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EdR Fund Income Europe Income strategies

Income strategies
Change in NAV (21/09/2017)
108.31 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
108.31 EUR
Change in NAV (21/09/2017)
3
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (21/09/2017)
108.31 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 31/08/2017

European equity markets closed in August with almost no visible trend. Against the backdrop of a tense geopolitical climate (with new North Korean missile launches, a terror strike in Barcelona), the euro's rise against the US dollar has accelerated to the 1.20 threshold, disrupting the indices on their way up. The modalities by which monetary policy would be normalised are difficult to anticipate on either side of the Atlantic (with a robust economic cycle but low inflation that is still far from central bank objectives). What's more, the central bankers' meeting in Jackson Hole brought no further light on this. Besides a few disappointments in distribution sectors (Carrefour, Dixons-Carphone) and the media (WPP, ProSieben), the corporate season's reporting remains positive. But it has brought few or no earnings upgrades, due partly to questions about the cycle's prospects (automobile sector), but also the euro's appreciation against the USD, which is squeezing earnings for companies most exposed to international markets. Meanwhile, M&A activity has remained strong (with Total acquiring the Danish assets of Maersk Oil & Gas). Given the climate, TF1 was sold off by the equity compartment. On the credit scene, the primary market was very quiet in August. We took part in . The position in CMC di Ravenna was exited while we reduced on Matterhorn and Leaseplan. In addition, we strengthened our exposure to Vallourec 2024. Turning to financials, the reporting season was satisfactory and there were no portfolio movements in August. The hedge set up in July to reduce portfolio exposure to interest rate risk has been maintained. As a result the portfolio's overall sensitivity has been limited to 1.4.

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Change in NAV

Chart – Base 100 (21/09/2017)
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

4.93 %

4.93 %

1 Year

7.03 %

7.03 %

3 Year

17.13 %

5.40 %

Since inception

23.65 %

5.86 %

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

Share class (ID-EUR)

Benchmark

4.93 %

7.03 %

17.13 %

23.65 %

Annualised

Share class (ID-EUR)

Benchmark

7.03 %

5.40 %

5.86 %

*Rolling periods

Annual performance



Statistics

VolatilityMax. drawdown
Share class ID-EURBenchmarkShare class ID-EURBenchmark
1 Year*3.79 %-2.34 %
3 Year *5.67 %-9.35 %
Max. monthly gain Since inception7.80 %
Max. monthly loss Since inception-4.96 %
Share class ID-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 3.79 % 5.67 %
Tracking Error
Max. monthly loss -4.96 %
Max. monthly gain 7.80 %
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)
183 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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