Edmond de Rothschild

Welcome to our Fund Center

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.

Please enter your country and indicate which investor category you belong to:
Mobile Logo

EdR Fund Convexity Convertible bonds

Convertible bonds
Change in NAV (23/04/2018)
111.55 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
111.55 EUR
Change in NAV (23/04/2018)
3
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (23/04/2018)
111.55 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.

View more View less

Commentary 29/03/2018

Equity and credit markets were under pressure in March with concerns around a trade war that could hamper global growth as tariffs on Chinese imports were announced by the US in addition to steel and aluminum ones. Global equity markets responded with the second significant drawdown in as many months as sentiment was also hurt by concerns around a data leak at Facebook. In this context MSCI World was down -2.37% and Xover widened further 30 bps touching 293 level. Notably US Libor OIS Spreads moved out to the widest levels seen since 2008. The ECB slightly changed its guidance paving the way for asset purchases termination. In the US as expected, new Fed chairman, Jerome Powell, raised the benchmark rate by +25bp. On the primary CB side March brought us 7.5 bn USD of new issuance with 25 deals. In Europe we participated in the new issue of a diversified natural resources company Glencore. In the US we participated in the new issues from a concert and venue operator giant Live Nation, a specialty pharmaceutical developer Supernus and a software provider for business communication RingCentral. During the month we reduced Maisons du Monde CB as the company disappointed with their 2018 sales guidance at only 10%, in addition the CB was extremely expensive, having richened 13 implied volatility points since the issue last year. On the options side we restriked lower after market correction our Credit Agricole, Ciaxa Bank, BT call options and initiated a new position in AXA as we think the sell off after announcing XL Group acquisition in the US was unjustified. In the US we took some profits on Yandex, Akamai and Microchip CBs. In Japan we bought Teijin 21 CB as the equity corrected 24% since January highs and the CB reentered the balanced territory. The fund delivered a resilient performance thanks to our contained equity sensitivity at around 32%, put spread on S&P 500 and outperforming names like Western Digital, Microchip, Adidas.

View more View less

Change in NAV

Chart – Base 100 (23/04/2018)
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 B-EUR Cumulative Annualised
Since 01/01/2018

1.08 %

1.08 %

1 Year

0.67 %

0.66 %

3 Year

2.38 %

0.79 %

5 year

15.30 %

2.89 %

Since inception

17.79 %

3.08 %

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

Share class (B-EUR)

Benchmark

1.08 %

0.67 %

2.38 %

15.30 %

17.79 %

Annualised

Share class (B-EUR)

Benchmark

0.66 %

0.79 %

2.89 %

3.08 %

*Rolling periods

Annual performance



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)
122 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

Select all

(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.

Top