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 Floating Rate Credit Corporate bonds

Corporate bonds
Change in NAV (13/08/2018)
97.58 CHF
Benjamine  NICKLAUS–LU1198873132–
Benjamine NICKLAUS
Léo ABELLARD–LU1198873132–
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
97.58 CHF
Change in NAV (13/08/2018)
2
1234567
Risk and reward profile
Between 12 and 24 months
Recommended holding period
Change in NAV (13/08/2018)
97.58 CHF
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 29/06/2018

In the critical 14th June ECB meeting, Mario Draghi announced that the quantitative easing program would stop at the end of the year, and be cut in half in terms of size during Q4. Bunds nonetheless held up well, as the ECB announced a very dovish forward guidance, guaranteeing the market that the first rate hike would be after the summer of 2019. Yields fell 1 to 5 basis points across the German yield curve. The Fed meeting went as expected, with a 25basis point rate hike, and a reaffirmation of guidance. Treasury yields rose slightly over the month, led once again by the short end. European political tensions calmed somewhat in Europe as Italy formed a populist government (and therefore avoided new elections), a further debt accord was found with Greece, and the Spanish no confidence vote led to a new government instead of new elections. Credit spreads had another weak month, brought on in large part by the escalation of trade tensions. Investment grade credit spreads widened by 10 basis points in the US and 5 basis points in Europe. Financials were particularily weak. Spreads widened in June. Fears over the political situation in Italy and a possible crisis in the euro zone were still evident despite the reassuring declarations made by the Italian Prime Minister in early June. For HY June proved another dire month for credit with trade dispute between US and China as the main concern. European HY delivered a -0,4% total return in June 2018, coming from a 25bp of spread widening. Top performing sectors included Retailers (1,1%) and Building Materials (0,9%) while the bottom performing sectors were Transportation (-1,55%) and Gaming (-1,1%). The possibility of a trade war and new customs barriers imposed by China and the United States have worried the market. Nevertheless, in mid-June spreads tightened temporarily. In Financial The insurance sector significantly so, with spreads widening 25 bps on perpetuals (delivering a performance of -1.06%) and with Tier 2's at -1.18%.We saw major outflows in global equities, in EM and in HY. Fixed Income fund flows were for a sixth week in negative territory & High yield funds continued to record outflows (33rd consecutive week).Since the beginning of the year performance of credit sub-segments are -1.55% for HY, -0.67% for IG (thanks to the duration effect) Tier 2 banks -2.05% and Tier 2 Insurance -4.48%. Itraxx Main and Xover are back to the wides at 76bps and 330bps respectively.The fund has an average credit spread of 215bps for a BBB- average rating and 4.6 of spread duration with 40.2% exposure to High Yield instruments.

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Change in NAV

Chart – Base 100 (13/08/2018)
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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 I-CHF Cumulative Annualised

-2.85 %

1.05 %

-0.55 %

1.04 %

Since inception

-2.42 %

3.26 %

-0.71 %

0.93 %

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

Share class (I-CHF)

Benchmark

-2.42 %

3.26 %

Annualised

Share class (I-CHF)

Benchmark

-2.85 %

1.05 %

-0.55 %

1.04 %

-0.71 %

0.93 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class I-CHFBenchmarkShare class I-CHFBenchmarkShare class I-CHFBenchmarkShare class I-CHFBenchmarkShare class I-CHFBenchmark
1 Year*1.95 %0.28 %1.97 %0.01 %-1.77 %6.55 %
3 Year *2.11 %0.70 %1.83 %0.53 %-0.77 %2.41 %
Max. drawdownAlphaBeta
Share class I-CHFBenchmarkShare class I-CHFBenchmarkShare class I-CHFBenchmark
1 Year*-3.86 %-0.05 %0.05 %
3 Year *-3.86 %-0.17 %1.59 %
Max. monthly gain Since inception1.33 %
Max. monthly loss Since inception-1.80 %
Share class I-CHF
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 1.95 % 2.11 % 0.28 % 0.70 %
Tracking Error 1.97 % 1.83 %
Sharpe ratio 6.55 % 2.41 %
Alpha -0.05 % -0.17 %
Correlation coefficient 0.01 % 0.53 %
Information ratio -1.77 % -0.77 %
Max. monthly loss -1.80 %
Max. monthly gain 1.33 %
Max. drawdown -3.86 % -3.86 %
Beta 0.05 % 1.59 %

Fund information

Inception Date (Fund)
07/01/1999
Inception Date (Part)
04/03/2015
Legal form
SICAV
Benchmark
LIBOR CHF 3M
250BP
Currency (fund)
EUR
Currency (share class)
CHF
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
500000.00 CHF EQ EUR
ISIN Code
LU1198873132
AuM (fund)
174 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
0,350 %
Current management fee
0.350 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value
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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