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 (22/05/2019)
103.91 EUR
Kris  DEBLANDER–LU0992632454–
Kris DEBLANDER
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
103.91 EUR
Change in NAV (22/05/2019)
3
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (22/05/2019)
103.91 EUR
Risk and reward profile
1234567
Recommended holding period
> 5 years
Kris DEBLANDER  
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 31/01/2019

European equity and credit indices climbed strongly in January, partly correcting for the excess pessimism seen at the year end. Among the supporting factors were the Federal Reserve's more accommodating monetary policy (noticeable early in the year and confirmed at the month end), plus credit support measures in China and hopes of renewed discussions on US-China trade, which played a decisive role. The renewed risk appetite was accompanied by sector rotation among the most cyclical sectors (commodities, auto industry and technology). Credit indices meanwhile climbed significantly given a double boost by lower interest rates and tighter credit spreads. This positive swing of the pendulum should not, however, obscure the persistent risk factors that remain at this stage. They include Brexit, a further deterioration in macroeconomic indicators (though not indicative of a short-term recession), and downgrades to the European corporate earnings outlook, which was probably too optimistic for 2019 (+8%). Given this climate, while maintaining our gross equity exposure at close to 30%, net exposure has been reduced to around 20%. Equity risk management called for our hedging to be maintained until June 2019. We have sought to partially finance their carry cost via short-term call sales. Within the equity compartment, we took our profits on well-appreciated growth stocks (Diageo) and mid caps (Bureau Veritas, Korian). Then used this to start re-introducing equities with a concession profile (Vinci, Grupo Ferrovial) or regulated utilities (such as Snam) which offer attractive yields and valuations that we feel to be at less risk given the potential for a possible rate hike. Turning to High Yield credit, we took part in new issues by Telecom Italia, Autodis and EDP's hybrid. In addition, we partially reduced our high yield exposure on the early January rally. On the financial side, we participated in Abanca's new T2 issue. Meanwhile, KBC has finally exercised its call-back option, as planned, on its 5.625% AT1 coupon in euros.

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Change in NAV

Chart – Base 100 (22/05/2019)
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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

-1.05 %

3.41 %

3.62 %

Since inception

24.33 %

4.12 %

Since 01/01/2019 1 year* 3 years* 5 years* Since inception
Cumulative

Share class (ID-EUR)

Benchmark

24.33 %

Annualised

Share class (ID-EUR)

Benchmark

-1.05 %

3.41 %

3.62 %

4.12 %

*Rolling periods

Annual performance



Statistics

VolatilityMax. drawdown
Share class ID-EURBenchmarkShare class ID-EURBenchmark
1 Year*4.25 %-6.11 %
3 Year *4.16 %-6.61 %
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 4.25 % 4.16 %
Tracking Error
Max. monthly loss -4.96 %
Max. monthly gain 3.80 %
Max. drawdown -6.11 % -6.61 %

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)
438 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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