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 (14/11/2018)
101.90 EUR
Kris  DEBLANDER–LU1276000236–
Kris DEBLANDER
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
101.90 EUR
Change in NAV (14/11/2018)
3
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (14/11/2018)
101.90 EUR
Risk and reward profile
1234567
Recommended holding period
> 5 years
Kris DEBLANDER  
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 31/10/2018

October saw a sharp drop in European equity markets and the return of volatility. The multiplication of profit warnings accompanying the quarterly reports testifies to the spread of macro risks to the micro-economic sphere. Italian sovereign risk has continued to dominate the news. While the ratings agencies granted a reprieve to the Italian government, the latter started a tug-of-war with the European Commission, which rejected its draft budget. As a result, the 10-year Italian rate has continued to climb above 3%. Monetary conditions are becoming more restrictive on both sides of the Atlantic as doubts emerge over the course of world growth and the effects of the trade war, all of which are beginning to show through at the corporate level. The quarterly earnings reports have come out in tandem with numerous profit warnings, some heavily sanctioned, and not even sparing a number of well-valued growth stocks. Returning risk aversion has triggered marked sector rotation favouring the most defensive sectors, contributing to EdR Income Europe's relative strength, as well as the options hedging. The relatively modest credit-spread widening, given the falling equity markets and rising volatility, prompted us to reduce the credit compartment and boost net equity exposure to 25% at month end. Our principal equity movements were to reduce on the integrated oil sector (less defensive in the current environment), and to strengthen on the most defensive sectors (pharmaceuticals, consumer staples, telecoms and utilities), but also on Swiss securities. Turning to high yield credit, we took part in the primary issues for Getlink 2023, Akzo Specialty Chemicals 2026 and Rossini 2025 (pharmaceuticals). The equity hedging options were restructured, enabling us to cushion the significant correction in Europe. We were able to lower our protection thresholds, extend the maturity of the Eurostoxx hedges to March 2019 following the dip in the indices, and at the same time cash in some of the premium on the options.

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Change in NAV

Chart – Base 100 (14/11/2018)
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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

-2.68 %

Since inception

1.90 %

1.09 %

Since 01/01/2018 1 year* 3 years* 5 years* Since inception
Cumulative

Share class (R-EUR)

Benchmark

1.90 %

Annualised

Share class (R-EUR)

Benchmark

-2.68 %

1.09 %

*Rolling periods

Annual performance



Statistics

VolatilityMax. drawdown
Share class R-EURBenchmarkShare class R-EURBenchmark
1 Year*3.49 %-4.18 %
3 Year *
Max. monthly gain Since inception2.59 %
Max. monthly loss Since inception-2.39 %
Share class R-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 3.49 %
Tracking Error
Max. monthly loss -2.39 %
Max. monthly gain 2.59 %
Max. drawdown -4.18 %

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)
433 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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