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EdR Fund Europe Convertibles Convertible bonds

Convertible bonds
Change in NAV (22/06/2017)
102.51 EUR
Laurent  LE GRIN–LU1161527897–
Laurent LE GRIN
Kris DEBLANDER–LU1161527897–
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
102.51 EUR
Change in NAV (22/06/2017)
4
1234567
Risk and reward profile
> 2 years
Recommended holding period
Change in NAV (22/06/2017)
102.51 EUR
Risk and reward profile
1234567
Recommended holding period
> 2 years
Laurent LE GRIN  
Kris DEBLANDER  
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 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.

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Change in NAV

Chart – Base 100 (22/06/2017)
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 O-EUR Cumulative Annualised
Since 01/01/2017

4.10 %

4.86 %

4.10 %

4.86 %

1 Year

8.25 %

7.55 %

8.25 %

7.55 %

Since inception

3.11 %

3.98 %

1.46 %

1.86 %

Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative

Share class (O-EUR)

Benchmark

4.10 %

4.86 %

8.25 %

7.55 %

3.11 %

3.98 %

Annualised

Share class (O-EUR)

Benchmark

8.25 %

7.55 %

1.46 %

1.86 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class O-EURBenchmarkShare class O-EURBenchmarkShare class O-EURBenchmarkShare class O-EURBenchmarkShare class O-EURBenchmark
1 Year*4.91 %4.40 %2.06 %0.91 %0.35 %1.71 %
3 Year *
Max. drawdownAlphaBeta
Share class O-EURBenchmarkShare class O-EURBenchmarkShare class O-EURBenchmark
1 Year*-4.75 %0.01 %1.01 %
3 Year *
Max. monthly gain Since inception3.21 %
Max. monthly loss Since inception-2.83 %
Share class O-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 4.91 % 4.40 %
Tracking Error 2.06 %
Sharpe ratio 1.71 %
Alpha 0.01 %
Correlation coefficient 0.91 %
Information ratio 0.35 %
Max. monthly loss -2.83 %
Max. monthly gain 3.21 %
Max. drawdown -4.75 %
Beta 1.01 %

Fund information

Inception Date (Fund)
13/12/1993
Inception Date (Part)
12/05/2015
Legal form
SICAV
Benchmark
Exane Euro Convertibles Index
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Distribution
Valuation frequency
Daily
Minimum initial investment
5000000.00 EUR
ISIN Code
LU1161527897
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
0,400 %
Current management fee
0.400 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value

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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