts for growth in 2019 (ECB trimmed from 1.7% to 1.5% for 2019). CB primary was quasi null with only USD 800milion worth of paper (4 papers in total, 2 in the US, 1 in Europe and 1 in Asia Ex). In Europe, Almirall (specialty pharmaceutical company with a focus on dermatology) issued €250 million, to repay the bridge loan for the acquisition of Allergan's Medical Dermatology (we participated in this primary issue). We close our positions in Steinhoff 22 & 23 as restructuration implies transformation into guaranteed secured loans (not allowed in the fund). With a housing market expected to be down 8% in volume, we decided to reduce our exposure to Nexity. In a context of “falling” metals price, we have decided to reduce the metal&mining sector with selling a bit of Glencore and Serverstal. Finally, we reduced our position in Rally/Casino.

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Change in NAV

Chart – Base 100 (15/02/2019)
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Performance A-EUR Cumulative Annualised

–

–

–

–

–

–

-7.73 %

-0.99 %

–

–

-0.06 %

3.64 %

–

–

-0.55 %

2.43 %

Since inception

259.25 %

271.09 %

5.21 %

5.34 %

Since 01/01/2019 1 year* 3 years* 5 years* Since inception
Cumulative

Share class (A-EUR)

Benchmark

–

–

–

–

–

–

–

–

259.25 %

271.09 %

Annualised

Share class (A-EUR)

Benchmark

 –

-7.73 %

-0.99 %

-0.06 %

3.64 %

-0.55 %

2.43 %

5.21 %

5.34 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class A-EURBenchmarkShare class A-EURBenchmarkShare class A-EURBenchmarkShare class A-EURBenchmarkShare class A-EURBenchmark
1 Year*5.16 %4.95 %1.96 %–0.93 %–-3.53 %–-0.44 %–
3 Year *5.58 %4.62 %2.61 %–0.89 %–-1.45 %–0.61 %–
Max. drawdownAlphaBeta
Share class A-EURBenchmarkShare class A-EURBenchmarkShare class A-EURBenchmark
1 Year*-11.31 %–-0.14 %–0.96 %–
3 Year *-13.61 %–-0.33 %–1.07 %–
Max. monthly gain Since inception8.99 %
Max. monthly loss Since inception-10.09 %
Share class A-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 5.16 % 5.58 % 4.95 % 4.62 %
Tracking Error 1.96 % 2.61 % – –
Sharpe ratio -0.44 % 0.61 % – –
Alpha -0.14 % -0.33 % – –
Correlation coefficient 0.93 % 0.89 % – –
Information ratio -3.53 % -1.45 % – –
Max. monthly loss -10.09 % –
Max. monthly gain 8.99 % –
Max. drawdown -11.31 % -13.61 % – –
Beta 0.96 % 1.07 % – –

Fund information

Inception Date (Fund)
13/12/1993
Inception Date (Part)
13/12/1993
Legal form
SICAV
Benchmark
Thomson Reuters Europe Focus Hedged CBI (EUR)
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1103207525
AuM (fund)
380 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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