Edmond de Rothschild

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EdR Fund Income Europe Income strategies

Income strategies
Change in NAV (12/12/2018)
97.63 EUR
Kris  DEBLANDER–LU1726327932–
Kris DEBLANDER
Julien deSAUSSURE–LU1726327932–
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
97.63 EUR
Change in NAV (12/12/2018)
3
1234567
Risk and reward profile
> 5 years
Recommended holding period
Change in NAV (12/12/2018)
97.63 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.
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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 30/11/2018

European equity indices fell sharply in November. Among the various asset classes, there was a marked deterioration on the credit market this month. Oil continued to fall (-20% this month), sending a negative signal on global growth prospects while offering a respite on the inflation front, and thus on the risk of tough monetary tightening by central banks. The risk factors (such as growth and policy), had been well identified, but have not gone away. In political terms, negotiations between the Italian government and the European Commission over Italy's draft budget remain at a standstill, as are US-China trade talks. The EU's 27 member states have given a green light to the draft agreement on Brexit terms, but its approval by the UK Parliament remains highly uncertain. More cyclical and/or more heavily indebted stocks have suffered from the stock market's setbacks and a growing distrust of the technology sector. Given this climate, within the equity compartment our defensive sector positioning and hedging (with net exposure at around 25% this month) performed their safeguarding role, while credit and interest rate hedging impacted performance, as credit spreads widened and the German bund fell. Within the equity portfolio, we kept net exposure at 25% and have continued to strengthen defensive sectors (in particular pharmaceuticals, telecoms and utilities). In managing equity exposure, we took advantage of the rebound recorded at the beginning of the month to raise the threshold on our options cover at the lowest cost, and collect additional options premiums by selling stock options. These arrangements proved effective in cushioning the new downtrend on European stock markets. On the credit markets, we sold our positions on Nyrstar, Salini and Vallourec. Meanwhile, we took part in the Intertrust 2025 primary issue. Our positions on financials were unchanged over the month.

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Fund information

Inception Date (Fund)
31/12/2013
Inception Date (Part)
02/07/2018
Legal form
SICAV
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Distribution
Valuation frequency
Daily
Minimum initial investment
10000000.00 EUR
ISIN Code
LU1726327932
AuM (fund)
419 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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