Edmond de Rothschild

Welcome to our Fund Center

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.

Please enter your country and indicate which investor category you belong to:
Mobile Logo

EdR Fund Europe Convertibles Convertible bonds

Convertible bonds
Change in NAV (16/08/2018)
575.36 EUR
Kris  DEBLANDER–LU1103207525–
Kris DEBLANDER
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
575.36 EUR
Change in NAV (16/08/2018)
4
1234567
Risk and reward profile
> 2 years
Recommended holding period
Change in NAV (16/08/2018)
575.36 EUR
Risk and reward profile
1234567
Recommended holding period
> 2 years
Kris DEBLANDER  
Thibaut BAILLY  
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.

View more View less

Commentary 31/07/2018

By the end of the month, the trade tensions de-escalated between US and EU after Jean Claude Juncker met with Donald Trump and agreed to work together toward zero tariffs, zero non-tariff barriers and zero subsidies on non-auto industrial goods. In this context credit markets outperformed with Xover tightening by 40 bps to 280 bps and MSCI Europe TR finishing at +3.28%. Corporate results are quite strong so far with 56% of reported companies of Stoxx600 beating estimates with good performance from the cyclical sector. The results confirmed the EPS growth expected at the start of the year, at nearly 10%. On the primary side we saw a new issue from a Swiss biotech company Idorsia that came to market with 200 mln CHF 6Y 0.75% coupon convertible bond simultaneously raising 305 mln CHF of new equity to finance its clinical trials, we have participated in this deal. We increased our position in Cellnex as the bonds had cheapened since May implied volatility peak and sold some holdings in telecom sector like Orange/BT, Telefonica, AMX/KPN. On the options side we restriked lower our Telecom Italia and ING options. Equally we have taken some profits on Bayer/Covestro and Airbus/Dassault exchangeables. Steinhoff announced a debt restructuring plan with PIK interest at 10%, new 3Y maturity from the effective date of restructuring and 25% cash repayment for 2021 and 2022 CB holders in 2019. On the positive side the fund profited from our exposure to financials with Spanish banks reporting strong results with better than expected loan growth recovery and with Bund yield adding 14 bps on the month. On the negative side our position in Glencore weighed on the performance with the stock down 8% in July on a subpoena from the DoJ relating to its businesses in Nigeria, DRC, Venezuela.

View more View less

Change in NAV

Chart – Base 100 (16/08/2018)
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 A-EUR Cumulative Annualised

-5.18 %

2.36 %

-0.82 %

2.34 %

1.44 %

3.89 %

Since inception

277.41 %

279.70 %

5.53 %

5.55 %

Since 01/01/2018 1 year* 3 years* 5 years* Since inception
Cumulative

Share class (A-EUR)

Benchmark

277.41 %

279.70 %

Annualised

Share class (A-EUR)

Benchmark

-5.18 %

2.36 %

-0.82 %

2.34 %

1.44 %

3.89 %

5.53 %

5.55 %

*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*5.30 %4.45 %3.48 %0.76 %-1.98 %0.67 %
3 Year *5.82 %5.50 %2.71 %0.89 %-1.08 %0.46 %
Max. drawdownAlphaBeta
Share class A-EURBenchmarkShare class A-EURBenchmarkShare class A-EURBenchmark
1 Year*-6.57 %-0.13 %0.90 %
3 Year *-9.65 %-0.23 %0.94 %
Max. monthly gain Since inception8.99 %
Max. monthly loss Since inception-10.44 %
Share class A-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 5.30 % 5.82 % 4.45 % 5.50 %
Tracking Error 3.48 % 2.71 %
Sharpe ratio 0.67 % 0.46 %
Alpha -0.13 % -0.23 %
Correlation coefficient 0.76 % 0.89 %
Information ratio -1.98 % -1.08 %
Max. monthly loss -10.44 %
Max. monthly gain 8.99 %
Max. drawdown -6.57 % -9.65 %
Beta 0.90 % 0.94 %

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
ISIN Code
LU1103207525
AuM (fund)
478 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

Select all

(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.

Top