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 Crossover Credit Corporate bonds

Corporate bonds
Change in NAV (21/02/2018)
112.26 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
112.26 USD
Change in NAV (21/02/2018)
3
1234567
Risk and reward profile
3 years
Recommended holding period
Change in NAV (21/02/2018)
112.26 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 31/01/2018

The first month of 2018 started with a positive tone on equity markets and to a smaller extent to credit markets. At the end of the month, the Main index (EUR IG) had tightened to 43bp and the US IG CDX index tightened by 2 bps to 47 bps. In high yield, the indices were relatively flat, with the EUR X-Over (EUR HY) closing the month at 240bps and the US X-Over at 300 bps. However, the spread performance was not enough to offset the sell-off in sovereign bonds; as such, total returns are digging into negative territory with IG down at -0.30% while HY Corporates Index (non-financials) doing better with +0.30% YTD thanks to its higher carry and shorter maturity. US Treasury yields rose 30bps in both the 5 year and 10 year benchmarks. The 5Y Bund yield has risen by almost 30bp since the start of the year and the 10y Bund yield has risen by around 25bp. Inflation concerns are creeping into the market following yet another month of strong economic data. The end of month Fed meeting statement was taken as mildly hawkish by the market. Credit continues to remain relatively remains immune to the movements in the sovereign bond universe. Corporate investment grade spreads are now at 3 year lows. Two factors were very important to the continued spread compression in the European markets. Corporate IG issuance supply in January was lighter than expected, and ECB corporate buying continued at the same pace as last year, despite the reduction of the QE program. The Euro HY index, BB-B Non-Financials, returned 0.31% while Subordinated Financials strongly outperformed. Within the Euro HY universe, Construction & Materials (+1%) outperformed for a second consecutive month and even outpaced Financials. Consumer Services (+0.8%) and Oil & Gas (+0.7%) followed suit amid oil prices hitting their highest level (USD 70/bbl) in over three years. Telecoms (-0.3%), Technology (-0.1%) and Health Care (+0.1%) trailed in January. CCC names delivered the best performance this month, with 3.1% total return, when BB generated 0.36% and B 0.70%.

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Change in NAV

Chart – Base 100 (21/02/2018)
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 I-USD Cumulative Annualised
Since 01/01/2018

-0.78 %

-0.80 %

-0.78 %

-0.80 %

1 Year

4.23 %

3.73 %

4.23 %

3.73 %

3 Year

10.36 %

10.32 %

3.33 %

3.32 %

Since inception

12.26 %

13.28 %

3.26 %

3.52 %

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

Share class (I-USD)

Benchmark

-0.78 %

-0.80 %

4.23 %

3.73 %

10.36 %

10.32 %

12.26 %

13.28 %

Annualised

Share class (I-USD)

Benchmark

4.23 %

3.73 %

3.33 %

3.32 %

3.26 %

3.52 %

*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*1.61 %1.62 %0.47 %0.96 %1.01 %2.44 %
3 Year *3.15 %3.26 %0.93 %0.96 %0.10 %0.97 %
Max. drawdownAlphaBeta
Share class I-USDBenchmarkShare class I-USDBenchmarkShare class I-USDBenchmark
1 Year*-0.86 %0.01 %0.95 %
3 Year *-4.52 %0.03 %0.93 %
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 1.61 % 3.15 % 1.62 % 3.26 %
Tracking Error 0.47 % 0.93 %
Sharpe ratio 2.44 % 0.97 %
Alpha 0.01 % 0.03 %
Correlation coefficient 0.96 % 0.96 %
Information ratio 1.01 % 0.10 %
Max. monthly loss -1.69 %
Max. monthly gain 2.65 %
Max. drawdown -0.86 % -4.52 %
Beta 0.95 % 0.93 %

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)
327 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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