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EdR Fund Europe Convertibles Convertible bonds

Convertible bonds
Change in NAV (19/10/2017)
102.30 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
102.30 EUR
Change in NAV (19/10/2017)
4
1234567
Risk and reward profile
> 2 years
Recommended holding period
Change in NAV (19/10/2017)
102.30 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 29/09/2017

The tensions between North Korea and the rest of the world are fading or seem dormant, while the Catalan vote for independence has resulted in a rise in political risk within Europe. In the UK, Theresa May's government has been weakened by Boris Johnson's headline-stealing outbursts. However, the value of the pound has been rising gradually since BoE chief Mark Carney's hawkish position speech. As a result, the Bank of England now looks more convincing than the UK government. Across the Atlantic, investors are still waiting for an announcement on US tax reform. Given this background, the euro has gone back to 1.175 against the dollar, reducing some of the tension that could impact earnings growth negatively. This gain, together with the oil price hike to above $51/bbl, could also result in inflationary pressures. Our portfolio remains invested in the theme of a recovering European economy, focusing on financials and cyclical stocks. We subscribed to the attractive new issues from AMS and Vallourec. The Austrian semiconductor company is dependent on Apple's supply chain, but is also at the heart of self-driving car developments, and Vallourec has refinanced rather opportunistically. The new issue by Qiagen, in the field of diagnostics, has also attracted our interest. Meanwhile, we have lowered our equity risk by reducing or selling-off positions such as Wendel 2019, Nexity, Ubisoft, LVMH, Safran, Air France 2023, Siemens, Total, Generali, Aperam, Airbus for Dassault and STMicroelectronics. We sold Carrefour in the wake of very disappointing results, and Nokia as we no longer see positive factors ahead for it. Instead, we strengthened on Allianz, which should benefit from the improving interest rate environment. The longer term exposure to Crédit Agricole has also been maintained. Equity sensitivity is approximately 40%. We decided not to participate in the new issues from German real estate companies.

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Change in NAV

Chart – Base 100 (19/10/2017)
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

4.29 %

5.98 %

4.29 %

5.98 %

1 Year

7.08 %

6.94 %

7.08 %

6.94 %

Since inception

3.29 %

5.09 %

1.34 %

2.05 %

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

Share class (O-EUR)

Benchmark

4.29 %

5.98 %

7.08 %

6.94 %

3.29 %

5.09 %

Annualised

Share class (O-EUR)

Benchmark

7.08 %

6.94 %

1.34 %

2.05 %

*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*4.01 %3.93 %1.93 %0.88 %0.21 %1.67 %
3 Year *
Max. drawdownAlphaBeta
Share class O-EURBenchmarkShare class O-EURBenchmarkShare class O-EURBenchmark
1 Year*-2.42 %0.02 %0.90 %
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 4.01 % 3.93 %
Tracking Error 1.93 %
Sharpe ratio 1.67 %
Alpha 0.02 %
Correlation coefficient 0.88 %
Information ratio 0.21 %
Max. monthly loss -2.83 %
Max. monthly gain 3.21 %
Max. drawdown -2.42 %
Beta 0.90 %

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)
743 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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