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EdR Financial Bonds Corporate bonds

Corporate bonds
Change in NAV (17/11/2017)
110.65 CHF
Julien  de SAUSSURE–FR0012749869–
Julien de SAUSSURE
Benjamine NICKLAUS–FR0012749869–
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
110.65 CHF
Change in NAV (17/11/2017)
3
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (17/11/2017)
110.65 CHF
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 31/10/2017

The market was up in October, with investors focusing on the new wave of quarterly earnings reports. Positive numbers on Europe and an encouraging outlook from the IMF on world growth were partly responsible for tighter spreads. But it was the rather dovish tone taken by the ECB at October's end, and S&P's upgrade to Italy's rating, that boosted it further. Meanwhile, uncertainties over Catalonian independence (with its referendum and declaration of independence on October 27) triggered a sell-off of Spanish paper. These underperformed repeatedly during the month, before finally taking off again at October's end (with the Spanish government's invocation of Article 155). October also saw a strong performance by CoCos, in euros, as well as insurance perpetuals (+3.61% and +2.82% respectively). At the same time, the Tier 2 banking and insurance segments (+1.16% and +2.29%) as well as Cocos in USD (+2.13%) also posted good performances. The quarterly results published to date have been generally positive, with banks benefiting from the current climate which favours them, namely with anticipation of rate hikes, positive growth and rising inflation. A number of financial institutions have, however, revealed that their restructuring still has a long way to go, among them Barclays and Deutsche Bank. The results of Novo Banco's measures to optimise its debt have been judged satisfactory, and the European Commission has accordingly approved the bank's sale to the US equity fund, Lone Star, and Portugal's rescue package. In Italy, Banca Carige has announced the preliminary results of its bond swap, which seems good enough for its debt optimisation transaction to be deemed successful. The primary market has been pretty active this month. Scotiabank issued an Additional Tier 1 (AT1) for $1.25 billion with a 4.65% coupon. ASR floated a Restricted Tier 1 (RT1), the first in euros, for €300 million, with a 4.625% coupon. And Tier 2 bonds have meanwhile been issued by Nationwide, Prudential and Credit Mutuel Arkea. The fund posted a positive performance for October, with the CoCos segment serving as a significant contributor, and to a lesser extent, the insurance sector, too.

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Change in NAV

Chart – Base 100 (17/11/2017)
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 CCHF H-CHF Cumulative Annualised
Since 01/01/2017

8.62 %

3.31 %

8.62 %

3.31 %

1 Year

10.08 %

3.98 %

10.08 %

3.98 %

Since inception

10.65 %

8.67 %

4.23 %

3.46 %

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

Share class (CCHF H-CHF)

Benchmark

8.62 %

3.31 %

10.08 %

3.98 %

10.65 %

8.67 %

Annualised

Share class (CCHF H-CHF)

Benchmark

10.08 %

3.98 %

4.23 %

3.46 %

*Rolling periods

Annual performance



Statistics

VolatilityTracking ErrorCorrelation coefficientInformation ratioSharpe ratio
Share class CCHF H-CHFBenchmarkShare class CCHF H-CHFBenchmarkShare class CCHF H-CHFBenchmarkShare class CCHF H-CHFBenchmarkShare class CCHF H-CHFBenchmark
1 Year*2.95 %1.73 %2.59 %0.49 %2.48 %2.39 %
3 Year *
Max. drawdownAlphaBeta
Share class CCHF H-CHFBenchmarkShare class CCHF H-CHFBenchmarkShare class CCHF H-CHFBenchmark
1 Year*-1.40 %0.13 %0.83 %
3 Year *
Max. monthly gain Since inception3.15 %
Max. monthly loss Since inception-3.00 %
Share class CCHF H-CHF
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 2.95 % 1.73 %
Tracking Error 2.59 %
Sharpe ratio 2.39 %
Alpha 0.13 %
Correlation coefficient 0.49 %
Information ratio 2.48 %
Max. monthly loss -3.00 %
Max. monthly gain 3.15 %
Max. drawdown -1.40 %
Beta 0.83 %

Fund information

Inception Date (Fund)
10/03/2008
Inception Date (Part)
09/06/2015
Legal form
Mutual Fund
Benchmark
BofA Merrill Lynch Euro Financial
Currency (fund)
EUR
Currency (share class)
CHF
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
FR0012749869
AuM (fund)
1,831 M (EUR)
Regulatory authority
AMF
EU Regulation
UCITS
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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