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EdR Signatures Financial Bonds Corporate bonds

Corporate bonds
Change in NAV (18/07/2017)
116.76 GBP
Julien  de SAUSSURE–FR0011771781–
Julien de SAUSSURE
Benjamine NICKLAUS–FR0011771781–
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
116.76 GBP
Change in NAV (18/07/2017)
4
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (18/07/2017)
116.76 GBP
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 30/06/2017

The first part of June featured a number of significant developments: resolution of the Banco Popular dilemma, the ECB's commentary, elections in Britain, and French parliamentary elections. Nevertheless, these events did not generate high volatility but a rise in optimism which resulted in narrower spreads. What's more, this continued through the second part of the month despite the issues around the Italian banks, Banca Veneto and Banco Popolare di Vicenza, and relatively volatile oil prices. However, by the month end we noted growing pressure on the credit sector, due to the rise in sovereign bonds. June saw the insurance sector outperforming, as spreads narrowed 31 bps on insurance perpetuals. Cocos denominated in both dollars and euros performed well, although the Coco index in euros suffered from the negative performance of Banco Popular's paper and by contagion from a number of other peripheral lines. The market reminded us of the risks surrounding situations specific to certain banks or insurers. The first significant example was Banco Popular, whose crisis was resolved by the Single Resolution Board on June 7. It was sold to Santander for a symbolic single euro, after imposing heavy losses on the shareholders and AT1 bondholders, and conversion of T2s. Then we saw the liquidation of two more banks, Banca Veneto and Banco Populare di Vicenza under Italian national banking regulations. They have been split into two separate entities: a ‘good' and a ‘bad' bank, with the good bank being taken over by Intesa for a symbolic €1. Meanwhile, activity on the primary market was not particularly strong in June. HSBC issued an AT1 bond for €1.25 billion with a 4.75% coupon. Caixabank and Raiffeisen Bank issued their first AT1s, at 6.75% coupon (€1 billion) and a 6.125% coupon (€650 million), respectively. In addition, the insurers, XL Group, and reinsurers, Swiss Ré, have issued subordinated debt for €500 million and $750 million respectively. The fund posted a positive performance in June, with the CoCos segment serving as a significant contributor (providing a 61% contribution for 44% exposure), and, to a lesser extent, the insurance sector.

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Change in NAV

Chart – Base 100 (18/07/2017)
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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 LH-GBP Cumulative Annualised
Since 01/01/2017

6.46 %

1.70 %

6.46 %

1.70 %

1 Year

10.35 %

2.13 %

10.35 %

2.13 %

3 Year

14.01 %

8.90 %

4.46 %

2.88 %

Since inception

16.76 %

11.83 %

4.76 %

3.42 %

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

Share class (LH-GBP)

Benchmark

6.46 %

1.70 %

10.35 %

2.13 %

14.01 %

8.90 %

16.76 %

11.83 %

Annualised

Share class (LH-GBP)

Benchmark

10.35 %

2.13 %

4.46 %

2.88 %

4.76 %

3.42 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class LH-GBPBenchmarkShare class LH-GBPBenchmarkShare class LH-GBPBenchmarkShare class LH-GBPBenchmarkShare class LH-GBPBenchmark
1 Year*3.07 %1.81 %2.58 %0.54 %3.30 %1.28 %
3 Year *4.68 %2.27 %3.56 %0.67 %0.38 %1.07 %
Max. drawdownAlphaBeta
Share class LH-GBPBenchmarkShare class LH-GBPBenchmarkShare class LH-GBPBenchmark
1 Year*-1.66 %0.16 %0.92 %
3 Year *-7.97 %0.03 %1.39 %
Max. monthly gain Since inception3.29 %
Max. monthly loss Since inception-2.95 %
Share class LH-GBP
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 3.07 % 4.68 % 1.81 % 2.27 %
Tracking Error 2.58 % 3.56 %
Sharpe ratio 1.28 % 1.07 %
Alpha 0.16 % 0.03 %
Correlation coefficient 0.54 % 0.67 %
Information ratio 3.30 % 0.38 %
Max. monthly loss -2.95 %
Max. monthly gain 3.29 %
Max. drawdown -1.66 % -7.97 %
Beta 0.92 % 1.39 %

Fund information

Inception Date (Fund)
10/03/2008
Inception Date (Part)
21/03/2014
Legal form
Mutual Fund
Benchmark
BofA Merrill Lynch Euro Financial
Currency (fund)
EUR
Currency (share class)
GBP
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
FR0011771781
AuM (fund)
1,663 M (EUR)
Regulatory authority
AMF
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
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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