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 Income Europe Income strategies

Income strategies
Change in NAV (11/12/2017)
109.95 EUR
Pierre  NEBOUT–LU0992632454–
Pierre NEBOUT
Julien deSAUSSURE–LU0992632454–
Julien deSAUSSURE
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
> 5 years
109.95 EUR
Change in NAV (11/12/2017)
3
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (11/12/2017)
109.95 EUR
Risk and reward profile
1234567
Recommended holding period
> 5 years
Pierre NEBOUT  
Julien deSAUSSURE  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

Investment objective: The objective of the Sub-Fund is to generate regular income and provide capital growth over the medium to long-term by investing in European equity and fixed income securities.

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Commentary 30/11/2017

The market consolidated in November, as the euro resumed its uptrend. This was triggered by the US Administration's difficulties facing the prospect of a large German coalition just as activity indicators in the euro zone were confirmed at their highest level in six years. It was also driven by a flattening yield curve (given persistent weakness and inflation despite the strength of business activity). In the absence of corporate news once the quarterly reporting season was over, the market went into profit-taking mode, where the valuations did not encourage any additional risk-taking. In effect, the market seems vulnerable to special situations (such as credit risk at Altice and Astaldi, the valuations of GAFA and other tech stocks). This prompted us to hedge half the equity exposure at the beginning of the month given the presence of non-systemic risks factors, and no sign of a turnaround in the business cycle. The strength of the economic recovery in the euro zone, and the persistence of highly positive conditions for corporate financing, support the prospect of 2018 once again producing earnings growth of around 10%. After strengthening on discounted yield stocks (Orange, Lagardère, Deutsche Telekom and Ceconomy), net equity exposure came to 13%. Turning to financials, we participated in the primary issues for Nordea (inaugural AT1 in euros) and Unipol. Meanwhile, we also diversified our financial compartment with positions on the secondary markets (Groupama, ASR, Nykredit). On the high yield market, we subscribe to new bond issues including Wind Tre 2024, Constellium 2026, CMC di Ravenna 2023, Rexel 2025, Cemex 2024 and Verisure 2023. Our position on Swissport was sold at the beginning of the month. What's more, following a sharp correction to Altice bonds, we strengthened our position on the group to reach an overall exposure of 2.3%. The hedge set up in July to limit portfolio exposure to interest rate risk has been maintained. As a result the portfolio's overall sensitivity has been reduced to 1.0.

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Change in NAV

Chart – Base 100 (11/12/2017)
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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 ID-EUR Cumulative Annualised
Since 01/01/2017

6.52 %

6.52 %

1 Year

8.01 %

7.96 %

3 Year

18.60 %

5.85 %

Since inception

25.52 %

5.93 %

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

Share class (ID-EUR)

Benchmark

6.52 %

8.01 %

18.60 %

25.52 %

Annualised

Share class (ID-EUR)

Benchmark

7.96 %

5.85 %

5.93 %

*Rolling periods

Annual performance



Statistics

VolatilityMax. drawdown
Share class ID-EURBenchmarkShare class ID-EURBenchmark
1 Year*3.35 %-1.50 %
3 Year *5.56 %-9.35 %
Max. monthly gain Since inception7.80 %
Max. monthly loss Since inception-5.10 %
Share class ID-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 3.35 % 5.56 %
Tracking Error
Max. monthly loss -5.10 %
Max. monthly gain 7.80 %
Max. drawdown -1.50 % -9.35 %

Fund information

Inception Date (Fund)
31/12/2013
Inception Date (Part)
31/12/2013
Legal form
SICAV
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Distribution
Valuation frequency
Daily
Minimum initial investment
500000.00 EUR
ISIN Code
LU0992632454
AuM (fund)
233 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
0,650 %
Current management fee
0.650 %
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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