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EdR Fund Global Convexity Convertible bonds

Convertible bonds
Change in NAV (16/08/2017)
110.99 USD
Laurent  LE GRIN–LU1160369838–
Laurent LE GRIN
Alina EPIFANTSEVA–LU1160369838–
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
110.99 USD
Change in NAV (16/08/2017)
3
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (16/08/2017)
110.99 USD
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 31/07/2017

July was marked by Euro appreciation that reached 1.184 versus US dollar. EUR/USD rate could be a result of investors' confidence in ECB monetary policy and could be also a consequence of a turmoil affecting President Trump and Janet Yellen's reiteration that inflation in the US was still below target. In the short term, we believe European economic growth could be fueled by economic reforms in France and corporate earnings improvements. Interest rates could continue to rise as Eurozone GDP growth could reach 2% in 2017. Propelled higher by weaker dollar and oil prices at 50 USD level S&P finished the month at 1.93%, while Europe went sideways as Eurostoxx 50 ended the month at just +0.22% due to the higher Euro. Weaker dollar also helped emerging markets stocks, notably Hang Seng Index added 6.05% in July for a total YTD performance of 24.20%. As a consequence we took profits on some high delta Asian names like Nanya Tech CB, Tencent calls, ENN Energy CB and Ctrip.com 2020 CB , which we switched to lower delta 2022 CB. Instead in EM we have added Severstal 2022 that has a very balanced profile. We continued taking profits on our straight bond positions and sold Allianz perpetual bond. We have bought short dated Caixa bank 2017 CB that has very interesting technical profile: low premium and very high gamma. We added Nuvasive 2023 CB as the equity sold off double digits as in-line earnings were overshadowed by management departures. We took some profits on Ubisoft position and in Japan we sold Tohoku bonds. We have initiated new position in Haniel/Ceconomy exchangeable, after the spinoff off cash and carry business the management of the largest consumer electronics group didn't wait too long to participate in European consolidation and purchased 24% stake in the French company Fnac-Darty. The primary market saw a revival in Asia with 3 new deals: 1 bn USD 4 & 5 year Shanghai International Port bonds exchangeable into shares of Postal Saving Bank of China, Singha Estate (a property developer from Thailand) 180 mln USD 2% 2022 convertible and 3SBio (Chinese biotech company) 300 mln USD 0% 2022 CB.

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Change in NAV

Chart – Base 100 (16/08/2017)
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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 I-USD Cumulative Annualised
Since 01/01/2017

3.01 %

3.01 %

1 Year

5.11 %

5.11 %

3 Year

10.67 %

3.43 %

Since inception

10.99 %

3.27 %

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

Share class (I-USD)

Benchmark

3.01 %

5.11 %

10.67 %

10.99 %

Annualised

Share class (I-USD)

Benchmark

5.11 %

3.43 %

3.27 %

*Rolling periods

Annual performance



Statistics

VolatilityMax. drawdown
Share class I-USDBenchmarkShare class I-USDBenchmark
1 Year*2.68 %-0.89 %
3 Year *3.70 %-6.15 %
Max. monthly gain Since inception4.08 %
Max. monthly loss Since inception-3.99 %
Share class I-USD
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 2.68 % 3.70 %
Tracking Error
Max. monthly loss -3.99 %
Max. monthly gain 4.08 %
Max. drawdown -0.89 % -6.15 %

Fund information

Inception Date (Fund)
27/11/2012
Inception Date (Part)
20/05/2014
Legal form
SICAV
Currency (fund)
EUR
Currency (share class)
USD
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
500000.00 EUR
ISIN Code
LU1160369838
AuM (fund)
163 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
0,550 %
Current management fee
0.550 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value
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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