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 (17/01/2018)
105.48 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
105.48 EUR
Change in NAV (17/01/2018)
3
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (17/01/2018)
105.48 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 29/12/2017

European equity indices closed December on a neutral trend, tracking a low volatility regime in the wake of economic indicators that are continuing to perform well. What's more, political developments have been in the headlines on both sides of the Atlantic (with voting on tax reform the United States, and hints of an agreement on Brexit). Rate hikes have remained sluggish in the absence of signs of accelerating inflation, in both the United States and Europe. The euro, oil and metals (copper in particular) closed the year at their highest levels, which should have some impact on the operational leverage of European companies – though their results are still expected to climb +9% in 2018. December also saw some sector rotation with the technology underperforming, and in contrast, a sharp rise in the commodities sector, driven by price increases for oil, copper and iron ore. M&A transactions have retained their momentum. Among them was Atos' offer, followed by Thales' counter-offer on Gemalto, and Unibail's acquisition of a shopping mall portfolio in the United States and United Kingdom, for example. Given this climate, our main movements within the equity portfolio this month were to strengthen on Ahold Delhaize, Astra Zeneca, Akzo Nobel, Ceconomy and SAP, while initiating new positions on AB InBev, ProSieben and Novartis. Turning to financials, we took part in the primary issues of . We also strengthened some existing AT1 positions in euros (Intes, HSBC, Nordea). On the high yield market, we took part in Picard's refinancing, exiting our Picard 7.75% called bond and going into its primary issues with Picard's 5.5% 2024 and Picard's 2023 Floater. In addition, we subscribed to Ceramtec's 5.25% 2025 bond issue. Meanwhile, we strengthened our positions on Wind Hellas 2021, Equinix 2025 and Huntsman 2021. The hedge established in July to limit portfolio exposure to interest rate risk has been maintained. As a result the portfolio's overall sensitivity has been reduced to 1.1. Net equity exposure after hedging came to 14%.

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Change in NAV

Chart – Base 100 (17/01/2018)
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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 R-EUR Cumulative Annualised

Since inception

5.48 %

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

Share class (R-EUR)

Benchmark

5.48 %

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)
272 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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