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 (20/09/2018)
116.90 EUR
Cristina  JARRIN–LU1160355027–
Cristina JARRIN
Thibaut BAILLY–LU1160355027–
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
116.90 EUR
Change in NAV (20/09/2018)
4
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (20/09/2018)
116.90 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.

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Commentary 31/08/2018

August saw a return of volatility (VIX rose by +10.48% over the month), especially in emerging markets. Turkey was the starting point with the threat from the United States to increase tariffs on Turkish steel and aluminum imports. The fall in the Turkish lira had contagion effects on weak currencies such as the South African Rand, the Argentine Peso, and even more generally on South America but also on banking stocks in the Euro Zone that have exposure to Turkey. In a flight to quality German and US rated declined by 10 bps and peripheral country spreads widened, led by Italy on speculation over its budget and a likely conflict with Brussels in September. In this context European equities underperformed with Eurostoxx 600 finishing August in red at -2.39%, S&P 500 and Nikkei outperformed at +3.03% and +1.38% over the month respectively. Regarding leading indicators, PMIs were slightly below expectations overall, the levels remain very high at over 54 on both sides of the Atlantic. Finally, we should also note the end of the publication season with 72.1% of companies beating expectations for revenues and 84.2% for earnings in the US and 60.7% and 51.7% respectively for European companies. On the primary side we saw 4.6 bn USD of new issues across 15 deals. We have participated in the primary issues of Illumina, MercadoLibre and SBI Holdings. We took profits on high delta names like Service Now 2022, Nuvasive 2021 in the US. In semiconductors, we have increased position in STM 2022 and added a position in Microchip 2027 after the selloff post results. We added short term convex high gamma name Kunlun Energy 2019. On the options side we have restriked lower Deutsche Post calls and came back to Saint Gobain calls as we find equity valuation quite attractive.

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Change in NAV

Chart – Base 100 (20/09/2018)
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 J-EUR Cumulative Annualised

-0.31 %

-0.46 %

2.13 %

2.16 %

2.52 %

3.12 %

Since inception

23.33 %

34.32 %

2.96 %

4.19 %

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

Share class (J-EUR)

Benchmark

23.33 %

34.32 %

Annualised

Share class (J-EUR)

Benchmark

-0.31 %

-0.46 %

2.13 %

2.16 %

2.52 %

3.12 %

2.96 %

4.19 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class J-EURBenchmarkShare class J-EURBenchmarkShare class J-EURBenchmarkShare class J-EURBenchmarkShare class J-EURBenchmark
1 Year*6.16 %5.88 %1.99 %0.95 %0.18 %0.12 %
3 Year *4.81 %4.99 %1.54 %0.95 %-0.05 %0.51 %
Max. drawdownAlphaBeta
Share class J-EURBenchmarkShare class J-EURBenchmarkShare class J-EURBenchmark
1 Year*-4.22 %0.01 %0.99 %
3 Year *-8.94 %0.01 %0.92 %
Max. monthly gain Since inception7.82 %
Max. monthly loss Since inception-9.24 %
Share class J-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 6.16 % 4.81 % 5.88 % 4.99 %
Tracking Error 1.99 % 1.54 %
Sharpe ratio 0.12 % 0.51 %
Alpha 0.01 % 0.01 %
Correlation coefficient 0.95 % 0.95 %
Information ratio 0.18 % -0.05 %
Max. monthly loss -9.24 %
Max. monthly gain 7.82 %
Max. drawdown -4.22 % -8.94 %
Beta 0.99 % 0.92 %

Fund information

Inception Date (Fund)
17/07/2009
Inception Date (Part)
15/07/2011
Legal form
SICAV
Benchmark
Thomson Reuters Global Focus Hedged (EUR) CB Index
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Distribution
Valuation frequency
Daily
Minimum initial investment
500000.00 EUR
ISIN Code
LU1160355027
AuM (fund)
215 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
0,600 %
Current management fee
0.600 %
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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