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EdR Fund Signatures Euro High Yield Corporate bonds

Corporate bonds
Change in NAV (15/09/2017)
114.08 EUR
Julie  GUALINO-DALY–LU1160363047–
Julie GUALINO-DALY
Alexis FORET–LU1160363047–
Alexis FORET
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
2 years
114.08 EUR
Change in NAV (15/09/2017)
3
1234567
Risk and reward profile
2 years
Recommended holding period
Change in NAV (15/09/2017)
114.08 EUR
Risk and reward profile
1234567
Recommended holding period
2 years
Julie GUALINO-DALY  
Alexis FORET  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The objective is to outperform its benchmark over the minimum recommended investment period. In order to achieve this objective, additional return will be sought for the bond portfolio through active management of interest rate risk and credit risk.

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Commentary 31/08/2017

While July was Risk-ON with equity markets rallying and credit spreads continuing to tighten, the momentum in August has changed. We have seen credit spreads going wider, because of tensions related to North Korea. The move has been led by the US with US HY spreads 35 bps wider; whereas European HY widened by 20 bps. Strong economic momentum justifies risk premiums below their long-term average, but central bank purchases have caused a lack of risk differentiation across sectors. ECB potential announcement on Tapering / QE will be carefully followed in the coming weeks. Sentiment data in the eurozone continued to be strong: the preliminary August manufacturing PMI (57.4 after 56.6) reached its highest level in two months, backed by upbeat readings in France and in Germany. August returns were positive, but came down compared to the previous month. Nevertheless, all but one sector (Media -0.1%) showed positive monthly returns with Construction & Materials and Oil & Gas (both +0.6% over the month) at the forefront. Rating-wise, double-BB (+0.20%) and single-B (+0.33%) were neck-and-neck again, although receding 10Y Bund yields (-16bps) provided tailwind for duration assets. CCC notes were slightly ahead, adding to their outperformance (+0.40%). As one can expect, European High Yield primary market was muted during August. Anglo American was upgraded to IG in August 2017. In quarterly results, apart from few missed publications and Carrefour's poor figures, results in our universe were rather upbeat. As expected, Burger King France posted strong growth in the second quarter but used more cash to fund its ambitious new restaurant openings plan in France. Hapag Lloyd saw first-half results rise sharply as freight recovered; quite logically, the news boosted the bonds of its French rival CMA CGM. In M&A news, Adient (BB+) is to acquire Futuris Group (car interior design and production) for $360m. The deal will take Adient's leverage to 1.9 times, up from 1.7.

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Change in NAV

Chart – Base 100 (15/09/2017)
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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 B-EUR Cumulative Annualised
Since 01/01/2017

3.97 %

4.99 %

3.97 %

4.99 %

1 Year

6.02 %

7.22 %

6.02 %

7.22 %

3 Year

14.05 %

15.91 %

4.48 %

5.04 %

5 year

31.42 %

39.71 %

5.61 %

6.91 %

Since inception

37.68 %

48.60 %

6.15 %

7.67 %

Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative

Share class (B-EUR)

Benchmark

3.97 %

4.99 %

6.02 %

7.22 %

14.05 %

15.91 %

31.42 %

39.71 %

37.68 %

48.60 %

Annualised

Share class (B-EUR)

Benchmark

6.02 %

7.22 %

4.48 %

5.04 %

5.61 %

6.91 %

6.15 %

7.67 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmark
1 Year*2.45 %2.40 %0.72 %0.96 %-2.10 %2.69 %
3 Year *4.59 %4.98 %1.23 %0.97 %-0.55 %1.04 %
Max. drawdownAlphaBeta
Share class B-EURBenchmarkShare class B-EURBenchmarkShare class B-EURBenchmark
1 Year*-1.52 %-0.03 %0.98 %
3 Year *-6.02 %-0.01 %0.89 %
Max. monthly gain Since inception6.28 %
Max. monthly loss Since inception-3.47 %
Share class B-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 2.45 % 4.59 % 2.40 % 4.98 %
Tracking Error 0.72 % 1.23 %
Sharpe ratio 2.69 % 1.04 %
Alpha -0.03 % -0.01 %
Correlation coefficient 0.96 % 0.97 %
Information ratio -2.10 % -0.55 %
Max. monthly loss -3.47 %
Max. monthly gain 6.28 %
Max. drawdown -1.52 % -6.02 %
Beta 0.98 % 0.89 %

Fund information

Inception Date (Fund)
14/02/1997
Inception Date (Part)
09/05/2012
Legal form
SICAV
Benchmark
BofA ML BB-B Euro Non-Financial H-Y Constrained
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Distribution
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
LU1160363047
AuM (fund)
300 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
1,000 %
Current management fee
1.000 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value
Subscription fee
1.00 % max
Performance fee
15,000 %

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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