Mobile Logo

EdR Fund Global Convertibles Convertible bonds

Convertible bonds
Change in NAV (17/08/2017)
106.55 CHF
Annelie  FEARON–LU1160355704–
Annelie FEARON
Laurent LEGRIN–LU1160355704–
Laurent LEGRIN
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
106.55 CHF
Change in NAV (17/08/2017)
4
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (17/08/2017)
106.55 CHF
Risk and reward profile
1234567
Recommended holding period
> 3 years
Annelie FEARON  
Laurent LEGRIN  
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.

View more View less

Commentary 31/07/2017

With markets entering the summer lull, the main macro factor appearing to drive direction was the continued weakness in the US dollar. With the trade weighted dollar index (the DXY) falling over -2% on the month, the S&P 500 Index and the MSCI Emerging Markets Index continued to push higher. However, the EuroStoxx and the Nikkei were largely unchanged as the euro and the yen strengthened somewhat. Also impacting Europe was the slight deceleration in earnings – excluding banks, the Eurozone is expected to grow earnings +10.7% in 2017 down from +11.9% a month ago – and a mixed start to Q2 earnings with just 54% of European companies beating EPS expectations compared with 77% in the US. Meanwhile, the US and Emerging Markets were also boosted by the bounce in oil prices back just above $50/barrel. The Fund delivered a strong performance in both absolute (+0.94%) and relative terms (+31 bps vs the benchmark) despite our overweight position in Europe. Notable contributors to performance included Nanya (solid Q2 results and stronger than expected H2 guidance) and Square (boosted by multiple M&A announcements in the payments space) together with our Tencent calls (key benchmark name in the HSI which rallied +5% in July). We also benefited from our overweight position in European Financials via our calls on Allianz, Ageas, Credit Agricole and Generali. We took profits on our Nuvasive CB (very high delta on the CB), but subsequently added again as the equity sold off double digits as in-line earnings were overshadowed by management departures. We cut our Air France CB (as the stock had moved up over +70% over the past 3 months), our Prysmian 2018 CBs and our Tencent calls. We added Siemens calls (recent stock weakness has been overdone on euro concerns and technical pressure relating to the recent conversion of the 2017 CB). We also switched our Ctrip 2020 CBs into the lower delta, similarly valued 2022 CB. Finally, we added a small position in S&P September-17 puts with a 2400 strike to take advantage of volatility once again hitting historic lows and to end the month with equity sensitivity of 45.54% compared with 44.41% for the benchmark.

View more View less

Change in NAV

Chart – Base 100 (17/08/2017)
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 A-CHF Cumulative Annualised
Since 01/01/2017

2.49 %

3.27 %

2.49 %

3.27 %

1 Year

3.88 %

4.38 %

3.88 %

4.38 %

3 Year

4.89 %

6.91 %

1.60 %

2.24 %

Since inception

6.55 %

12.14 %

1.72 %

3.13 %

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

Share class (A-CHF)

Benchmark

2.49 %

3.27 %

3.88 %

4.38 %

4.89 %

6.91 %

6.55 %

12.14 %

Annualised

Share class (A-CHF)

Benchmark

3.88 %

4.38 %

1.60 %

2.24 %

1.72 %

3.13 %

*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*3.64 %3.63 %1.22 %0.94 %-0.69 %1.82 %
3 Year *4.93 %5.68 %1.51 %0.97 %-0.39 %0.52 %
Max. drawdownAlphaBeta
Share class A-CHFBenchmarkShare class A-CHFBenchmarkShare class A-CHFBenchmark
1 Year*-1.59 %-0.01 %0.95 %
3 Year *-11.14 %-0.02 %0.84 %
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 3.64 % 4.93 % 3.63 % 5.68 %
Tracking Error 1.22 % 1.51 %
Sharpe ratio 1.82 % 0.52 %
Alpha -0.01 % -0.02 %
Correlation coefficient 0.94 % 0.97 %
Information ratio -0.69 % -0.39 %
Max. monthly loss -4.44 %
Max. monthly gain 4.72 %
Max. drawdown -1.59 % -11.14 %
Beta 0.95 % 0.84 %

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)
211 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

Select all

(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.

Top