Edmond de Rothschild

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EdR Fund Floating Rate Credit Corporate bonds

Corporate bonds
Change in NAV (17/08/2018)
145.84 EUR
Benjamine  NICKLAUS–LU1082946473–
Benjamine NICKLAUS
Léo ABELLARD–LU1082946473–
Léo ABELLARD
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
Between 12 and 24 months
145.84 EUR
Change in NAV (17/08/2018)
2
1234567
Risk and reward profile
Between 12 and 24 months
Recommended holding period
Change in NAV (17/08/2018)
145.84 EUR
Risk and reward profile
1234567
Recommended holding period
Between 12 and 24 months
Benjamine NICKLAUS  
Léo ABELLARD  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The Sub-Fund's investment objective is to outperform its benchmark, net of management fees, over an investment horizon of one to two years, through a portfolio representing investment opportunities present on the short-term corporate credit markets.

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Commentary 31/07/2018

Credit markets, and risk assets in general, have rebounded in July. On the whole, recent tightening appears to have been driven by, improving technicals, better macroeconomic backdrop and easing trade tensions. July was a quiet month for primary markets for both Euro and US Investment Grade and this has eased the supply-demand imbalance that plagued IG credit markets in H1. Moreover, we saw among European credit markets a reversal of the short positioning and particularly for iTraxx indices that have materially tightened with Main and Xover -13bps and -40bps respectively. Subordinated Financials (and above all Insurance subordinated) and High Yield segments have outperformed the broader European credit market. Spread-wise, Insurance Tier 2 are -51bps tighter, while €High Yield and Banks Tier 2 are -24bps and -25bps tighter respectively. In the meantime, €IG is lagging the credit rally, with €IG average spread -7bps tighter.Over the month, the fund performed quite well with credit excess return contributing for 1.2% and +0.21% positive contribution from interest rate hedging.The fund's credit exposure is currently 95.7 % with 13% of cash in the portfolio. The fund has an average credit spread of 182bps for a BBB- average rating and 4.6 of spread duration with 39.2% exposure to High Yield instruments.

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Change in NAV

Chart – Base 100 (17/08/2018)
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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 A-EUR Cumulative Annualised

-2.41 %

1.36 %

-0.04 %

1.14 %

0.50 %

1.11 %

Since inception

45.83 %

48.90 %

1.94 %

2.05 %

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

Share class (A-EUR)

Benchmark

45.83 %

48.90 %

Annualised

Share class (A-EUR)

Benchmark

-2.41 %

1.36 %

-0.04 %

1.14 %

0.50 %

1.11 %

1.94 %

2.05 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class A-EURBenchmarkShare class A-EURBenchmarkShare class A-EURBenchmarkShare class A-EURBenchmarkShare class A-EURBenchmark
1 Year*1.96 %0.30 %1.98 %-1.67 %5.51 %
3 Year *2.10 %0.71 %1.85 %0.49 %-0.54 %2.02 %
Max. drawdownAlphaBeta
Share class A-EURBenchmarkShare class A-EURBenchmarkShare class A-EURBenchmark
1 Year*-3.75 %-0.04 %0.01 %
3 Year *-3.75 %-0.12 %1.46 %
Max. monthly gain Since inception1.73 %
Max. monthly loss Since inception-2.13 %
Share class A-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 1.96 % 2.10 % 0.30 % 0.71 %
Tracking Error 1.98 % 1.85 %
Sharpe ratio 5.51 % 2.02 %
Alpha -0.04 % -0.12 %
Correlation coefficient 0.49 %
Information ratio -1.67 % -0.54 %
Max. monthly loss -2.13 %
Max. monthly gain 1.73 %
Max. drawdown -3.75 % -3.75 %
Beta 0.01 % 1.46 %

Fund information

Inception Date (Fund)
07/01/1999
Inception Date (Part)
07/01/1999
Legal form
SICAV
Benchmark
EURIBOR EUR 3M
250BP
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1082946473
AuM (fund)
170 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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