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EdR Fund Income Europe Income strategies

Income strategies
Change in NAV (19/10/2017)
114.14 EUR
Pierre  NEBOUT–LU1276000152–
Pierre NEBOUT
Julien deSAUSSURE–LU1276000152–
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
114.14 EUR
Change in NAV (19/10/2017)
3
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (19/10/2017)
114.14 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 29/09/2017

September saw two shifts in direction: A rise in long-term rates after continued decline in July and August, and an end to the euro's climb against the US dollar, triggered at the end of 2016. This was especially noticeable since mid-April with political risk disappearing from the euro zone. It brought relief on both fronts, allowing the equity market to get back to growth, with the support of the recovering euro zone cycle. This has confirmed its strength (climbing almost +2%), its spread (into all countries and participating sectors), and its robust nature — since it is fuelled by domestic factors and therefore less vulnerable to external shocks. Given this climate, the more value-type stocks have gained ground (especially financials and industrial cyclicals), at the expense of more defensive stocks, such as telecoms. The rise in oil prices was also a feature in September. While integrated oil companies have benefited, some doubt is still hanging over the sector, especially regarding its ability to cover the cash dividends. Despite the improvement witnessed both in revenue growth and profitability, telecoms have also lagged somewhat behind, with the market still preoccupied by the investment effort (i.e. the profitability of fibre deployment, and bidding too high for rights acquisition), but also the lack of consolidation prospects (particularly in France). The overweighting (on Telecom Italia, Orange, Bouygues and KPN) has been maintained. Within the equity pocket, the integrated oil sector was strengthened (ENI, Royal Dutch Shell, Total), and a position was initiated on Danone. On the credit scene, the primary market has shown considerable momentum. We also took part in the issues for Cortefi l, Stada and Viridian. Looking at the financials, the trend was upward, with CoCos putting in a strong performance. The primary market was quite active, too, but no movements were made in the portfolio this month because the new issues were too small or were offered at unattractive valuation levels. 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 (19/10/2017)
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 C-EUR Cumulative Annualised
Since 01/01/2017

6.13 %

6.13 %

1 Year

7.64 %

7.64 %

Since inception

14.14 %

7.98 %

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

Share class (C-EUR)

Benchmark

6.13 %

7.64 %

14.14 %

Annualised

Share class (C-EUR)

Benchmark

7.64 %

7.98 %

*Rolling periods

Annual performance



Statistics

VolatilityMax. drawdown
Share class C-EURBenchmarkShare class C-EURBenchmark
1 Year*3.53 %-1.77 %
3 Year *
Max. monthly gain Since inception7.79 %
Max. monthly loss Since inception-3.59 %
Share class C-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 3.53 %
Tracking Error
Max. monthly loss -3.59 %
Max. monthly gain 7.79 %
Max. drawdown -1.77 %

Fund information

Inception Date (Fund)
31/12/2013
Inception Date (Part)
29/01/2016
Legal form
SICAV
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1276000152
AuM (fund)
196 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
0,750 %
Current management fee
0.750 %
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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