Edmond de Rothschild

Welcome to our Fund Center

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.

Please enter your country and indicate which investor category you belong to:
Mobile Logo

EdR Fund Global Convertibles Convertible bonds

Convertible bonds
Change in NAV (15/11/2018)
140.47 EUR
Cristina  JARRIN–LU1160353758–
Cristina JARRIN
Thibaut BAILLY–LU1160353758–
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
> 3 years
140.47 EUR
Change in NAV (15/11/2018)
4
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (15/11/2018)
140.47 EUR
Risk and reward profile
1234567
Recommended holding period
> 3 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 sub-fund seeks to deliver a steady performance over the medium term through an active selection of convertibles bonds through all international markets. The sub-fund will hold at least 50% of its assets in Investment Grade issues and will maintain important geographical diversification. The management focuses mainly on hybrid issues.

View more View less

Commentary 31/10/2018

October was marked by a strong correction in global equity markets (MSCI World TR -6.80% ) and credit spreads widening (Xover +25 bps). This risk aversion move across asset classes could be attributed to rising US Treasuries yields that touched 3.23%, continued trade tension and concerns over global growth slowdown. Up move in the US rates was triggered by positive US data and hawkish comments by Jerome Powell. It is also interesting to note that US real interest rates rose sharply while inflation break even decreased which clearly shows a tightening of financial conditions. The second half of the month saw not so stellar Q3 earnings season, for example half of Eurostoxx 600 companies have already reported and 37 of them announced profit warnings, which is higher than the five year average. 82% of S&P500 companies beat EPS estimates, with EPS growth running at 23% y/y, and surprising positively by 7%, however the forward guidance has been indicating 2018 may mark the top for corporate earnings growth. Rising raw material costs are still the most cited negative factor by companies, followed by trade war and tariffs. In this context tech has underperformed with NASDAQ down -9.20% on the month. As for the safe heavens, the Bund yield was down 8 bps and yen appreciated from YTD high 114.5 level vs the dollar. October is usually a very quiet month for convertible global issuance amid earnings blackout period. We only saw 10 deals (7 in the US, 1 in Europe, 1 in Asia, 1 in Japan) for a total of 2.1 bn USD. We have participated to the new issue of JPM/Dufry, tendering the old bond like CBs. We took some profits on Severstal 2022 with good stock performance. In the semis space, we added more exposure on the severe pullback in the names like Teradyne and Microchip. In China we have added a convex high gamma name China Railway Construction Corporation 2021 CB, we believe the company could benefit from the infrastructure investment growth. Equally in China we took profits on Kunlun Energy 2019 CB after recent stock rally. On the options side we added new positions in LVMH, Ubisoft call options after recent stocks correction and took partial profits on our Sanofi calls.

View more View less

Change in NAV

Chart – Base 100 (15/11/2018)
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 A-EUR Cumulative Annualised

-5.47 %

-3.26 %

-0.58 %

0.30 %

0.88 %

2.20 %

Since inception

40.47 %

62.10 %

3.71 %

5.31 %

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

Share class (A-EUR)

Benchmark

40.47 %

62.10 %

Annualised

Share class (A-EUR)

Benchmark

-5.47 %

-3.26 %

-0.58 %

0.30 %

0.88 %

2.20 %

3.71 %

5.31 %

*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*6.70 %6.44 %2.17 %0.95 %-0.56 %-0.70 %
3 Year *4.86 %4.67 %1.49 %0.95 %-0.34 %0.09 %
Max. drawdownAlphaBeta
Share class A-EURBenchmarkShare class A-EURBenchmarkShare class A-EURBenchmark
1 Year*-7.97 %-0.03 %0.99 %
3 Year *-9.10 %-0.04 %0.99 %
Max. monthly gain Since inception7.75 %
Max. monthly loss Since inception-8.60 %
Share class A-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 6.70 % 4.86 % 6.44 % 4.67 %
Tracking Error 2.17 % 1.49 %
Sharpe ratio -0.70 % 0.09 %
Alpha -0.03 % -0.04 %
Correlation coefficient 0.95 % 0.95 %
Information ratio -0.56 % -0.34 %
Max. monthly loss -8.60 %
Max. monthly gain 7.75 %
Max. drawdown -7.97 % -9.10 %
Beta 0.99 % 0.99 %

Fund information

Inception Date (Fund)
17/07/2009
Inception Date (Part)
17/07/2009
Legal form
SICAV
Benchmark
Thomson Reuters Global Focus Hedged (EUR) CB Index
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1160353758
AuM (fund)
201 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
1,150 %
Current management fee
1.150 %
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

Select all

(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.

Top