Edmond de Rothschild

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EdR Fund Global Convertibles Convertible bonds

Convertible bonds
Change in NAV (13/07/2018)
143.37 USD
Annelie  FEARON–LU1160354640–
Annelie FEARON
Thibaut BAILLY–LU1160354640–
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
143.37 USD
Change in NAV (13/07/2018)
4
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (13/07/2018)
143.37 USD
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 29/06/2018

Global equity markets started June positively only to be derailed mid-month by protectionism risks. The trade war theme is still going on with Washington threatening to add another 200 bn USD worth of Chinese goods, increasing the number of sector possibly impacted. On the central banks side the ECB announced that it will reduce asset purchases to 15 bn EUR a month from October to December before stopping them altogether if inflation continued to trend higher. The bank also sent an accommodating message on interest rates saying they would not rise before mid-2019 and then only if the 2% inflation target had been hit. The news sent the euro lower against the US dollar while long bond yields went lower to (German 10Y to 0.30%). Italian political risk has faded with the appointment of Claudio Borghi and Alberto Bagnai (for parliamentary budget and finance committees), although both are euro sceptics. As expected, the PBoC lowered its required reserves ratio by 50bp to free up around RMB 500bn for debt to equity swaps and RMB 200bn for loans to SMEs. The central bank also adopted a more accommodating tone in its communique, replacing ‘appropriate and stable liquidity' with ‘appropriate and sufficient liquidity'. Regarding oil, OPEC decided to increase production, not by raising quotas, but through 100% compliance with existing commitments. The Brent traded in a narrow $75-80 range. Looking at indices, emerging equities are ending the month with underperformance of -4.13%, +0.48% for the S&P500, -0.27% of the Eurostoxx50. Convertibles primary market is still running full steam with 9.6 bn USD worth of paper this month across 29 names. On the primary side we have participated in the new issue of Safran in Europe. We took some profits on higher delta names like 3sBio, Silicon Laboratories to reduce our equity sensitivity. We initiated a new position on a convex name trading near par with an M&A optionality Allscripts Healthcare 2020 CB, a clinical software solutions company. On the options side we restriked lower Credit Agricole, sold our Alibaba calls. Our Financials exposure and absence from Tesla CBs has weighed on the performance in June.

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Change in NAV

Chart – Base 100 (13/07/2018)
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 K-USD Cumulative Annualised
Since 01/01/2018

1.49 %

1.22 %

1.49 %

1.22 %

1 Year

2.01 %

2.08 %

2.01 %

2.08 %

3 Year

8.68 %

8.16 %

2.81 %

2.65 %

5 year

19.39 %

26.02 %

3.60 %

4.73 %

Since inception

43.37 %

50.09 %

5.64 %

6.38 %

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

Share class (K-USD)

Benchmark

1.49 %

1.22 %

2.01 %

2.08 %

8.68 %

8.16 %

19.39 %

26.02 %

43.37 %

50.09 %

Annualised

Share class (K-USD)

Benchmark

2.01 %

2.08 %

2.81 %

2.65 %

3.60 %

4.73 %

5.64 %

6.38 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class K-USDBenchmarkShare class K-USDBenchmarkShare class K-USDBenchmarkShare class K-USDBenchmarkShare class K-USDBenchmark
1 Year*6.24 %5.83 %2.11 %0.94 %0.04 %0.17 %
3 Year *4.88 %5.22 %1.68 %0.95 %0.11 %0.34 %
Max. drawdownAlphaBeta
Share class K-USDBenchmarkShare class K-USDBenchmarkShare class K-USDBenchmark
1 Year*-3.83 %1.01 %
3 Year *-8.87 %0.04 %0.88 %
Max. monthly gain Since inception5.26 %
Max. monthly loss Since inception-4.23 %
Share class K-USD
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 6.24 % 4.88 % 5.83 % 5.22 %
Tracking Error 2.11 % 1.68 %
Sharpe ratio 0.17 % 0.34 %
Alpha 0.04 %
Correlation coefficient 0.94 % 0.95 %
Information ratio 0.04 % 0.11 %
Max. monthly loss -4.23 %
Max. monthly gain 5.26 %
Max. drawdown -3.83 % -8.87 %
Beta 1.01 % 0.88 %

Fund information

Inception Date (Fund)
17/07/2009
Inception Date (Part)
20/12/2011
Legal form
SICAV
Benchmark
Thomson Reuters Global Focus Hedged (USD) CB Index
Currency (fund)
EUR
Currency (share class)
USD
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
500000.00 USD EQ EUR
ISIN Code
LU1160354640
AuM (fund)
205 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

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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