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 (19/01/2018)
103.16 EUR
Raphaël  CHEMLA–FR0011255199–
Raphaël CHEMLA
Julie GUALINO-DALY–FR0011255199–
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
103.16 EUR
Change in NAV (19/01/2018)
2
1234567
Risk and reward profile
Recommended holding period
Change in NAV (19/01/2018)
103.16 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 29/12/2017

The leading central banks gave their take in the first fortnight of December on the state of the economy, growth prospects and inflation expectations. What is really interesting is that fundamentally, in both the euro zone and the United States, central bankers believe that growth will accelerate in 2018 thanks to better fundamentals in Europe and the tax reform passed by the US Congress. However, central bankers no longer believe that inflation will reach higher levels in 2018, which is quite surprising. This attitude may explain a rise in world interest rates, notably from 0.30% to 0.43% on the 10-year German bund and from 2.14% to 2.22% on the US 5-year Treasury note. The Investment Grade corporate market in Europe finished slightly down for the month. Although IG spreads marginally contracted, the market could not overcome bund weakness. In the U.S, as Treasury yield rose less than bunds, the corporate IG market was able to register slight gains. The segment ends 2017 with spreads being at their lows since the financial crisis. The High Yield market was flat on the month, with Xover opening and closing at 230bp. Construction and Materials was the stellar outperformer this month whereas Technology and Healthcare underperformed the most. B notes rebounded (+0.3%) and came ahead of BB (-0.20%) and CCC (-0.3%). Altice Bonds were the top performers in December, followed by Valeant and OL bonds. The High Yield market ends 2017 with a strong performance of 5.8%, with a recorded year on primary side (EUR 100bn gross).

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Change in NAV

Chart – Base 100 (19/01/2018)
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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 F-EUR Cumulative Annualised
Since 01/01/2018

0.04 %

0.04 %

1 Year

-0.29 %

-0.35 %

-0.29 %

-0.35 %

3 Year

2.18 %

0.49 %

0.72 %

0.16 %

5 year

10.40 %

7.05 %

2.00 %

1.37 %

Since inception

19.07 %

11.73 %

3.18 %

2.01 %

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

Share class (F-EUR)

Benchmark

0.04 %

-0.29 %

-0.35 %

2.18 %

0.49 %

10.40 %

7.05 %

19.07 %

11.73 %

Annualised

Share class (F-EUR)

Benchmark

-0.29 %

-0.35 %

0.72 %

0.16 %

2.00 %

1.37 %

3.18 %

2.01 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class F-EURBenchmarkShare class F-EURBenchmarkShare class F-EURBenchmarkShare class F-EURBenchmarkShare class F-EURBenchmark
1 Year*0.61 %0.32 %0.65 %0.13 %0.23 %-0.68 %
3 Year *2.12 %0.69 %2.14 %0.12 %0.19 %0.94 %
Max. drawdownAlphaBeta
Share class F-EURBenchmarkShare class F-EURBenchmarkShare class F-EURBenchmark
1 Year*-0.83 %-0.01 %0.25 %
3 Year *-3.34 %0.06 %0.38 %
Max. monthly gain Since inception1.68 %
Max. monthly loss Since inception-2.20 %
Share class F-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 0.61 % 2.12 % 0.32 % 0.69 %
Tracking Error 0.65 % 2.14 %
Sharpe ratio -0.68 % 0.94 %
Alpha -0.01 % 0.06 %
Correlation coefficient 0.13 % 0.12 %
Information ratio 0.23 % 0.19 %
Max. monthly loss -2.20 %
Max. monthly gain 1.68 %
Max. drawdown -0.83 % -3.34 %
Beta 0.25 % 0.38 %

Fund information

Inception Date (Fund)
01/06/2012
Inception Date (Part)
25/06/2012
Legal form
Mutual Fund
Benchmark
Used for the non benchmarked funds (SAAM and TAA)
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Distribution
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
FR0011255199
AuM (fund)
24 M (EUR)
Regulatory authority
AMF
Management company
Edmond de Rothschild Asset Management (France)
Incorporation
France
Maximum management fee
0,950 %
Current management fee
0.950 %
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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