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 (11/12/2018)
110.16 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
110.16 EUR
Change in NAV (11/12/2018)
4
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (11/12/2018)
110.16 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 30/11/2018

November was once again torn between mitigated corporates fundamentals and geopolitical tensions which continued to weigh on global risk appetite. With remaining tensions around Trade War, Italy and Brexit the global stock markets were unable to strongly bounce back (SX5E down -0.69%, S&P up +2.04%, Nikkei up +1.96%) after the terrible month of October. The US midterm elections was unsurprising, reassuring investors. The meeting between President Xi and President Trump at the G20 at the end of the month showed some inclination to de-escalate the tensions, yet some dark areas remain. Washington is said to be mulling new duties on car imports, a move that would very likely force the European Union to react. Brexit negotiations moved forward with EU 27 nations endorsing the Brexit deal ; yet uncertainty remains elevated with the probability of seeing the UK parliament voting against the deal in December being relatively high. Concerns also in the tensions existing between Rome and Brussels, European Commission rejected the Italian budget, discussions are ongoing and seem to be more constructive (spread Italy/Germany 10 years now below 300bps). On the macroeconomic side, in the US, US activity somewhat affected by the trade war witnessed a slowdown in industrial production yet the consumer confidence remained at a lofty 135.7 in November. In Europe, consumer confidence indices are in decline, flash PMI indicators were also disappointing. Finally, oil Brent moved from $75 to $60 amid exemptions on ban on importing Iranian crude, however Russia's President Putin met Saudi Crown Prince at G20 summit and they mentioned to renew a pact on oil production cuts. November saw 20 new deals for around 7 bn USD , with some revival of issuance in Japan and in Europe. In Europe we participated in the new deal from the repeat issuer Qiagen, a life sciences company; in the US in the new issue from Dexcom, a medical device company specialized in continuing glucose monitoring systems; in Japan in the deal from a medical equipment distribution company Ship Healthcare Holdings. Safran announced a public tender for 2020 convertible bonds, we have participated in this tender. We sold entirely our position in Vallourec CB ahead of the Q3 earnings results due to absence of improvement in the trajectory of the annual cash burn and potential significant credit spread widening that didn't not materialize yet on the back of the multiple earnings downgrades so far YTD. In Japan we sold low delta names like Lixil and Ezaki Glico and instead increased positions in SBI Holdings, LG Chemical and CRCC CBs in Asia.

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Change in NAV

Chart – Base 100 (11/12/2018)
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

-4.90 %

-3.63 %

-0.04 %

0.56 %

1.28 %

2.16 %

Since inception

16.22 %

29.00 %

2.05 %

3.49 %

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

Share class (J-EUR)

Benchmark

16.22 %

29.00 %

Annualised

Share class (J-EUR)

Benchmark

-4.90 %

-3.63 %

-0.04 %

0.56 %

1.28 %

2.16 %

2.05 %

3.49 %

*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*7.06 %6.82 %2.31 %0.95 %-0.95 %-0.49 %
3 Year *4.85 %4.68 %1.67 %0.94 %-0.30 %0.11 %
Max. drawdownAlphaBeta
Share class J-EURBenchmarkShare class J-EURBenchmarkShare class J-EURBenchmark
1 Year*-8.34 %-0.05 %0.98 %
3 Year *-8.70 %-0.04 %0.97 %
Max. monthly gain Since inception5.24 %
Max. monthly loss Since inception-7.00 %
Share class J-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 7.06 % 4.85 % 6.82 % 4.68 %
Tracking Error 2.31 % 1.67 %
Sharpe ratio -0.49 % 0.11 %
Alpha -0.05 % -0.04 %
Correlation coefficient 0.95 % 0.94 %
Information ratio -0.95 % -0.30 %
Max. monthly loss -7.00 %
Max. monthly gain 5.24 %
Max. drawdown -8.34 % -8.70 %
Beta 0.98 % 0.97 %

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)
198 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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