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
Change in NAV (12/12/2018)
105.05 EUR
Cristina  JARRIN–LU1103208259–
Cristina JARRIN
Thibaut BAILLY–LU1103208259–
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
105.05 EUR
Change in NAV (12/12/2018)
4
1234567
Risk and reward profile
> 2 years
Recommended holding period
Change in NAV (12/12/2018)
105.05 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.
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 30/11/2018

November was once again torn between mitigated corporates fundamentals and geopolitical tensions which continued to weigh on global risk appetite. With remaining tensions around Trade War, Italy and Brexit the global stock markets were unable to strongly bounce back (SX5E down -0.69%, S&P up +2.04%, Nikkei up +1.96%) after the terrible month of October. The US midterm elections was unsurprising, reassuring investors. The meeting between President Xi and President Trump at the G20 at the end of the month showed some inclination to de-escalate the tensions, yet some dark areas remain. Washington is said to be mulling new duties on car imports, a move that would very likely force the European Union to react. Brexit negotiations moved forward with EU 27 nations endorsing the Brexit deal ; yet uncertainty remains elevated with the probability of seeing the UK parliament voting against the deal in December being relatively high. Concerns also in the tensions existing between Rome and Brussels, European Commission rejected the Italian budget, discussions are ongoing and seem to be more constructive (spread Italy/Germany 10 years now below 300bps). On the macroeconomic side in Europe consumer confidence indices are in decline, flash PMI indicators were also disappointing. Finally, oil Brent moved from $75 to $60 amid exemptions on ban on importing Iranian crude, however Russia's President Putin met Saudi Crown Prince at G20 summit and they mentioned to renew a pact on oil production cuts. On the primary side in Europe we saw three new deals. In Europe, a repeat issuer Qiagen, a life sciences and molecular diagnostics company, came to market with a 500 mln USD 6Y 1% coupon convertible for refinancing of the outstanding 2019 CB upon conversion in cash; we participated in this deal. We also saw 165 mln EUR 5Y 1.25% coupon CB from ADO Properties. Swiss Cosmo Pharmaceuticals issued 175 mln EUR 5Y 2.5% coupon convertible bond. Safran announced a public tender for 2020 convertible bonds, we have participated in this tender. We sold entirely our position in Vallourec CB ahead of the Q3 earnings results due to absence of improvement in the trajectory of the annual cash burn and potential significant credit spread widening that didn't not materialize yet on the back of the multiple earnings downgrades so far YTD.

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Change in NAV

Chart – Base 100 (12/12/2018)
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 B-EUR Cumulative Annualised

-8.70 %

-4.18 %

-2.04 %

1.24 %

-0.28 %

2.57 %

Since inception

13.01 %

31.36 %

1.66 %

3.75 %

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

Share class (B-EUR)

Benchmark

13.01 %

31.36 %

Annualised

Share class (B-EUR)

Benchmark

-8.70 %

-4.18 %

-2.04 %

1.24 %

-0.28 %

2.57 %

1.66 %

3.75 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmark
1 Year*5.69 %5.02 %3.56 %0.78 %-1.92 %-0.45 %
3 Year *5.62 %4.90 %2.70 %0.88 %-1.20 %0.21 %
Max. drawdownAlphaBeta
Share class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmark
1 Year*-9.76 %-0.14 %0.89 %
3 Year *-10.95 %-0.27 %1.01 %
Max. monthly gain Since inception5.00 %
Max. monthly loss Since inception-7.32 %
Share class B-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 5.69 % 5.62 % 5.02 % 4.90 %
Tracking Error 3.56 % 2.70 %
Sharpe ratio -0.45 % 0.21 %
Alpha -0.14 % -0.27 %
Correlation coefficient 0.78 % 0.88 %
Information ratio -1.92 % -1.20 %
Max. monthly loss -7.32 %
Max. monthly gain 5.00 %
Max. drawdown -9.76 % -10.95 %
Beta 0.89 % 1.01 %

Fund information

Inception Date (Fund)
13/12/1993
Inception Date (Part)
15/07/2011
Legal form
SICAV
Benchmark
Exane Euro Convertibles Index
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Distribution
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1103208259
AuM (fund)
416 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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