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 (16/05/2018)
113.19 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
113.19 USD
Change in NAV (16/05/2018)
3
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (16/05/2018)
113.19 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 30/04/2018

Global equity markets ended April in green with MSCI at +1.94% as investors shifted their interests away from the trade war and back to fundamentals and the earnings season. Japan (+4.72% for Nikkei) and Europe (+4.92% for MSCI TR Europe) outperformed as both Euro and Yen depreciated. S&P 500 posted only +0.27% return with 10Y Treasury yields touching psychological 3% levels. Emerging markets (MSCI EM +1.16%) underperformed due to stronger dollar and new sanctions on Russian companies. Oil price went up 8.8% on the fears of the US pulling out from the Iran nuclear agreement. April is generally one of the quietest months on the CB issuance side amid earnings blackout. Nevertheless, this month we saw 15 deals, worth a total of 4.9 bn USD (strongest April since 2014). On the primary side we have participated in the new deal from a US biotech company Clovis, in South Korea in LG Chemical new CB and in the new JP Morgan/Voya exchangeable bond preferring it to the one issued in January thanks to a takeover protection clause. We took profits on the rest of the LVMH CB position after very strong Q1 earnings with organic sales growth at +13%. We also reduced some HY names in order to stay below 30% limit. On the options side we took some profits on in-the-money Adidas, Telecom Italia, Generali calls; restriked higher ENI, reduced some Deutsche Telekom calls and restriked lower Dish. We initiated a new position in Rallye/Casino 2022 exchangeable bond after a recent selloff and as the CB was trading at much wider spread than the equivalent straight Rallye bonds. Our position in the Energy names CB and option names helped the performance thanks to the rising oil prices. On the negative side AMS was punished by weaker orders from Apple for iPhones.

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Change in NAV

Chart – Base 100 (16/05/2018)
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 I-USD Cumulative Annualised
Since 01/01/2018

2.18 %

2.18 %

1 Year

1.85 %

1.85 %

3 Year

7.91 %

2.57 %

Since inception

13.19 %

3.15 %

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

Share class (I-USD)

Benchmark

2.18 %

1.85 %

7.91 %

13.19 %

Annualised

Share class (I-USD)

Benchmark

1.85 %

2.57 %

3.15 %

*Rolling periods

Annual performance



Statistics

VolatilityMax. drawdown
Share class I-USDBenchmarkShare class I-USDBenchmark
1 Year*4.05 %-2.95 %
3 Year *3.95 %-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 4.05 % 3.95 %
Tracking Error
Max. monthly loss -3.99 %
Max. monthly gain 4.08 %
Max. drawdown -2.95 % -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)
117 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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