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 Convexity Convertible bonds

Convertible bonds
Change in NAV (07/12/2017)
118.41 EUR
Laurent  LE GRIN–LU1160369242–
Laurent LE GRIN
Alina EPIFANTSEVA–LU1160369242–
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
118.41 EUR
Change in NAV (07/12/2017)
3
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (07/12/2017)
118.41 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 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 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. Japan outperformed the rest of the developed world as Nikkei soared 8.13% in October with Abe's win in the snap elections, weakening Yen and Japanese EPS growth at +15% yoy. European and US equity markets finished the month on the same note at +2.2% as the ECB announced an extension of QE until September 2018 with a lower monthly purchase pace at 30 bn EUR and as the Fed paved the way for a December rate hike. On the Emerging markets side, in China PBOC reduced reserve ratio requirement pushing banking stocks higher. Mexico underperformed on the disappointing NAFTA negotiations that will be extended into 2018. On the corporate side, Q3 results are now half way through: 58% of companies in the US have reported, 51% in Europe and 38% in Japan. The overall picture looks good with 77% of companies beating EPS estimates in the US versus 57% in Europe, 62% in Japan. On the primary market we have participated in the new issues of Weibo and Hon Hai in China and Elis in Europe. In Japan we have taken profits on Toray position as delta reached 90% and also reduced some Terumo and Ana Holding. In the US we have taken profits on SiliconLab bonds, initiated new position in Expedia call options after Q3 results sell off, took profits on Citrix CB and switched MIC 23 into higher delta MIC 19. In Europe we have reduced some Total, Allianz, Ageas and LVMH calls and bought calls on Caixa as we believe Catalonia news weighed too much on the stock. We also increased our position in short term high gamma Amorim/Galp exchangeable and Outokumpu CB after disappointing Q3 results.

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Change in NAV

Chart – Base 100 (07/12/2017)
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 K-EUR Cumulative Annualised
Since 01/01/2017

0.85 %

0.85 %

1 Year

1.70 %

1.70 %

3 Year

5.79 %

1.89 %

5 year

18.11 %

3.38 %

Since inception

18.41 %

3.42 %

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

Share class (K-EUR)

Benchmark

0.85 %

1.70 %

5.79 %

18.11 %

18.41 %

Annualised

Share class (K-EUR)

Benchmark

1.70 %

1.89 %

3.38 %

3.42 %

*Rolling periods

Annual performance



Statistics

VolatilityMax. drawdown
Share class K-EURBenchmarkShare class K-EURBenchmark
1 Year*2.61 %-1.45 %
3 Year *3.76 %-6.27 %
Max. monthly gain Since inception3.22 %
Max. monthly loss Since inception-3.29 %
Share class K-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 2.61 % 3.76 %
Tracking Error
Max. monthly loss -3.29 %
Max. monthly gain 3.22 %
Max. drawdown -1.45 % -6.27 %

Fund information

Inception Date (Fund)
27/11/2012
Inception Date (Part)
27/11/2012
Legal form
SICAV
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1160369242
AuM (fund)
132 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

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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