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EdR Signatures Financial Bonds Corporate bonds

Corporate bonds
Change in NAV (19/10/2017)
1,160.03 EUR
Julien  de SAUSSURE–FR0011034560–
Julien de SAUSSURE
Benjamine NICKLAUS–FR0011034560–
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
1,160.03 EUR
Change in NAV (19/10/2017)
3
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (19/10/2017)
1,160.03 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 29/09/2017

Spreads were relatively stable this month, though with a marked uptrend. This was fuelled first by the ECB's announcement on QE, and then a temporary calm in the uncertainties surrounding North Korea, plus the weakening of Hurricane Irma. In particular, we saw insurance recovering thanks to falling estimates of the damage caused by the Irma, Peripheral CoCos also posted a good performance following S&P's upgrade to Portugal's rating. A fairly hawkish announcement by the US Federal Reserve at September's end, as well as a hike in sovereign rates following the release of details on US tax cut plans did not trigger significant spreads. September also saw a strong positive performance by CoCos in euros and dollars (0.73% and 0.46% respectively) and insurance perpetuals. Meanwhile the Tier 2 banking and insurance segments posted modest positive performances (0.07% and 0.15%). Nordea announced its decision to move its head office from Sweden to Finland, thereby moving into ECB supervision. One of the prime reasons for this was the increasing regulatory burden imposed on banks by the Swedish authorities. In Portugal, Novo Banco published preliminary results for its debt restructuring. The quorum required to force redemption of 76% of the €8.3 billion nominal bond outstandings targeted in the plan has not been reached. A second ballot will take place in October. In Italy, the shareholders of Banca Carige approved a capital increase of €560 million. This, together with some asset disposal and the conversion of subordinated debt into equity, constitute the three measures adopted by the bank to strengthen its capital. The primary market has been quite active this month. Julius Baer, Jyske Bank, NIBC and Investec have issued Additional Tier 1s (AT1) for small amounts (of less than €300 million). Santander and ABN Amro have also issued AT1s, for €1 billion each. Tier 2 bonds have meanwhile been issued by KBC, Bank of Ireland, ING and Banco BPM. The fund posted a positive performance in September, to which the CoCos segment was an important contributor.

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Change in NAV

Chart – Base 100 (19/10/2017)
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 S-EUR Cumulative Annualised
Since 01/01/2017

8.89 %

2.95 %

8.89 %

2.95 %

1 Year

9.67 %

2.58 %

9.67 %

2.58 %

3 Year

16.94 %

8.75 %

5.34 %

2.83 %

Since inception

16.00 %

8.77 %

4.96 %

2.78 %

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

Share class (S-EUR)

Benchmark

8.89 %

2.95 %

9.67 %

2.58 %

16.94 %

8.75 %

16.00 %

8.77 %

Annualised

Share class (S-EUR)

Benchmark

9.67 %

2.58 %

5.34 %

2.83 %

4.96 %

2.78 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class S-EURBenchmarkShare class S-EURBenchmarkShare class S-EURBenchmarkShare class S-EURBenchmarkShare class S-EURBenchmark
1 Year*3.02 %1.79 %2.67 %0.48 %2.80 %1.33 %
3 Year *4.62 %2.27 %3.40 %0.71 %0.63 %1.27 %
Max. drawdownAlphaBeta
Share class S-EURBenchmarkShare class S-EURBenchmarkShare class S-EURBenchmark
1 Year*-1.67 %0.14 %0.81 %
3 Year *-8.01 %0.08 %1.44 %
Max. monthly gain Since inception3.27 %
Max. monthly loss Since inception-2.91 %
Share class S-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 3.02 % 4.62 % 1.79 % 2.27 %
Tracking Error 2.67 % 3.40 %
Sharpe ratio 1.33 % 1.27 %
Alpha 0.14 % 0.08 %
Correlation coefficient 0.48 % 0.71 %
Information ratio 2.80 % 0.63 %
Max. monthly loss -2.91 %
Max. monthly gain 3.27 %
Max. drawdown -1.67 % -8.01 %
Beta 0.81 % 1.44 %

Fund information

Inception Date (Fund)
10/03/2008
Inception Date (Part)
26/09/2014
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
10000000.00 EUR
ISIN Code
FR0011034560
AuM (fund)
1,795 M (EUR)
Regulatory authority
AMF
Management company
Edmond de Rothschild Asset Management (France)
Incorporation
France
Maximum management fee
0,450 %
Current management fee
0.450 %
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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