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EdR Fund Income Europe Income strategies

Income strategies
Change in NAV (18/07/2017)
108.99 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
108.99 EUR
Change in NAV (18/07/2017)
3
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (18/07/2017)
108.99 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 30/06/2017

European equity markets posted a negative trend in June featuring an increase in volatility. The areas of uncertainty have for once focused on factors exogenous to the euro zone. These include a decline in oil prices, a sharp drop in US tech stocks, and the loss of Theresa May's absolute majority in the UK elections. However, equity markets remain particularly sensitive to changes in interest rates. Although we are at the exit stage of the accommodative monetary policy cycle, with interest rate hikes already well underway in the United States, monetary policy trends remain more uncertain in the euro zone, with the ECB having upgraded its growth scenario, and downgraded its inflation outlook. ECB chief Mario Draghi's mere mention of any potential tapering (reducing the ECB's bond repurchasing programme) — even though his remarks were nuanced by the bank the very next day — and citing higher-than-expected inflation figures in Germany, were sufficient to hike European rates at the month end. Which drove the euro to its highest level in a year against the dollar. Given this background of monetary uncertainty, an economic recovery seems to be well under way in the euro zone, with indicators staying well-oriented (particularly in France, where the business climate has reached a record level since November 2011). What's more, the risk premium on the banking sector has continued to decline as a result of decreasing regulatory risk, the prospect of rate hikes, and the bailouts staged for Banco Popular in Spain and the Italian banks Veneto and Vicenza — on the verge of bankruptcy — by Intesa Sanpaolo. Given this situation, Eutelsat was sold off by the equity compartment. In the credit compartment, we strengthened and diversified exposure to financials with AT1 positions on KBC, ABN, Erste Bank, UBS and Danske Bank, while subscribing to the Tier 2 primary issue made by the XL Group. In the high yield compartment, we took part in primary issues for Ardagh 2027, UPC 2029, Superior Industries 2025, Italo 2023, Intrum Justitia 2024 et Banijay 2022. In addition, we extended the duration of our position on Cemex by going from the 2022 to the 2024. We also strengthened our position on Bombardier 2021.

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Change in NAV

Chart – Base 100 (18/07/2017)
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 ID-EUR Cumulative Annualised
Since 01/01/2017

4.16 %

4.16 %

1 Year

7.46 %

7.46 %

3 Year

17.26 %

5.44 %

Since inception

22.73 %

5.94 %

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

Share class (ID-EUR)

Benchmark

4.16 %

7.46 %

17.26 %

22.73 %

Annualised

Share class (ID-EUR)

Benchmark

7.46 %

5.44 %

5.94 %

*Rolling periods

Annual performance



Statistics

VolatilityMax. drawdown
Share class ID-EURBenchmarkShare class ID-EURBenchmark
1 Year*3.79 %-2.34 %
3 Year *5.68 %-9.35 %
Max. monthly gain Since inception3.80 %
Max. monthly loss Since inception-4.96 %
Share class ID-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 3.79 % 5.68 %
Tracking Error
Max. monthly loss -4.96 %
Max. monthly gain 3.80 %
Max. drawdown -2.34 % -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)
170 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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