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 Convexity Convertible bonds

Convertible bonds
Change in NAV (13/07/2018)
102.42 EUR
Laurent  LE GRIN–LU1160368608–
Laurent LE GRIN
Alina EPIFANTSEVA–LU1160368608–
Alina EPIFANTSEVA
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
102.42 EUR
Change in NAV (13/07/2018)
3
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (13/07/2018)
102.42 EUR
Risk and reward profile
1234567
Recommended holding period
> 3 years
Laurent LE GRIN  
Alina EPIFANTSEVA  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The Sub-Fund's investment objective is to optimise the risk/return ratio over the recommended investment period by selecting for at least 60% of its net assets, convertible or exchangeable bonds, corporate bonds and stock options, and by diversifying its sources of return: underlying, sector, coupon, issuer, rate, via a systematic analysis of the different exposures.

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Commentary 29/06/2018

Global equity markets started June positively only to be derailed mid-month by protectionism risks. The trade war theme is still going on with Washington threatening to add another 200 bn USD worth of Chinese goods, increasing the number of sector possibly impacted. On the central banks side the ECB announced that it will reduce asset purchases to 15 bn EUR a month from October to December before stopping them altogether if inflation continued to trend higher. The bank also sent an accommodating message on interest rates saying they would not rise before mid-2019 and then only if the 2% inflation target had been hit. The news sent the euro lower against the US dollar while long bond yields went lower to (German 10Y to 0.30%). Italian political risk has faded with the appointment of Claudio Borghi and Alberto Bagnai (for parliamentary budget and finance committees), although both are euro sceptics. As expected, the PBoC lowered its required reserves ratio by 50bp to free up around RMB 500bn for debt to equity swaps and RMB 200bn for loans to SMEs. The central bank also adopted a more accommodating tone in its communique, replacing ‘appropriate and stable liquidity' with ‘appropriate and sufficient liquidity'. Regarding oil, OPEC decided to increase production, not by raising quotas, but through 100% compliance with existing commitments. The Brent traded in a narrow $75-80 range. Looking at indices, emerging equities are ending the month with underperformance of -4.13%, +0.48% for the S&P500, -0.27% of the Eurostoxx50. Convertibles primary market is still running full steam with 9.6 bn USD worth of paper this month across 29 names. On the primary side we have participated in the new issue of Safran in Europe. We took some profits on higher delta names like Bangkok Dusit, IIVI, STM, Qiagen to reduce our equity sensitivity. Instead we bought some names that underperformed and came back to around par levels like Weibo. We initiated a new position on a convex name trading near par with an M&A optionality Allscripts Healthcare 2020 CB, a clinical software solutions company. On the options side we reduced our in the money General Motors call options, restriked lower Credit Agricole, sold our Alibaba calls. Financials, European auto sector and some underperforming individual names like Rallye weighed on the performance.

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Change in NAV

Chart – Base 100 (13/07/2018)
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 N-EUR Cumulative Annualised
Since 01/01/2018

-0.61 %

-0.61 %

1 Year

-1.88 %

-1.88 %

3 Year

3.88 %

1.28 %

Since inception

2.42 %

0.75 %

Since 01/01/2018 1 Year 3 Year 5 year Since inception
Cumulative

Share class (N-EUR)

Benchmark

-0.61 %

-1.88 %

3.88 %

2.42 %

Annualised

Share class (N-EUR)

Benchmark

-1.88 %

1.28 %

0.75 %

*Rolling periods

Annual performance



Statistics

VolatilityMax. drawdown
Share class N-EURBenchmarkShare class N-EURBenchmark
1 Year*4.53 %-3.66 %
3 Year *4.01 %-6.23 %
Max. monthly gain Since inception4.05 %
Max. monthly loss Since inception-3.97 %
Share class N-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 4.53 % 4.01 %
Tracking Error
Max. monthly loss -3.97 %
Max. monthly gain 4.05 %
Max. drawdown -3.66 % -6.23 %

Fund information

Inception Date (Fund)
27/11/2012
Inception Date (Part)
05/05/2015
Legal form
SICAV
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
5000000.00 EUR
ISIN Code
LU1160368608
AuM (fund)
116 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
0,400 %
Current management fee
0.400 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value

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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