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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MILLESIMA 2024 Corporate bonds

Corporate bonds
Change in NAV (23/04/2018)
990.63 EUR
Raphaël  CHEMLA–FR0011255157–
Raphaël CHEMLA
Julie GUALINO-DALY–FR0011255157–
Julie GUALINO-DALY
The identity of the managers presented in this document may change during the life of the product.
Risk and reward profile (1)
1234567
990.63 EUR
Change in NAV (23/04/2018)
2
1234567
Risk and reward profile
Recommended holding period
Change in NAV (23/04/2018)
990.63 EUR
Risk and reward profile
1234567
Recommended holding period
Raphaël CHEMLA  
Julie GUALINO-DALY  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

MILLESIMA 2024 aims, over its recommended investment period, to achieve performance linked to trends on the international fixed-income markets, particularly through exposure to high-yield securities maturing in December 2024 at the latest.

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Commentary 29/03/2018

March was a mixed month for investment grade corporate bond markets, as the month saw a pronounced risk aversion bias. Protectionist measures from the U.S, including new tariffs on steel and aluminium, created fears over a potential global trade war, unsettling investors. This led to a rally in longer end benchmark bonds, as the 10 year Treasury yield fell 13 basis points and the 10 year Bund fell 18 basis points. The Fed, as expected, raised rates by a quarter point. Guidance, as of now, remains for two additional rate hikes this year. Outer year guidance became slightly more hawkish. In Europe, economic figures, including inflation, were somewhat lower than expected. The Italian elections did not significantly move markets, regardless of the success of the populist parties. Credit markets registered a very weak month, with spreads widening on a virtually daily basis throughout March. Spread levels have now retraced to September 2017 levels in most markets. This is also despite lower IG corporate issuance in Q1 than expected.After a very strong and promising start, credit is finishing in poor fashion with total and excess returns in negative territory. While the EU received a last-minute exemption from the steel and aluminum tariffs, the potential for an escalating global trade conflict impacted sentiment. Against this backdrop, central back meetings surprisingly took a back seat: the US Fed raised its target rate by 25bp to 1.5-1.75% and the ECB tweaked its QE guidance, supporting economists' view that net asset purchases would be terminated this year. Although economic data releases remained solid, they also suggested that momentum is cooling. Eurozone PMIs continued to decelerate in March and the composite PMI declined for a second consecutive month. HY spreads moved again wider in March (iBoxx HY NFI +24bp to 291bp), with returns negative for a second consecutive month. The iBoxx HY NFI lost 0.2% and was marginally outperformed by Financials (-0.2%) mom. Most sectors incurred losses, with Construction (+0.3%), Healthcare (+0.3%), and Utilities (+0.1%) the best sectors in March and Basic Resources (+0.1%) also resilient. Technology (-0.6%), Oil & Gas (-0.3%), and Industrials (-0.3%) took the biggest hits in the month. CCC notes (-1%) underperformed their BB (-0.2%) and B (-0.1%) peers in March, but remain well ahead YTD (+1.5%). Nevertheless, 1Q18 is the first quarter of negative returns for high yield (iBoxx HY NFI -0.68%) in almost three years (3Q15 -3.45%), with the bulk of the YTD decline from BB notes (-0.98%).

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Change in NAV

Chart – Base 100 (23/04/2018)
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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 D-EUR Cumulative Annualised
Since 01/01/2018

-0.16 %

-0.16 %

1 Year

-0.31 %

-0.31 %

3 Year

1.08 %

0.36 %

5 year

10.26 %

1.97 %

Since inception

19.39 %

3.05 %

Since 01/01/2018 1 Year 3 Year 5 year Since inception
Cumulative

Share class (D-EUR)

Benchmark

-0.16 %

-0.31 %

1.08 %

10.26 %

19.39 %

Annualised

Share class (D-EUR)

Benchmark

-0.31 %

0.36 %

1.97 %

3.05 %

*Rolling periods

Annual performance



Fund information

Inception Date (Fund)
01/06/2012
Inception Date (Part)
01/06/2012
Legal form
Mutual Fund
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Distribution
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
FR0011255157
AuM (fund)
22 M (EUR)
Regulatory authority
AMF
Management company
Edmond de Rothschild Asset Management (France)
Incorporation
France
Maximum management fee
0,800 %
Current management fee
0.800 %
Subscription and redemption conditions
Daily before 11.00 am C.E.T. on day's net asset value
Subscription fee
4.00 % max
Redemption fee
1.00 % 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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