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 (16/05/2018)
105.42 EUR
Laurent  LE GRIN–LU1351139057–
Laurent LE GRIN
Thibaut BAILLY–LU1351139057–
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
105.42 EUR
Change in NAV (16/05/2018)
4
1234567
Risk and reward profile
> 2 years
Recommended holding period
Change in NAV (16/05/2018)
105.42 EUR
Risk and reward profile
1234567
Recommended holding period
> 2 years
Laurent LE GRIN  
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 30/04/2018

Global equity markets ended April in green with MSCI World at +1.94% as investors shifted their interests away from the trade war and back to fundamentals and the earnings season. MSCI TR Europe finished the month at +4.92% aided by a weaker Euro. Oil price went up 8.8% on the fears of the US pulling out from the Iran nuclear agreement. April's Eurozone composite PMI was roughly stable at 55.1. The Q1 earnings season is now well underway with 25% in Europe and 60% of them beating the estimates. April is generally one of the quietest months on the CB issuance side amid earnings blackout. Nevertheless, this month we saw 15 deals, worth a total of 4.9 bn USD (strongest April since 2014). However, in Europe we only saw a small 75 mln EUR deal from German online pharmacy company Shop Apotheke Europe. We sold some the Amorim/Galp as the conversion period has ended. We took profits on the rest of the LVMH CB position after very strong Q1 earnings with organic sales growth at +13%. On the options side we took some profits on in-the-money Adidas, Telecom Italia, Generali calls; restriked higher ENI, reduced some Deutsche Telekom calls. We also started reducing Airbus/Dassult exchangeable as the equity sensitivity is above 80%. We took profits on the Sainsbury 2019 CB after the announcement of the merger with Asda, the CB was up +7 points. In April, we benefited from our exposure to Steinhoff convertible bonds; the AGM took place, the group is still expecting to reduce its debt burden through sales of assets and will communicate the unaudited interim group results for the 6 months ended 31 march 2018 next June. On the negative side AMS was punished by weaker orders from Apple for iPhones.

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Change in NAV

Chart – Base 100 (16/05/2018)
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 P-EUR Cumulative Annualised
Since 01/01/2018

0.83 %

0.64 %

0.83 %

0.64 %

1 Year

-2.06 %

2.78 %

-2.06 %

2.78 %

Since inception

5.42 %

9.30 %

3.40 %

5.80 %

Since 01/01/2018 1 Year 3 Year 5 year Since inception
Cumulative

Share class (P-EUR)

Benchmark

0.83 %

0.64 %

-2.06 %

2.78 %

5.42 %

9.30 %

Annualised

Share class (P-EUR)

Benchmark

-2.06 %

2.78 %

3.40 %

5.80 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class P-EURBenchmarkShare class P-EURBenchmarkShare class P-EURBenchmarkShare class P-EURBenchmarkShare class P-EURBenchmark
1 Year*5.13 %4.42 %3.38 %0.76 %-1.57 %0.73 %
3 Year *
Max. drawdownAlphaBeta
Share class P-EURBenchmarkShare class P-EURBenchmarkShare class P-EURBenchmark
1 Year*-5.39 %-0.09 %0.88 %
3 Year *
Max. monthly gain Since inception3.17 %
Max. monthly loss Since inception-2.66 %
Share class P-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 5.13 % 4.42 %
Tracking Error 3.38 %
Sharpe ratio 0.73 %
Alpha -0.09 %
Correlation coefficient 0.76 %
Information ratio -1.57 %
Max. monthly loss -2.66 %
Max. monthly gain 3.17 %
Max. drawdown -5.39 %
Beta 0.88 %

Fund information

Inception Date (Fund)
13/12/1993
Inception Date (Part)
17/10/2016
Legal form
SICAV
Benchmark
Exane Euro Convertibles Index
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
3500000.00 USD EQ EUR
ISIN Code
LU1351139057
AuM (fund)
601 M (EUR)
Regulatory authority
CSSF
Management company
Edmond de Rothschild Asset Management (Luxembourg)
Delegated Management Company
Edmond de Rothschild Asset Management (France)
Incorporation
Luxembourg
Maximum management fee
0,500 %
Current management fee
0.500 %
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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