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EdR Fund Signatures Euro High Yield Corporate bonds

Corporate bonds
Change in NAV (21/08/2017)
16,733.78 EUR
Julie  GUALINO-DALY–LU1160364441–
Julie GUALINO-DALY
Alexis FORET–LU1160364441–
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
16,733.78 EUR
Change in NAV (21/08/2017)
3
1234567
Risk and reward profile
2 years
Recommended holding period
Change in NAV (21/08/2017)
16,733.78 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 31/07/2017

In the wake of June and amid fears of turbulence linked to monetary policy, credit markets opened July on an uncertain note. Then, once the uptrend in European core rates was stemmed, the negative correlation between interest rates and credit spreads kicked in again and risk premiums shrunk. Credit indices tightened slightly over the month, with iTraxx Main at 52 bps (-3 bps for the month) and the iTraxx Crossover at 234 bps (-9 bps in the same period). The double-BB segment gained +0.46%, with single-Bs up +0.57% while Investment Grade rose +0.38%. Overall, technical factors remain positive for the European credit market, with the primary market performing positively in July, if flourishing somewhat less than in June. There were also several large issues worth noting this month: two major players in maritime transport, Hapag-Lloyd and CMA CGM, floated a bond to refinance existing debt. Moreover, given the rising rate environment, floating rate bonds were on the up. A number of issuers presented addressed themselves to investors with this type of structure, among them: InfoPro Digital (IT services), United Group (Slovenian telecom operator), Hema (consumer discretionaries) and Anacap (investing in semi-performing and non-performing assets). The half-year corporate reports are continuing to be published. Results already released have generally been positive and beat the consensus, though there have been some disappointments. In a sample of listed European companies, 70% of those on the Stoxx 600 have published, with 57% beating consensus expectations, and profits growth reaching +20% for the quarter. The M&A markets have also continued to pace our market. Artémis sold its stake in Fnac Darty to the German group, Ceconomy (Baa3/BBB-), Metro's former specialised distribution arm. WorldPay and Vantiv announced that they'd reached an agreement in principle on the characteristics of a potential merger. In addition, Spie has signed an agreement to acquire Ziut (market leader for public lighting installation in the Netherlands).

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Change in NAV

Chart – Base 100 (21/08/2017)
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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 N-EUR Cumulative Annualised
Since 01/01/2017

4.13 %

4.65 %

4.13 %

4.65 %

1 Year

5.98 %

6.71 %

5.94 %

6.68 %

3 Year

16.31 %

15.99 %

5.16 %

5.06 %

5 year

38.28 %

42.10 %

6.69 %

7.28 %

Since inception

67.34 %

77.01 %

7.43 %

8.27 %

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

Share class (N-EUR)

Benchmark

4.13 %

4.65 %

5.98 %

6.71 %

16.31 %

15.99 %

38.28 %

42.10 %

67.34 %

77.01 %

Annualised

Share class (N-EUR)

Benchmark

5.94 %

6.68 %

5.16 %

5.06 %

6.69 %

7.28 %

7.43 %

8.27 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class N-EURBenchmarkShare class N-EURBenchmarkShare class N-EURBenchmarkShare class N-EURBenchmarkShare class N-EURBenchmark
1 Year*2.48 %2.41 %0.73 %0.96 %-0.56 %3.23 %
3 Year *4.59 %4.98 %1.23 %0.97 %0.14 %1.06 %
Max. drawdownAlphaBeta
Share class N-EURBenchmarkShare class N-EURBenchmarkShare class N-EURBenchmark
1 Year*-1.37 %-0.01 %0.98 %
3 Year *-5.43 %0.06 %0.89 %
Max. monthly gain Since inception7.81 %
Max. monthly loss Since inception-7.32 %
Share class N-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 2.48 % 4.59 % 2.41 % 4.98 %
Tracking Error 0.73 % 1.23 %
Sharpe ratio 3.23 % 1.06 %
Alpha -0.01 % 0.06 %
Correlation coefficient 0.96 % 0.97 %
Information ratio -0.56 % 0.14 %
Max. monthly loss -7.32 %
Max. monthly gain 7.81 %
Max. drawdown -1.37 % -5.43 %
Beta 0.98 % 0.89 %

Fund information

Inception Date (Fund)
14/02/1997
Inception Date (Part)
17/06/2010
Legal form
SICAV
Benchmark
BofA ML BB-B Euro Non-Financial H-Y Constrained
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
10000000.00 EUR
ISIN Code
LU1160364441
AuM (fund)
299 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
0,250 %
Current management fee
0.250 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value
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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