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 (21/11/2017)
108.79 CHF
Annelie  FEARON–LU1160355704–
Annelie FEARON
Thibaut BAILLY–LU1160355704–
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
108.79 CHF
Change in NAV (21/11/2017)
4
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (21/11/2017)
108.79 CHF
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 31/10/2017

Equity markets marched higher in October supported by a benign political backdrop, a lack of surprises from the various central banks and a good start to third-quarter earnings season. In the US, the S&P Index rose +2.3% to complete its seventh successive month of gains as more than half of companies reporting earnings beat expectations and the assessment for third-quarter US GDP also surprised positively at +3.0%. In Europe even the political turmoil in Spain could not derail the market's enthusiasm as the Eurostoxx responded favourably to good earnings momentum and ECB President Draghi's plans to scale back quantitative easing. However it was Japan which was the standout performer with the Nikkei jumping over +8% as PM Abe won a landslide victory in the general election. The Fund (I class) delivered a robust performance, appreciating +1.27% on the month compared with +1.17% for the benchmark. Key to this was our overweight position in Japan and together with our positioning in non-benchmarked names such as Silicon Labs and conviction underweight in key benchmark name, Dish Networks. The primary market was quite subdued at $4.2 billion, likely owing to earnings related blackouts. Nonetheless we participated in new issues from the likes of French workwear provider, Elis, China's answer to Twitter, Weibo, and Taiwanese tech assembly giant, Hon Hai. We took profit on positions including ST Micro, Teradyne and our Allianz calls, locking in earnings-driven outperformance. Meanwhile we added to positions such as Liberty Expedia and Liberty/Charter where we felt earnings-driven underpeformance was overdone. We also initiated a position in Japanese packaging player, Toppan Printing, owing to its attractive valuation and lagging performance. The Fund ended the month with convexity of +11.9/-6.4% in the event of a +/-20% move in underlying equities compared with +10.0%/-7.4% for the benchmark.

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Change in NAV

Chart – Base 100 (21/11/2017)
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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 A-CHF Cumulative Annualised
Since 01/01/2017

4.65 %

5.30 %

4.65 %

5.30 %

1 Year

6.04 %

6.62 %

6.04 %

6.62 %

3 Year

6.60 %

8.24 %

2.15 %

2.67 %

Since inception

8.79 %

14.34 %

2.14 %

3.42 %

Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative

Share class (A-CHF)

Benchmark

4.65 %

5.30 %

6.04 %

6.62 %

6.60 %

8.24 %

8.79 %

14.34 %

Annualised

Share class (A-CHF)

Benchmark

6.04 %

6.62 %

2.15 %

2.67 %

2.14 %

3.42 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class A-CHFBenchmarkShare class A-CHFBenchmarkShare class A-CHFBenchmarkShare class A-CHFBenchmarkShare class A-CHFBenchmark
1 Year*3.45 %3.46 %1.20 %0.94 %-0.27 %2.52 %
3 Year *4.86 %5.56 %1.50 %0.97 %-0.43 %0.66 %
Max. drawdownAlphaBeta
Share class A-CHFBenchmarkShare class A-CHFBenchmarkShare class A-CHFBenchmark
1 Year*-1.89 %0.94 %
3 Year *-11.14 %-0.01 %0.85 %
Max. monthly gain Since inception4.72 %
Max. monthly loss Since inception-4.44 %
Share class A-CHF
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 3.45 % 4.86 % 3.46 % 5.56 %
Tracking Error 1.20 % 1.50 %
Sharpe ratio 2.52 % 0.66 %
Alpha -0.01 %
Correlation coefficient 0.94 % 0.97 %
Information ratio -0.27 % -0.43 %
Max. monthly loss -4.44 %
Max. monthly gain 4.72 %
Max. drawdown -1.89 % -11.14 %
Beta 0.94 % 0.85 %

Fund information

Inception Date (Fund)
17/07/2009
Inception Date (Part)
29/11/2013
Legal form
SICAV
Benchmark
Thomson Reuters Global Focus Hedged (CHF) CB Index
Currency (fund)
EUR
Currency (share class)
CHF
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1160355704
AuM (fund)
218 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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