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 (19/09/2018)
104.76 EUR
Cristina  JARRIN–LU1161527970–
Cristina JARRIN
Thibaut BAILLY–LU1161527970–
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
104.76 EUR
Change in NAV (19/09/2018)
4
1234567
Risk and reward profile
> 2 years
Recommended holding period
Change in NAV (19/09/2018)
104.76 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 31/08/2018

August saw a return of volatility (VIX rose by +10.48% over the month), especially in emerging markets. Turkey was the starting point with the threat from the United States to increase tariffs on Turkish steel and aluminum imports. The fall in the Turkish lira had contagion effects on weak currencies such as the South African Rand, the Argentine Peso, and even more generally on South America but also on banking stocks in the Euro Zone that have exposure to Turkey. In a flight to quality German rates declined by 10 bps and peripheral country spreads widened, led by Italy on speculation over its budget and a likely conflict with Brussels in September. Stoxx 600 lost 1.77% consequently. Regarding leading indicators, PMIs were slightly below expectations overall, the levels remain very high at over 54 on both sides of the Atlantic. We increased our position in STM 2022 as we believe the company remains relatively better shielded from Iphone volatility than indicated in Q1 results. We restriked the Saint-Gobain calls as we remain positive on the name (low company valuation multiple not in line with its growth, strong balance sheet and upcoming catalysts like asset disposals, reorganization and potential buybacks). We also restrike lower our position in Deutsche Post call option after reassuring Q2 results owing improvement in operating performance, strong DHL Express, and confirmed forward guidance). We gain this month from our calls on Adidas (strong quarter on the back of successful World Cup), Qiagen (solid Q2 with strong FCF generation) or our hedging via SX5E puts. On the negative side, we suffered from Telecom Italia (post Q2 results, domestic EBITDA weaker, and global prices down over the summer period...).

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Change in NAV

Chart – Base 100 (19/09/2018)
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 C-EUR Cumulative Annualised

-4.62 %

2.84 %

0.40 %

3.57 %

Since inception

4.76 %

14.94 %

1.23 %

3.73 %

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

Share class (C-EUR)

Benchmark

4.76 %

14.94 %

Annualised

Share class (C-EUR)

Benchmark

-4.62 %

2.84 %

0.40 %

3.57 %

1.23 %

3.73 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmark
1 Year*5.34 %4.43 %3.42 %0.77 %-2.11 %0.87 %
3 Year *5.65 %5.17 %2.79 %0.87 %-1.16 %0.74 %
Max. drawdownAlphaBeta
Share class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmark
1 Year*-6.66 %-0.13 %0.93 %
3 Year *-8.99 %-0.25 %0.95 %
Max. monthly gain Since inception4.15 %
Max. monthly loss Since inception-2.84 %
Share class C-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 5.34 % 5.65 % 4.43 % 5.17 %
Tracking Error 3.42 % 2.79 %
Sharpe ratio 0.87 % 0.74 %
Alpha -0.13 % -0.25 %
Correlation coefficient 0.77 % 0.87 %
Information ratio -2.11 % -1.16 %
Max. monthly loss -2.84 %
Max. monthly gain 4.15 %
Max. drawdown -6.66 % -8.99 %
Beta 0.93 % 0.95 %

Fund information

Inception Date (Fund)
13/12/1993
Inception Date (Part)
01/12/2014
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
LU1161527970
AuM (fund)
475 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
0,700 %
Current management fee
0.700 %
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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