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EdR Fund Global Crossover Bonds Corporate bonds

Corporate bonds
Change in NAV (15/11/2017)
112.58 USD
Mark  KOWALSKI–LU1080014027–
Mark KOWALSKI
Raphaël CHEMLA–LU1080014027–
Raphaël CHEMLA
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
112.58 USD
Change in NAV (15/11/2017)
3
1234567
Risk and reward profile
3 years
Recommended holding period
Change in NAV (15/11/2017)
112.58 USD
Risk and reward profile
1234567
Recommended holding period
3 years
Mark KOWALSKI  
Raphaël CHEMLA  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The Sub-Fund's objective is to achieve optimum long-term capital growth by investing in debt securities traded on regulated capital and money markets. In particular, the Sub-Fund aims to outperform the index.

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Commentary 31/10/2017

European credit performed strongly in October, despite investor' anticipation about ECB's policy meeting at the end of the month. Mario Draghi's announcement of a 9-month extension to QE at half the current rate has been seen as supportive for credit markets and led to an acceleration in the pace of spread compression. The ECB also left the door open to extend the program if necessary. The tussle between Madrid and Catalonia dominated news this month but had very limited impact on credit markets. Over the month, European Investment Grade corporate bonds performed strongly, with both the CDS index and cash bonds tightening by 7 bps, and European High Yield corporate cash bonds tightened by 23bps while iTraxx XOver tightened by 27bps. Credit was also helped by falling benchmark yields, also driven by relief over the ECB (10 year bund yield fell 10 bps, from 0.46% to 0.36%). On the supply side, European High Yield experienced the strongest supply month on record.US credit markets had a calmer month. There was no Fed meeting in October, but the September minutes clearly indicated a December rate hike remains probable. Markets were driven both by the rumors concerning who would be the choice for the next Fed Chair (by the end of the month Jerome Powell seemed assured of being selected) and the chances of US tax reform passing. US Treasury yields rose slightly (10 year yields rose from 2.33% to 2.37%), and credit spreads compressed, albeit not as strongly as in the Eurozone.

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Change in NAV

Chart – Base 100 (15/11/2017)
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 01/01/2017

5.52 %

5.11 %

5.52 %

5.11 %

1 Year

6.36 %

5.94 %

6.36 %

5.94 %

3 Year

11.95 %

12.26 %

3.83 %

3.92 %

Since inception

12.58 %

13.67 %

3.61 %

3.91 %

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

Share class (I-USD)

Benchmark

5.52 %

5.11 %

6.36 %

5.94 %

11.95 %

12.26 %

12.58 %

13.67 %

Annualised

Share class (I-USD)

Benchmark

6.36 %

5.94 %

3.83 %

3.92 %

3.61 %

3.91 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class I-USDBenchmarkShare class I-USDBenchmarkShare class I-USDBenchmarkShare class I-USDBenchmarkShare class I-USDBenchmark
1 Year*1.86 %1.93 %0.54 %0.96 %1.22 %2.29 %
3 Year *3.18 %3.30 %0.97 %0.96 %-0.09 %1.11 %
Max. drawdownAlphaBeta
Share class I-USDBenchmarkShare class I-USDBenchmarkShare class I-USDBenchmark
1 Year*-1.45 %0.02 %0.92 %
3 Year *-4.52 %0.02 %0.92 %
Max. monthly gain Since inception2.65 %
Max. monthly loss Since inception-1.69 %
Share class I-USD
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 1.86 % 3.18 % 1.93 % 3.30 %
Tracking Error 0.54 % 0.97 %
Sharpe ratio 2.29 % 1.11 %
Alpha 0.02 % 0.02 %
Correlation coefficient 0.96 % 0.96 %
Information ratio 1.22 % -0.09 %
Max. monthly loss -1.69 %
Max. monthly gain 2.65 %
Max. drawdown -1.45 % -4.52 %
Beta 0.92 % 0.92 %

Fund information

Inception Date (Fund)
04/02/2011
Inception Date (Part)
15/07/2014
Legal form
SICAV
Benchmark
33.3% BofA Merrill Lynch BBB Euro Corporate hedged USD
33.3% BofA Merrill Lynch 1-10 Year BBB
Currency (fund)
EUR
Currency (share class)
USD
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
500000.00 USD
ISIN Code
LU1080014027
AuM (fund)
341 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
0,375 %
Current management fee
0.375 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value

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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