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EdR Fund Income Europe Income strategies

Income strategies
Change in NAV (26/05/2017)
103.62 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
103.62 EUR
Change in NAV (26/05/2017)
3
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (26/05/2017)
103.62 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 28/04/2017

The first round of the French presidential elections lifted the political risk premium weighing down on the market in France. Now the market can re-focus on the fundamentals. And they're looking good. Leading indicators from all the euro zone countries point to an acceleration of growth under way, backed up by a chain of quarterly earnings reports, and in particular, the organic growth apparent. The market is bargaining on a defeat for Marine Le Pen (lower risk premium), but not yet a victory for Emmanuel Macron. This in the sense that at this stage the market is not buying wholesale into either the dynamics of earnings growth, or the prospect of reform in France (privatisation, reduced labour costs, reduced business taxation and tax simplification when it comes to savings). The market can reasonably pause, particularly given the valuations reached, and wait for an exit upstream from doubts over US reflation and the necessary changes to the ECB's line — namely less political risk and vigour in euro zone growth, which warrants an adjustment to the discourse on interest rate levels and/or an end to QE. What's more, the election is heightening market visibility in two steps: Rebalancing performance in favour of France and the euro zone on the earnings momentum behind market leaders, and also exploiting new opportunities for reform in France, which could in turn re-boot European integration. Given this situation, the equity compartment's weighting rose from 22% at the month's start to around 25% by April's end. This by strengthening the oil stocks already held in the portfolio (ENI, Royal Dutch Shell, Total) with new positions on Ahold Delhaize, Carrefour, Metro and Allianz. Meanwhile, the investment in Deutsche Euroshop has been sold. In the high yield compartment, we booked our profits on Adient, IGT and Atalian. Also, we took part in the new issue for Atalian and primary bond issues for Antolin, Grifols, Burger King, Cerba and Senvion. Turning to financials, we raised our exposure by investing in the new CoCo Santander AT1.

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Change in NAV

Chart – Base 100 (26/05/2017)
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Performance

Performance R-EUR Cumulative Annualised
Since inception 3.62 %
Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative

3.62 %

Annualised



Statistics

Max. monthly gain
Since inception
Share class R-EUR0.98 %
Benchmark
Share class R-EUR
Benchmark
1 Year 3 Year 1 Year 3 Year
Max. monthly gain 0.98 %

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)
160 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
3.00 % 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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