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 (17/01/2018)
143.35 EUR
Annelie  FEARON–LU1160354210–
Annelie FEARON
Thibaut BAILLY–LU1160354210–
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
143.35 EUR
Change in NAV (17/01/2018)
4
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (17/01/2018)
143.35 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 29/12/2017

2017 closed on a positive note driven largely by events in the US where the S&P 500 Index rallied +0.98% in December to end the year up +19.4% as the Trump administration delivered on its long-promised tax reform bill. Meanwhile Europe delivered its best annual return since 2013 supported in particular by basic materials (SXPP +9.9% in December) as Euro-area manufacturing growth accelerated to a record. Another highlight was the continued rally in oil to levels last seen only in June 2015 amid greater than expected drawdowns in US inventories and the shutdown of a key North Sea pipeline. Despite the positive backdrop, it was a disappointing month for the convertible asset class as one of its largest and most prolific issuers, Steinhoff, became the subject of a serious accounting scandal. On December 7, the furniture retailer announced that it was postponing the publication of its fiscal 2017 results owing to “accounting irregularities” and that its CEO, Markus Jooste, was stepping down. The equity subsequently fell -90% and the three convertible bonds with face value of E2.7 billion lost 40-45 points, effectively wiping -1% from the value of the European CB market. Unsurprisingly the remainder of the market was somewhat subdued with primary activity largely halted after a promising start to the month which included a new E800 million, 7-year bond from Deutsche Post in Europe. The Fund returned -2.07% in December compared with -1.04% for the benchmark owing to our overweight position in Steinhoff, resulting in a full-year return of +3.57% versus +4.39%. While we reduced our exposure in the name by one-quarter as a precautionary measure following the news, we think the drawdown is overdone and continue to monitor the situation for opportunities. Away from Steinhoff, we cut our positions in SBI Holdings and Terumo as both traded above 90 delta. We restruck our Fresenius calls with the equity down at E60 and subsequently took profits as it rallied +11%. We also took the opportunity of a sharp sell-off in the equity to add to ServiceNow.

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Change in NAV

Chart – Base 100 (17/01/2018)
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 R-EUR Cumulative Annualised
Since 01/01/2018

2.66 %

2.07 %

2.66 %

2.07 %

1 Year

4.67 %

5.83 %

4.67 %

5.83 %

3 Year

8.77 %

11.01 %

2.84 %

3.54 %

5 year

16.29 %

29.41 %

3.06 %

5.29 %

Since inception

43.35 %

70.65 %

4.32 %

6.48 %

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

Share class (R-EUR)

Benchmark

2.66 %

2.07 %

4.67 %

5.83 %

8.77 %

11.01 %

16.29 %

29.41 %

43.35 %

70.65 %

Annualised

Share class (R-EUR)

Benchmark

4.67 %

5.83 %

2.84 %

3.54 %

3.06 %

5.29 %

4.32 %

6.48 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class R-EURBenchmarkShare class R-EURBenchmarkShare class R-EURBenchmarkShare class R-EURBenchmarkShare class R-EURBenchmark
1 Year*4.14 %3.61 %1.70 %0.91 %-1.20 %1.32 %
3 Year *4.99 %5.54 %1.63 %0.96 %-0.77 %0.56 %
Max. drawdownAlphaBeta
Share class R-EURBenchmarkShare class R-EURBenchmarkShare class R-EURBenchmark
1 Year*-4.01 %-0.04 %1.05 %
3 Year *-10.90 %-0.07 %0.86 %
Max. monthly gain Since inception5.08 %
Max. monthly loss Since inception-8.70 %
Share class R-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 4.14 % 4.99 % 3.61 % 5.54 %
Tracking Error 1.70 % 1.63 %
Sharpe ratio 1.32 % 0.56 %
Alpha -0.04 % -0.07 %
Correlation coefficient 0.91 % 0.96 %
Information ratio -1.20 % -0.77 %
Max. monthly loss -8.70 %
Max. monthly gain 5.08 %
Max. drawdown -4.01 % -10.90 %
Beta 1.05 % 0.86 %

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
LU1160354210
AuM (fund)
209 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
1,750 %
Current management fee
1.750 %
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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