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EdR Fund Income Europe Income strategies

Income strategies
Change in NAV (16/08/2017)
103.47 EUR
Pierre  NEBOUT–LU1276000236–
Pierre NEBOUT
Julien deSAUSSURE–LU1276000236–
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
103.47 EUR
Change in NAV (16/08/2017)
3
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (16/08/2017)
103.47 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 31/07/2017

While June saw long bonds climbing back in anticipation that monetary policy would return to normal in the euro zone, July was dominated by the euro's rise against all other currencies. The uncertainty surrounding the US administration, in contrast to the reduction in political risk due to accelerating growth in the euro zone, fuelled this development. Inevitably, the euro's uptrend stalled the momentum in euro zone earnings upgrades, which have nevertheless remained considerably up on 2016. At this stage, business upgrades are no longer sufficient to offset the negative effects of the exchange rate. The European equity market has returned to pre-French presidential election levels, prompting us to raise our equity exposure from 20% to 25%. Existing positions have been strengthened, in particular Vivendi, KPN, Alstom, Fnac-Darty and Korian-Medica. And a number of new positions were initiated on Akzo Nobel, Altran Technologies, Unilever, BAE Systems, British American Tobacco, Bureau Veritas, Capgemini, Deutsche Börse and Euronext. And the position on Euler-Hermes was sold. The credit market has fluctuated widely in response to comments by the ECB and Federal Reserve, alternating between periods of spread widening or tightening. We took part in Bankia's primary, in which it issued its first AT1, as well as those of CMC di Ravenna, Infopro Digital and AllFunds on the high yield segment. Meanwhile, we also exited a number of positions including Interoute and Thom Europe. Our position on Play was recalled. In order to limit portfolio exposure to interest rate risk, we have installed hedges on short futures to neutralise the segments at most risk to any hike in interest rates, in the equity and credit compartments. Overall portfolio sensitivity fell from 2.5 to 1.5 with this hedging.

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Change in NAV

Chart – Base 100 (16/08/2017)
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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 R-EUR Cumulative Annualised

Since inception

3.47 %

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

Share class (R-EUR)

Benchmark

3.47 %

Annualised

Share class (R-EUR)

Benchmark

*Rolling periods

Annual performance



Fund information

Inception Date (Fund)
31/12/2013
Inception Date (Part)
17/02/2017
Legal form
SICAV
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1276000236
AuM (fund)
178 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
1,700 %
Current management fee
1.700 %
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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