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 (11/12/2017)
141.80 EUR
Julien  de SAUSSURE–FR0011034495–
Julien de SAUSSURE
Benjamine NICKLAUS–FR0011034495–
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
141.80 EUR
Change in NAV (11/12/2017)
3
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (11/12/2017)
141.80 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 30/11/2017

Credit markets experienced some volatility this month, while economic momentum remained strong and 3Q17 earnings for Eurozone companies came in on the positive side of expectations. Eurozone GDP expanded by a robust 0.6% qoq in 3Q17 and forward-looking economic sentiment was upbeat as well, with manufacturing hitting the highest reading since April 2000.The first half of the month was marked by profit-taking after a very solid rally following a dovish ECB meeting mid-October and strong outperformance of bank bonds vs. bank equities post an underwhelming reporting season vs the previous quarters. Some specific situations also drove attention, with the difficult recapitalization exercises at Credito Valtellinese and Banca Carige en Italie. On the regulatory front, there are growing expectation that a deal on Basel 4 could be agreed by the end of the year. The primary market has been active with T2 issues from Talanx and BFCM and a T3 bond by BNP Cardif. Crédit Logement announced a cash tender offer on its legacy T1 bonds with a 3 to 4 % premium (which we have accepted) and issued a new T2 structure.The performance of the funds was flattish over November, after a marked correction in the first half of the month. Insurance subordinated bonds and bank T2s have positively contributed to the funds' performance while CoCos ended the November in negative territory.

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Change in NAV

Chart – Base 100 (11/12/2017)
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 C-EUR Cumulative Annualised
Since 01/01/2017

9.62 %

3.73 %

9.62 %

3.73 %

1 Year

10.69 %

4.47 %

10.63 %

4.45 %

3 Year

14.72 %

8.54 %

4.68 %

2.77 %

5 year

36.62 %

20.50 %

6.44 %

3.80 %

Since inception

41.80 %

37.79 %

5.36 %

4.91 %

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

Share class (C-EUR)

Benchmark

9.62 %

3.73 %

10.69 %

4.47 %

14.72 %

8.54 %

36.62 %

20.50 %

41.80 %

37.79 %

Annualised

Share class (C-EUR)

Benchmark

10.63 %

4.45 %

4.68 %

2.77 %

6.44 %

3.80 %

5.36 %

4.91 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmark
1 Year*2.77 %1.60 %2.46 %0.47 %2.92 %2.90 %
3 Year *4.78 %2.30 %3.49 %0.72 %0.57 %1.27 %
Max. drawdownAlphaBeta
Share class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmark
1 Year*-1.17 %0.14 %0.82 %
3 Year *-8.67 %0.06 %1.50 %
Max. monthly gain Since inception9.15 %
Max. monthly loss Since inception-11.77 %
Share class C-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 2.77 % 4.78 % 1.60 % 2.30 %
Tracking Error 2.46 % 3.49 %
Sharpe ratio 2.90 % 1.27 %
Alpha 0.14 % 0.06 %
Correlation coefficient 0.47 % 0.72 %
Information ratio 2.92 % 0.57 %
Max. monthly loss -11.77 %
Max. monthly gain 9.15 %
Max. drawdown -1.17 % -8.67 %
Beta 0.82 % 1.50 %

Fund information

Inception Date (Fund)
10/03/2008
Inception Date (Part)
04/04/2011
Legal form
Mutual Fund
Benchmark
BofA Merrill Lynch Euro Financial
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
FR0011034495
AuM (fund)
1,947 M (EUR)
Regulatory authority
AMF
EU Regulation
UCITS
Management company
Edmond de Rothschild Asset Management (France)
Incorporation
France
Maximum management fee
1,200 %
Current management fee
1.200 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value
Subscription fee
1.00 % max
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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