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 (17/04/2018)
118.00 USD
Julien  de SAUSSURE–FR0011882281–
Julien de SAUSSURE
Benjamine NICKLAUS–FR0011882281–
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
118.00 USD
Change in NAV (17/04/2018)
3
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (17/04/2018)
118.00 USD
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 29/03/2018

Early March saw the Italian election taking place. Initially a source of market concern, it saw spreads widening significantly, but then they tightened once it was over. This positive tone, however, lasted only a brief while, as the market came under severe technical pressure given a highly dynamic primary market and a widespread repricing trend across the entire capital structure. The multiple uncertainties surrounding the possibility of a trade war also impacted the financial markets. In addition, March also saw all segments underperforming. The insurance sector significantly so, with spreads widening 40 bps on perpetuals and Tier 2's posting a performance of -1.40% and -0.96%. In the same way, EUR and USD denominated CoCos recorded a negative performance at -0.91% and -1.12%. Note, too, the slightly negative result posted by Banking Tier 2's (-0.15%). HSH Nordbank announced its sale to a fund consortium which includes Cerberus and JC Flowers, for €1 billion. This sale includes the transfer of a non-performing loan portfolio to a securitisation vehicle held by the acquiring funds. The transaction, however, remains subject to the approval of its public shareholders as well as the European Commission and ECB, and is therefore only likely to be finalised in Q2 or even Q3. Axa has agreed to acquire 100% of the Bermuda-based insurer, XL Group, for approximately $15.3 billion in cash (representing an equity premium of around 33%). The transaction will be financed by $3.5 billion from its cash reserve, $6 billion from the planned IPO for its US operations, and $3 billion via a subordinated debt issue. Axa also issued Tier 2 bonds for €2 billion this month, with a 3.25% coupon. The primary market was highly active in March. Numerous senior subordinate issues were floated as well as Additional Tier 1's (AT1). The Spanish banks Santander, Caixabank and Ibercaja issued CoCo bonds for €1.5 billion, €1.25 billion and €350 million, respectively, with coupons of 4.75%, 5.25% and 7%. HSBC also issued CoCos in two tranches in the form of a non-call 5- and 10-year bond, with coupons of 6.25% and 6.50%, for a total of $4.15 billion. Meanwhile, AIB has made its first eligible MREL debt issue for €500 million with a 1.5% coupon.

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Change in NAV

Chart – Base 100 (17/04/2018)
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 BH-USD Cumulative Annualised
Since 01/01/2018

0.47 %

-0.17 %

0.47 %

-0.17 %

1 Year

8.91 %

1.94 %

8.81 %

1.92 %

3 Year

15.31 %

5.89 %

4.86 %

1.92 %

Since inception

17.95 %

10.71 %

4.38 %

2.68 %

Since 01/01/2018 1 Year 3 Year 5 year Since inception
Cumulative

Share class (BH-USD)

Benchmark

0.47 %

-0.17 %

8.91 %

1.94 %

15.31 %

5.89 %

17.95 %

10.71 %

Annualised

Share class (BH-USD)

Benchmark

8.81 %

1.92 %

4.86 %

1.92 %

4.38 %

2.68 %

*Rolling periods

Annual performance



Fund information

Inception Date (Fund)
10/03/2008
Inception Date (Part)
11/06/2014
Legal form
Mutual Fund
Benchmark
ICE BofAML Euro Financial
Currency (fund)
EUR
Currency (share class)
USD
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
FR0011882281
AuM (fund)
2,047 M (EUR)
Regulatory authority
AMF
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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