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 (12/10/2018)
98.69 EUR
Pierre  NEBOUT–LU1726327858–
Pierre NEBOUT
Julien deSAUSSURE–LU1726327858–
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
98.69 EUR
Change in NAV (12/10/2018)
3
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (12/10/2018)
98.69 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 28/09/2018

After launching September in distinctly negative territory, European equity indices closed the month on a neutral trend. Instead, investors' risk perception has tended to be influenced more by political considerations. While some of these factors seem to be easing slightly (as in China's tempered reaction to a fresh salvo of US customs tariffs, which were themselves more limited than expected), others have persisted (with further failures in Brexit negotiations). Some are even resurgent, such as the risk of fiscal slippage in Italy, materialising at the month end. Except for this slight surge of sovereign risk at the month end, long-term rates continued to rise (with the US 10-year note and the German Bund exceeding their +3% and +0.5% respective thresholds this month), under the impact of their monetary policies. These proved increasingly less accommodating on both sides of the Atlantic (though economic indicators have remained robust, especially on the inflation front). The energy sector has continued to rise along with the gains in oil prices, contributing positively to the performance of the fund's equity compartment, which is significantly over-weighted in the integrated oil segment. On the corporate front, the month saw just a few profits warnings, often related to specific cases (such as BMW), or special situations, often under activist pressure (ThyssenKrupp's spin-off project). In this climate, within the equity portfolio net exposure was reduced to 12% at the month end, and the position on UCB, the Belgian pharmaceutical laboratory, was sold in the wake of its strong recent performance. In the high yield segment we invested in issues by Jaguar Land Rover 2026, Getlink 2023, Corte Ingles 2024, Refinitiv 2026 and Akzo Nobel Specialty Chemicals 2026. In addition, we have gradually taken our profits on Nexans' recent primary dated 2023. Meanwhile, we have been reducing exposure to Samsonite as well as Wintre (given concerns over heightened competition and upcoming auctions). In addition, we signed up for Vodafone's 4.2% hybrid issue. Among the financials, we took part in Rabobank's new AT1 issue in euros with a 4.625% coupon.

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Fund information

Inception Date (Fund)
31/12/2013
Inception Date (Part)
27/12/2017
Legal form
SICAV
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
10000000.00 EUR
ISIN Code
LU1726327858
AuM (fund)
441 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
0,450 %
Current management fee
0.450 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value

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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