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EdR Fund Global Convexity Convertible bonds

Convertible bonds
Change in NAV (21/07/2017)
112.21 EUR
Laurent  LE GRIN–LU1160370505–
Laurent LE GRIN
Kris DEBLANDER–LU1160370505–
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
112.21 EUR
Change in NAV (21/07/2017)
3
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (21/07/2017)
112.21 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 30/06/2017

The end of June brought some volatility to European markets as Mario Draghi hinted of less accommodative monetary policy as inflation and economic growth continue to strengthen. Equities and government yields reacted negatively in this context, with MSCI Europe finishing the month in red -2.26%. In the US the technology sector underperformed the broader market with NASDAQ posting its first negative monthly performance of the year down 0.94% as Apple slipped -5.72%. The FED raised its benchmark rate for the second time in three months, up +25bps to 1.25,% and is now forecasting an one more increase this year despite subdued inflation. Also contributing to the more subdued sentiment in June was the falling oil price as price of WTI fell for four consecutive weeks to $42.5/barrel owing to concerns regarding oversupply as the US continued to add rigs and Libya pumped the most oil in four years. In the UK Parliamentary election cost the Conservative Party its majority (down 13 from the 2015 election to 318 seats), weakening Prime Minister May and increasing the probability of a hard Brexit (the GBP/EUR fell as low as 1.1299 in response). In contrast, Continental Europe seems to be heading towards closer ties as President Macron's party took an absolute majority in France's legislative elections and Chancellor Merkel pushes for closer European integration as a key tenet of her campaign to win Germany's elections on September 24. In Asia, the market was more buoyant with the Nikkei returning +2.05% as the BoJ maintained arguably the most relaxed stance of all the central banks and the JPY/USD weakened. Elsewhere China was the notable outperformer supported by better PMI data. In the CB primary market, Europe took the spotlight with 10 deals during the month totaling $5.1 billion including French retailer, Carrefour, and German fragrance and flavorings specialist, Symrise, as well as serial CB issuer, ST Microelectronics. We participated in the new STM, as well as in the new Bayer/Covestro exchangeable bond. We took profits on our Amazon in the money calls, reduced position in Ubisoft CB due to excess richening and took profits on high delta Prysmian 18. We added to our position in Nabors after oil sell off as we are confident in the credit of this US driller. In telcos we took profits on all our Iliad calls and straight bonds and initiated a new position in Deutsche Telecom instead. We think the company could be a consolidator in Europe and could benefit from a T-Mobile/Sprint deal in the US. We didn't participate in the new Carrefour CB due to non-dilutive structure and very expensive valuation, we have bought call options instead in this name, several points implied volatility lower than the CB.

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Change in NAV

Chart – Base 100 (21/07/2017)
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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

2.37 %

2.37 %

1 Year

4.74 %

4.74 %

3 Year

7.63 %

2.48 %

Since inception

18.49 %

3.72 %

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

Share class (B-EUR)

Benchmark

2.37 %

4.74 %

7.63 %

18.49 %

Annualised

Share class (B-EUR)

Benchmark

4.74 %

2.48 %

3.72 %

*Rolling periods

Annual performance



Statistics

VolatilityMax. drawdown
Share class B-EURBenchmarkShare class B-EURBenchmark
1 Year*2.94 %-1.19 %
3 Year *3.71 %-6.33 %
Max. monthly gain Since inception4.00 %
Max. monthly loss Since inception-4.03 %
Share class B-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 2.94 % 3.71 %
Tracking Error
Max. monthly loss -4.03 %
Max. monthly gain 4.00 %
Max. drawdown -1.19 % -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)
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
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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