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EdR Signatures Financial Bonds Corporate bonds

Corporate bonds
Change in NAV (23/05/2017)
135.37 EUR
Julien  de SAUSSURE–FR0011289966–
Julien de SAUSSURE
Benjamine NICKLAUS–FR0011289966–
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
135.37 EUR
Change in NAV (23/05/2017)
4
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (23/05/2017)
135.37 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.
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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 28/04/2017

April went through two phases. Before the results of the first round in the French presidential elections appeared, a certain wait-and-see attitude dominated most markets, with concern at the possibility of a second round between Marine Le Pen (right) and Jean-Luc Mélenchon (left) materialising. Instead, the result of the first round, with Emmanuel Macron (centre) emerging well ahead of Marine Le Pen, triggered a major rally for most risky asset classes and a significant reduction of 20-25 bps in the yield spread between the French OAT and German bund. When publishing its Q1 2017 earnings report, Crédit Suisse confirmed it would be launching a CHF 4 billion capital increase. This confirmation, well expected and positive for credit, put an end to any notion of a possible market placement via the bank's Swiss subsidiary. Crédit Suisse bonds reacted positively to this announcement. In contrast, Banco Popular's AT1 underperformed markedly in April, dropping around 10 bps. Following an internal audit, Banco Popular revealed to the market that its total capital ratio went from 13.14% as of December 31, 2016 to 11.85% as of March 31, 2017. Even more important, the margin of manoeuvre before an automatic coupon suspension narrowed from €1.1 billion to €200-300 million. The corporate reporting season kicked off on a very positive note for both the United States and Europe. For example, the Scandinavian banks, Santander, UBS and RBS all outperformed expectations, contributing to an equity and credit outperformance by financial issuers when compared with the rest of the market. Activity on the primary markets remained very modest, caught between the French elections and first results, as well as the black-out period. Only Santander and Erste issued an Additional Tier 1 bond. The fund posted a positive performance. The large weighting (28% of the portfolio) on French banks and insurance companies contributed to its excellent performance in April. Additional Tier 1 bonds from French banks gained 3-5 bps, and the subordinated bonds issued by French insurers rose by 2-3 bps over the month (with Axa's perpetual tightening 70 bps after the first round of the elections).

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Change in NAV

Chart – Base 100 (23/05/2017)
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

Performance D-EUR Cumulative Annualised
Since 01/01/2017 4.56 % 4.56 %
1 Year 8.55 % 8.55 %
3 Year 10.22 % 3.29 %
Since inception 50.11 % 8.77 %
Since 01/01/2017 1 Year 3 Year 5 year Since inception
Cumulative

4.56 %

8.55 %

10.22 %

50.11 %

Annualised

8.55 %

3.29 %

8.77 %



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
1 Year3 Year 1 Year3 Year 1 Year3 Year 1 Year3 Year 1 Year3 Year
Share class D-EUR3.86 %4.62 %3.21 %3.47 %0.56 %0.69 %1.45 %0.02 %1.90 %1.48 %
Benchmark1.82 %2.27 %
Max. monthly lossMax. monthly gainMax. drawdownAlphaBeta
Since inceptionSince inception1 Year3 Year 1 Year3 Year 1 Year3 Year
Share class D-EUR-2.98 %3.96 %-3.39 %-8.67 %0.07 %-0.09 %1.20 %1.40 %
Benchmark
Share class D-EUR
Benchmark
1 Year 3 Year 1 Year 3 Year
Volatility 3.86 % 4.62 % 1.82 % 2.27 %
Tracking Error 3.21 % 3.47 %
Sharpe ratio 1.90 % 1.48 %
Alpha 0.07 % -0.09 %
Correlation coefficient 0.56 % 0.69 %
Information ratio 1.45 % 0.02 %
Max. monthly loss -2.98 %
Max. monthly gain 3.96 %
Max. drawdown -3.39 % -8.67 %
Beta 1.20 % 1.40 %

Fund information

Inception Date (Fund)
10/03/2008
Inception Date (Part)
25/07/2012
Legal form
Mutual Fund
Benchmark
BofA Merrill Lynch Euro Financial
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Distribution
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
FR0011289966
AuM (fund)
1,467 M (EUR)
Regulatory authority
AMF
Management company
Edmond de Rothschild Asset Management (France)
Delegated Management Company
Edmond de Rothschild Asset Management (UK)
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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