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 Global Convertibles Convertible bonds

Convertible bonds
Change in NAV (22/05/2018)
149.25 EUR
Annelie  FEARON–LU1160353758–
Annelie FEARON
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
149.25 EUR
Change in NAV (22/05/2018)
4
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (22/05/2018)
149.25 EUR
Risk and reward profile
1234567
Recommended holding period
> 3 years
Annelie FEARON  
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.

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Commentary 30/04/2018

April was broadly positive for financial markets as concerns around protectionist measures faded to be replaced instead by an unexpected entente cordiale between North and South Korea as well as a constructive start to Q1 earnings season. Notably with the FAANG stocks selling off very aggressively in March owing to concerns that increase regulation could stymie growth, strong earnings performances from Facebook and Amazon inspired a big bounce back. Also, despite the easing of geopolitical tensions in Asia, the oil price rose as high as $75/bbl for the first time in four years driven by expectations the US could withdraw from the Iran nuclear deal. While the rally in the US faltered as yields on 10-year Treasuries exceeded 3%, other markets bounced more convincingly; the S&P ended the month up +0.27% compared with +5.21% for the EuroStoxx and +5.13% for the Nikkei. The Fund returned +0.74% on the month, taking year-to-date return to +0.88% compared with +0.28% on the month/-0.02% in the year to date for the benchmark (29/3 to 30/4). Key contributors to performance included Steinhoff, which saw the 2022 CB recover to further as the company made more disposals including 6% of its stake in Star. Other highlights included our Energy exposure and Ubisoft, which announced recorded breaking debut sales for Far Cry 5. We continue to focus on convexity in the portfolio as volatility has increased. With this mind, we reduced or sold higher delta positions including SBI Holdings in Japan, 3SBio in AsiaX, Citrix in the US and Airbus/Dassault in Europe. We also reduced our exposure to recent outperformers, including Steinhoff 2022 and Sainsbury as it rallied on the back of the proposed merger with Asda. We participated in the new exchangeable from JP Morgan into US insurer Voya Financial. We initiated a position in Deutsche Telekom calls owing to our conviction that the name is attractively valued and oversold with interesting M&A optionality around T-Mobile US and we added Eurostoxx puts to lock in outperformance in the region. As at month-end, the Fund displayed convexity of +10.8%/-6.1% in the event of a +/-20% move in underlying equities compared with +10.0%/7.5% for the benchmark.

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Change in NAV

Chart – Base 100 (22/05/2018)
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 A-EUR Cumulative Annualised
Since 01/01/2018

1.64 %

0.76 %

1.64 %

0.76 %

1 Year

1.51 %

1.04 %

1.51 %

1.04 %

3 Year

2.47 %

2.27 %

0.82 %

0.75 %

5 year

13.68 %

20.04 %

2.60 %

3.72 %

Since inception

49.25 %

68.46 %

4.63 %

6.07 %

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

Share class (A-EUR)

Benchmark

1.64 %

0.76 %

1.51 %

1.04 %

2.47 %

2.27 %

13.68 %

20.04 %

49.25 %

68.46 %

Annualised

Share class (A-EUR)

Benchmark

1.51 %

1.04 %

0.82 %

0.75 %

2.60 %

3.72 %

4.63 %

6.07 %

*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*6.09 %5.68 %1.89 %0.95 %0.07 %0.18 %
3 Year *5.08 %5.35 %1.56 %0.96 %0.05 %0.18 %
Max. drawdownAlphaBeta
Share class A-EURBenchmarkShare class A-EURBenchmarkShare class A-EURBenchmark
1 Year*-4.00 %1.02 %
3 Year *-9.84 %0.01 %0.91 %
Max. monthly gain Since inception7.75 %
Max. monthly loss Since inception-9.33 %
Share class A-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 6.09 % 5.08 % 5.68 % 5.35 %
Tracking Error 1.89 % 1.56 %
Sharpe ratio 0.18 % 0.18 %
Alpha 0.01 %
Correlation coefficient 0.95 % 0.96 %
Information ratio 0.07 % 0.05 %
Max. monthly loss -9.33 %
Max. monthly gain 7.75 %
Max. drawdown -4.00 % -9.84 %
Beta 1.02 % 0.91 %

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)
208 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

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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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