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EdR Signatures Financial Bonds Corporate bonds

Corporate bonds
Change in NAV (21/09/2017)
118.68 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
118.68 GBP
Change in NAV (21/09/2017)
4
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (21/09/2017)
118.68 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 31/08/2017

The market was fairly calm in early August despite a decline in sovereign bonds (with disappointing figures from the United States, and the Bank of England keeping its rates unchanged). However, fears regarding North Korea subsequently sparked a round profit-taking. This contributed to spread-widening and a growing tide of sellers. Eventually, the sell-side pressure faded and the market experienced a technical rebound in mid-August after reassuring speeches from the United States and North Korea. This proved short-lived, however, and gave way to a light down-trend fed by persistent sell-side pressures, although investors had a wait-and-see attitude at the annual meeting of central bankers in Jackson Hole, generating a modest level of spread volatility. Cocos in EUR and USD (-0.16% and -0.06%) underperformed in August, as did insurance perpetuals, offset by a mildly positive performance in the Tier 2 banking and insurance segments (+0.32% and +0.20%). Corporations continued to publish their quarterly earnings in August. Against this backdrop of rising rate expectations, positive growth and rising inflation, most institutions have performed well, often beating the consensus. There were several developments in August intended to contribute towards a clean-up of the banking system. Banca Carige announced a plan to increase its solvency at the beginning of the month. This involves the sale of various businesses, buildings and a portfolio of non-performing loans in order to increase its own funds by approximately €200 million. In Portugal, Novo Banco, which has been working on a plan to optimise its liabilities, published the conditions on its proposed term deposits for senior debt-holders taking part in a discounted buy-back offer, in order to encourage participation in the transaction. Few primary issues were carried out during the month. Barclays issued an AT1 bond for £1.25 billion GDP with a 5.875% coupon, while UBS issued a senior bond in two tranches in USD, with fixed or floating coupons and a six-year maturity. After a poor start to the month, the fund closed August virtually unchanged, with CoCos making a slightly negative contribution for the month.

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Change in NAV

Chart – Base 100 (21/09/2017)
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 LH-GBP Cumulative Annualised
Since 01/01/2017

8.22 %

2.45 %

8.22 %

2.45 %

1 Year

9.92 %

2.11 %

9.92 %

2.11 %

3 Year

15.10 %

8.29 %

4.79 %

2.68 %

Since inception

18.68 %

12.65 %

5.00 %

3.46 %

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

Share class (LH-GBP)

Benchmark

8.22 %

2.45 %

9.92 %

2.11 %

15.10 %

8.29 %

18.68 %

12.65 %

Annualised

Share class (LH-GBP)

Benchmark

9.92 %

2.11 %

4.79 %

2.68 %

5.00 %

3.46 %

*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*3.22 %1.80 %2.73 %0.53 %2.53 %1.03 %
3 Year *4.75 %2.26 %3.55 %0.70 %0.54 %1.07 %
Max. drawdownAlphaBeta
Share class LH-GBPBenchmarkShare class LH-GBPBenchmarkShare class LH-GBPBenchmark
1 Year*-1.66 %0.13 %0.95 %
3 Year *-7.97 %0.05 %1.47 %
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 3.22 % 4.75 % 1.80 % 2.26 %
Tracking Error 2.73 % 3.55 %
Sharpe ratio 1.03 % 1.07 %
Alpha 0.13 % 0.05 %
Correlation coefficient 0.53 % 0.70 %
Information ratio 2.53 % 0.54 %
Max. monthly loss -2.95 %
Max. monthly gain 3.29 %
Max. drawdown -1.66 % -7.97 %
Beta 0.95 % 1.47 %

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)
1,680 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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