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 (17/08/2018)
112.88 EUR
Kris  DEBLANDER–LU1160355613–
Kris DEBLANDER
Thibaut BAILLY–LU1160355613–
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
112.88 EUR
Change in NAV (17/08/2018)
4
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (17/08/2018)
112.88 EUR
Risk and reward profile
1234567
Recommended holding period
> 3 years
Kris DEBLANDER  
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 31/07/2018

By the end of the month, the trade tensions de-escalated between US and EU after Jean Claude Juncker met with Donald Trump and agreed to work together toward zero tariffs, zero non-tariff barriers and zero subsidies on non-auto industrial goods. In this context credit markets outperformed with Xover tightening by 40 bps to 280 bps and MSCI World finishing at +3.15%. At the macroeconomic level, statistical publications confirmed that the US recovery was well under way with annualized Q2 real GDP growth at 4.1%. Chinese growth is keeping pace, especially since the authorities have delivered a pro-growth message and measures to loosen the credit framework. BoJ introduced a forward guidance with an intention to maintain current low short term and long term interest rates until the effect of the consumption tax hike scheduled for October 2019 fade. In addition, the BoJ would allow a wider range of fluctuation for the 10Y JGB yield at +/-20 bps vs +/-10 bps currently. Globally, the results are strong with 86% of S&P500 beating EPS estimates (highest number in a decade), 56% of Stoxx600 and 58% of Topix; with good performance of the cyclical sector to be noticed in Europe and in the US. On the primary side we saw ten new deals worth 2.4 bn USD; we have participated in JPM/Ping An exchangeable bond (the biggest insurer in China) and Palo Alto (cyber security) new issues. We increased our position in Cellnex as the bonds had cheapened since May implied volatility peak. We added a balanced CB position in convenience store chain CP All from Thailand as the stock price corrected since April highs to attractive valuation levels. On the options side we restriked higher Illumina call options, took some profits on Total calls and restriked lower Telekom Italia and ING call options. We also took some profits on high delta names like Ubisoft, Airbus/Dassault, ServiceNow, Chegg, IAC.

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Change in NAV

Chart – Base 100 (17/08/2018)
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 B-EUR Cumulative Annualised

-0.90 %

-0.61 %

0.74 %

1.01 %

1.98 %

3.26 %

Since inception

17.44 %

32.34 %

2.29 %

4.03 %

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

Share class (B-EUR)

Benchmark

17.44 %

32.34 %

Annualised

Share class (B-EUR)

Benchmark

-0.90 %

-0.61 %

0.74 %

1.01 %

1.98 %

3.26 %

2.29 %

4.03 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmark
1 Year*6.16 %5.79 %2.04 %0.94 %-0.16 %-0.07 %
3 Year *4.95 %5.20 %1.62 %0.95 %-0.13 %0.27 %
Max. drawdownAlphaBeta
Share class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmark
1 Year*-4.35 %-0.01 %1.01 %
3 Year *-9.11 %-0.01 %0.90 %
Max. monthly gain Since inception5.12 %
Max. monthly loss Since inception-6.94 %
Share class B-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 6.16 % 4.95 % 5.79 % 5.20 %
Tracking Error 2.04 % 1.62 %
Sharpe ratio -0.07 % 0.27 %
Alpha -0.01 % -0.01 %
Correlation coefficient 0.94 % 0.95 %
Information ratio -0.16 % -0.13 %
Max. monthly loss -6.94 %
Max. monthly gain 5.12 %
Max. drawdown -4.35 % -9.11 %
Beta 1.01 % 0.90 %

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
1 Share
ISIN Code
LU1160355613
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
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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