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EdR Fund Global Convexity Convertible bonds

Convertible bonds
Change in NAV (19/10/2017)
112.48 EUR
Laurent  LE GRIN–LU1160370505–
Laurent LE GRIN
Alina EPIFANTSEVA–LU1160370505–
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
112.48 EUR
Change in NAV (19/10/2017)
3
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (19/10/2017)
112.48 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 UCITS' management objective is to outperform its benchmark index through exposure to North American equity markets, selecting securities on a discretionary basis from an investment universe comparable to that of the benchmark.

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Commentary 29/09/2017

Market nervousness moderated in September as tensions with North Korea declined and no aggressive actions were taken by either side. The ECB postponed the announcement on the CSPP to the October meeting and the Fed announced the beginning of the reduction of the size of its balance sheet, also confirming gradual rates increases. The Bank of England's more hawkish tone pushed the pound higher. The oil price increased to 52 USD by the end of September as US oil inventories declined. Developed markets equities finished the month strongly in green: US (+1.93%) was boosted by the unveiling (finally) of the US administration's tax plan, which it is claimed will be signed by December, Europe (+5.07%) and Japan (+3.61%) outperformed, aided by weaker currencies. Emerging markets equities (+0.44%) underperformed as dollar gained grounds. China was downgraded by S&P one notch to A+. The PBoC surprised the market with reserve ratio cut . As a way to continue the suppression of speculative demand in real estate, 6 major cities announced the tightening of home resale restrictions that are already in place in more than 30 cities across the country since 2010. With equity markets advancing in September we didn't hesitate to take some profits and make room for new issues; we have ran the fund near the upper limit of the equity sensitivity during the month. We continued to decrease our straight bond positions ahead of possible ECB tapering and sold Levi's 2027 bonds. In Japan we have sold high premium Asics CBs to increase recent new issue Ana Holdings and to participate in new issue of pharma wholesaler Medipal Holdings, we also bought Nikkei calls to take advantage of the historically low volatility in this market. In the US we took profits om Micron calls that went in the money territory, took profits on the rest of the RealPage CB position, sold Liberty Media / TWX exchangeable, restriked higher our in the money Illumina and Celgene call options, reduced Citrix CB. In Europe we increased our position in Allianz and BMW call options, restriked higher Credit Agricole calls, bought Amorim/Galp exchangeable bond as Parpublica/Galp matured. On the primary side we have participated in the new convertible issues of AMS, Austrian supplier of 3D sensing components to Apple, Qiagen, a molecular diagnostics, next generation sequencing and life sciences company and in Vallourec, French manufacturer of specialty tubing for energy industry.

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Change in NAV

Chart – Base 100 (19/10/2017)
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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 B-EUR Cumulative Annualised
Since 01/01/2017

2.62 %

2.62 %

1 Year

4.24 %

4.24 %

3 Year

9.17 %

2.96 %

Since inception

18.77 %

3.58 %

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

Share class (B-EUR)

Benchmark

2.62 %

4.24 %

9.17 %

18.77 %

Annualised

Share class (B-EUR)

Benchmark

4.24 %

2.96 %

3.58 %

*Rolling periods

Annual performance



Statistics

VolatilityMax. drawdown
Share class B-EURBenchmarkShare class B-EURBenchmark
1 Year*2.68 %-1.37 %
3 Year *3.72 %-6.33 %
Max. monthly gain Since inception3.18 %
Max. monthly loss Since inception-3.31 %
Share class B-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 2.68 % 3.72 %
Tracking Error
Max. monthly loss -3.31 %
Max. monthly gain 3.18 %
Max. drawdown -1.37 % -6.33 %

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
Distribution
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1160370505
AuM (fund)
164 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
1,000 %
Current management fee
1.000 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value
Subscription fee
1.00 % max
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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