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EdR Fund Signatures Euro High Yield Corporate bonds

Corporate bonds
Change in NAV (20/04/2017)
115.08 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
115.08 EUR
Change in NAV (20/04/2017)
3
1234567
Risk and reward profile
2 years
Recommended holding period
Change in NAV (20/04/2017)
115.08 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 31/03/2017

The Dutch elections, the Brexit kick-off, and trouble in the Trump administration have barely affected credit spreads. Approaching elections in France have, however, added some volatility to government bond markets. The corporate reporting season has ended, and, in general, there have been no unpleasant surprises to report. The high yield credit market in Europe remains largely driven by QE (which will dip in April to €60 billion in asset repurchasing from €80 billion per month), and by technical factors largely benefiting the issuers. So far the market has been little affected by Theresa May's triggering of Article 50, and Donald Trump's setback in his attempt to reform Obamacare. The primary market was also well supported in March with more than €13 billion in new issues, most intended to refinance existing bonds. Despite outflows from some high yield funds this month, credit spreads have remained low and a note of shortage persists. Yields were negative on paper rated BB (-0.23%) and B (-0.05%), but positive on CCC (+0.25%) this month, with an overall high yield return of -0.17%. Most issuers were refinancing their debt. With the exception of Loxam, which financed its Lavendon acquisition with three tranches totalling €850 million, and Spie (Ba3/BB), which financed its takeover of SAG via an unsecured €600 million line dated 2024. Other major issues included Peugeot's (Ba2) €600 million 2024, Federal-Mogul (B1/B-) in two tranches (including one floater) for a total €715 million dated 2022 and 2024. Meanwhile, Saipem (Ba1/BB+) entered the market with a €500 million note dated 2022.

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Change in NAV

Chart – Base 100 (20/04/2017)
Avertissement
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

Performance B-EUR Cumulative performance Annualised performance
Since 01/01/2017 1.28 %  
1 Year 6.09 % 6.09 %
3 Year 12.58 % 4.02 %
Since inception 34.12 % 6.11 %
Performance B-EUR Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative performance 1.28 % 6.09 % 12.58 % 34.12 %
Annualised performance 6.09 % 4.02 % 6.11 %


Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
1 Year3 Year 1 Year3 Year 1 Year3 Year 1 Year3 Year 1 Year3 Year
Share class B-EUR3.04 %4.57 %1.00 %1.21 %0.96 %0.97 %-2.12 %-0.65 %2.88 %1.01 %
Benchmark3.36 %4.98 %
Max. monthly lossMax. monthly gainAlphaBeta
Since inceptionSince inception1 Year3 Year 1 Year3 Year
Share class B-EUR-3.47 %6.28 %-0.01 %-0.02 %0.87 %0.89 %
Benchmark
Share class B-EUR
Benchmark
1 Year 3 Year 1 Year 3 Year
Volatility 3.04 % 4.57 % 3.36 % 4.98 %
Tracking Error 1.00 % 1.21 %
Sharpe ratio 2.88 % 1.01 %
Alpha -0.01 % -0.02 %
Correlation coefficient 0.96 % 0.97 %
Information ratio -2.12 % -0.65 %
Max. monthly loss -3.47 %
Max. monthly gain 6.28 %
Beta 0.87 % 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)
291 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
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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