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 (17/04/2018)
121.81 EUR
Pierre  NEBOUT–LU0992632538–
Pierre NEBOUT
Julien deSAUSSURE–LU0992632538–
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
121.81 EUR
Change in NAV (17/04/2018)
3
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (17/04/2018)
121.81 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 29/03/2018

Equity markets corrected in March given a double whammy: the risk of a trade war (with US protectionism on the rise), and leading indicators that show economic activity at record highs beginning to flatten out or even peak, especially in the euro zone. Long bonds, which started dipping in early February, are continuing to slide — though with no gap opening between core and peripheral issues — despite the Italian elections failing to produce a solid coalition. The risk of the euro climbing in this protectionist environment has forced the ECB to adopt a more cautious tone on its monetary policy, in contrast to the US Federal Reserve. Market valuations now include a more reasonable risk premium. This is rising in tandem with risk levels in a higher volatility environment, and in line with downgraded earnings prospects, due mainly to lower commodities and foreign-exchange effects. While one cannot rule out the risk that a number of US technology segments may not be sustainable, it seems that a partial surrender has left less room for the euphoria and complacency in evidence at the beginning of the year. In this climate, the equity compartment represents just over 20% of net assets, once the hedge was exercised during the month. Within this compartment, our main movements were to initiate positions on Axa and Amundi; strengthen on Altran, AstraZeneca, BAT, ProSieben, Royal Dutch Shell, Suez and Total; and sell Adecco and Metro. Turning to the credit compartment, the rise in volatility pushed spreads to widen on corporate credit as well as subordinated financials. This was an opportunity to strengthen various positions (CNP Assurances, Crédit Agricole plus Verisure) and to initiate others on certain attractive primary issues. These included Caixabank and Santander among the subordinated financials; plus Teva (Pharmaceuticals), Paprec (Packaging) and LKQ (automotive subcontractor) on corporate credit issues. To limit the impact of a rate hike, the portfolio's rate hedge has been adjusted to reflect changes in the fund's outstandings and the contributions made by each segment to sensitivity.

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Change in NAV

Chart – Base 100 (17/04/2018)
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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 A-EUR Cumulative Annualised
Since 01/01/2018

-0.67 %

-0.67 %

1 Year

3.42 %

3.38 %

3 Year

7.92 %

2.57 %

Since inception

21.59 %

4.66 %

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

Share class (A-EUR)

Benchmark

-0.67 %

3.42 %

7.92 %

21.59 %

Annualised

Share class (A-EUR)

Benchmark

3.38 %

2.57 %

4.66 %

*Rolling periods

Annual performance



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
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU0992632538
AuM (fund)
328 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
1,300 %
Current management fee
1.300 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value
Subscription fee
2.00 % max

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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