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EdR Fund Global Convexity Convertible bonds

Convertible bonds
Change in NAV (23/05/2017)
120.40 EUR
Laurent  LE GRIN–LU1160369242–
Laurent LE GRIN
Kris DEBLANDER–LU1160369242–
Kris DEBLANDER
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
120.40 EUR
Change in NAV (23/05/2017)
3
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (23/05/2017)
120.40 EUR
Risk and reward profile
1234567
Recommended holding period
> 3 years
Laurent LE GRIN  
Kris DEBLANDER  
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 28/04/2017

The first half of April was marked by heightened volatility on global markets with US airstrikes in Syria and renewed tensions with North Korea. Political uncertainty of the 1st tour of French elections added to that risk-off mode. However, as Emmanuel Macron was in the lead ahead of the 2nd tour risk assets rallied strongly into the month end globally. Eurostoxx 600 finished the month at +1.56%, with CAC 40 outperforming at 2.83% and OAT/Bund spread tightening by 25 bps. S&P 500 and Nikkei participated as well in the rally and ended the month at +0.91% and +1.52% respectively. Emerging markets ended the month +2.33% despite weaker oil. WTI slipped 2.51% in April on supply concerns as Libya restarted production in two oilfields and on weaker gasoline demand. The latest FED minutes indicated the willingness of the central bank to reduce the size of the balance sheet. The ECB didn't indicate any shift in its policy even as positive economic momentum continued in Eurozone as PMI hit a 6 year high at 56.4 and core inflation came in higher than expected at 1.2%. Cyclical and banking stocks were among the major winners of the rally in European markets. The fund benefited from its exposure to financials via call options on Credit Agricole (we added these just ahead of the 1st tour), ING; from French names like Ubisoft, LVMH, Cap Gemini. During the month we have taken profits on our Sanofi call options, reduced LVMH and restriked higher in the money calls on ING, Telecom Italia, Illumina. We have added to our position in recently is issued Silicon Lab CB. We have taken profits on Ineos 24 straight bond. We have added new position in Parpublica/Galp, this short term exchangeable bond has very high gamma. On the negative side the fund suffered from its oil exposure: Nabors and Schlumberger reported weaker than expected Q1 earnings and ENI slid on weaker oil. On the primary side we have participated Neurocrine Biosciences' new 450 mln USD 2024 2.25% CB. The company that develops medications for neurological and endocrine hormone-related diseases came to the CB market to finance its R&D pipeline and to commercialize its recently approved drug.

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Change in NAV

Chart – Base 100 (23/05/2017)
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

Performance K-EUR Cumulative Annualised
Since 01/01/2017 2.55 % 2.55 %
1 Year 5.45 % 5.45 %
3 Year 9.04 % 2.92 %
Since inception 20.40 % 4.22 %
Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative

2.55 %

5.45 %

9.04 %

20.40 %

Annualised

5.45 %

2.92 %

4.22 %



Statistics

VolatilityMax. monthly lossMax. monthly gainMax. drawdown
1 Year3 Year Since inceptionSince inception1 Year3 Year
Share class K-EUR3.33 %3.77 %-3.99 %4.03 %-3.12 %-6.27 %
Benchmark
Share class K-EUR
Benchmark
1 Year 3 Year 1 Year 3 Year
Volatility 3.33 % 3.77 %
Tracking Error
Max. monthly loss -3.99 %
Max. monthly gain 4.03 %
Max. drawdown -3.12 % -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)
152 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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