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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EdR Financial Bonds Corporate bonds

Corporate bonds
Change in NAV (15/06/2018)
178.58 EUR
Julien  de SAUSSURE–FR0010584474–
Julien de SAUSSURE
Benjamine NICKLAUS–FR0010584474–
Benjamine NICKLAUS
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
> 3 years
178.58 EUR
Change in NAV (15/06/2018)
3
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (15/06/2018)
178.58 EUR
Risk and reward profile
1234567
Recommended holding period
> 3 years
Julien de SAUSSURE  
Benjamine NICKLAUS  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The UCITS' objective is to outperform the Bank of America Merrill Lynch EMU Financial Corporate Index over the recommended investment period through a portfolio exposed to bonds issued primarily by international financial institutions.

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Commentary 31/05/2018

The market was down this month in a climate of high-volatility for rates and spreads due to the uncertain political environment. The latest developments linked to Italian political risk led to periods of significant spread widening, above all for Italian banks and insurers. Given the knock-on effect of this, peripheral issuers also suffered, particularly in Spain which, at May's end was also affected by political uncertainties of its own. Disappointing European data (with the euro zone business PMI falling) and renewed geopolitical tensions (including the impending summit between the United States and North Korea, plus new customs barriers in the United States) also contributed to the general deterioration in sentiment regarding the financial markets. In addition, May also saw all the related segments underperforming. CoCos underperformed substantially, especially when euro-denominated, to post a return of -3.40% for May against -1.97% in the USD segment. The insurance sector underperformed, too, with spreads widening 76 bps on perpetuals (performance at -2.71%) and Tier 2's at 63 bps (at -2.10%). Note the negative result posted by Banking Tier 2's as well (-1.86%). The corporate reporting season reached its end during the month. Italian banks mostly reported results above the consensus, with improved asset quality and reduced provisions. Those of French and German banks, however, were disappointing. HSBC announced the requalification of certain subordinated instruments including discos (discounted perpetuals) as Tier 2 capital even beyond 2021, the end-date to their transition period, which was to mark their ineligibility as Tier 2 capital. These bonds reacted very strongly to the news, and some perpetual discos lost up to 12 bps in one day. In addition, the hedge fund Caius Capital challenged the European Banking Authority (EBA) on the regulatory treatment applied by Unicredit to its Cashes (Convertible and subordinated hybrid equity-linked securities) which are currently recognised as CET1 capital. These instruments accordingly suffered in particular, given the risk of conversion in the event of disqualification, from a very unfavourable rate. Meanwhile, the primary market showed very little momentum in May. BFCM (Crédit Mutuel) issued a Tier 2 bond with a 10-year maturity and a 2.50% coupon for €500 million. Erste Bank, postponed its issuance of an AT1 bond, citing unsatisfactory market conditions.

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Change in NAV

Chart – Base 100 (15/06/2018)
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 I-EUR Cumulative Annualised
Since 01/01/2018

-1.84 %

-0.58 %

-1.84 %

-0.58 %

1 Year

2.70 %

0.94 %

2.70 %

0.94 %

3 Year

13.34 %

7.87 %

4.26 %

2.56 %

5 year

28.82 %

17.06 %

5.19 %

3.20 %

Since inception

78.58 %

52.03 %

5.81 %

4.16 %

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

Share class (I-EUR)

Benchmark

-1.84 %

-0.58 %

2.70 %

0.94 %

13.34 %

7.87 %

28.82 %

17.06 %

78.58 %

52.03 %

Annualised

Share class (I-EUR)

Benchmark

2.70 %

0.94 %

4.26 %

2.56 %

5.19 %

3.20 %

5.81 %

4.16 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmark
1 Year*3.52 %1.56 %2.73 %0.67 %0.33 %0.52 %
3 Year *5.08 %2.32 %3.74 %0.73 %0.36 %0.96 %
Max. drawdownAlphaBeta
Share class I-EURBenchmarkShare class I-EURBenchmarkShare class I-EURBenchmark
1 Year*-4.97 %0.01 %1.52 %
3 Year *-7.49 %0.02 %1.60 %
Max. monthly gain Since inception9.71 %
Max. monthly loss Since inception-13.98 %
Share class I-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 3.52 % 5.08 % 1.56 % 2.32 %
Tracking Error 2.73 % 3.74 %
Sharpe ratio 0.52 % 0.96 %
Alpha 0.01 % 0.02 %
Correlation coefficient 0.67 % 0.73 %
Information ratio 0.33 % 0.36 %
Max. monthly loss -13.98 %
Max. monthly gain 9.71 %
Max. drawdown -4.97 % -7.49 %
Beta 1.52 % 1.60 %

Fund information

Inception Date (Fund)
10/03/2008
Inception Date (Part)
10/03/2008
Legal form
Mutual Fund
Benchmark
ICE BofAML Euro Financial
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
500000.00 EUR
ISIN Code
FR0010584474
AuM (fund)
1,964 M (EUR)
Regulatory authority
AMF
EU Regulation
UCITS
Management company
Edmond de Rothschild Asset Management (France)
Incorporation
France
Maximum management fee
0,600 %
Current management fee
0.600 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value
Performance fee
20,000 %

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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