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 (19/01/2018)
112.53 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
112.53 EUR
Change in NAV (19/01/2018)
3
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (19/01/2018)
112.53 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.

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Commentary 29/12/2017

US equities outperformed in December finishing the month +0.98% aided by the weaker dollar and the tax reform bill approval. The last month of the year was marked by a further flattening of the curve in the US with 2Y-10Y spread at 51.8 as inflation forecasts remained unchanged. European equities was under pressure as Euro finished the year at 1.20 versus the Dollar with Eurostoxx 50 at -1.85% despite revised up growth forecast for 2018 to 2.3% by the ECB. BoJ kept monetary policy unchanged as inflation remains in a “weakening phase”. Emerging markets outperformed at +2.56% aided by the weaker dollar and WTI at 60.42 USD as the global growth expectations were revised up and as some technical incidents occurred in a North Sea pipeline. Steinhoff dominated the news in the convertibles market. The company was supposed to publish its annual results on December 6, but the publication was postponed indefinitely, resulting in the immediate resignation of CEO Markus Jooste amid speculations of accounting irregularities. These events precipitated the fall of the share and bond prices. Convertible bonds corrected up to 40 points on the news. The stock, meanwhile, lost more than 90% of its value. Our portfolio is invested in both 2022 and 2023 bonds. The outlook on Steinhoff now depends on several factors such as creditors support and the extent of accounting irregularities that would result in the restatement of the previous years' financial statements. Moody's has downgraded the credit rating of the holding company to Caa1 on the 28th of Dec. In Japan we have taken profits on high delta names like Teijin and SBI Holdings. In Europe we have initiated a new position in a short term convex Solidium/Sampo 2018 exchangeable bond that has a very low premium and high gamma.

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Change in NAV

Chart – Base 100 (19/01/2018)
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

1.88 %

1.88 %

1 Year

2.22 %

2.22 %

3 Year

7.04 %

2.29 %

5 year

17.49 %

3.27 %

Since inception

18.72 %

3.39 %

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

Share class (B-EUR)

Benchmark

1.88 %

2.22 %

7.04 %

17.49 %

18.72 %

Annualised

Share class (B-EUR)

Benchmark

2.22 %

2.29 %

3.27 %

3.39 %

*Rolling periods

Annual performance



Statistics

VolatilityMax. drawdown
Share class B-EURBenchmarkShare class B-EURBenchmark
1 Year*3.23 %-3.14 %
3 Year *3.88 %-6.33 %
Max. monthly gain Since inception4.00 %
Max. monthly loss Since inception-3.31 %
Share class B-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 3.23 % 3.88 %
Tracking Error
Max. monthly loss -3.31 %
Max. monthly gain 4.00 %
Max. drawdown -3.14 % -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)
132 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.

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