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EdR Signatures Financial Bonds Corporate bonds

Corporate bonds
Change in NAV (17/08/2017)
101.61 EUR
Julien  de SAUSSURE–FR0013233707–
Julien de SAUSSURE
Benjamine NICKLAUS–FR0013233707–
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
101.61 EUR
Change in NAV (17/08/2017)
4
1234567
Risk and reward profile
> 3 years
Recommended holding period
Change in NAV (17/08/2017)
101.61 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 31/07/2017

The market fluctuated greatly in July, subject to the interventions of the ECB and the US Federal Reserve. ECB chief Mario Draghi's hawkish intervention at the end of June sparked a rise in sovereign yields and sharply widening spreads, aided by a disappointing auction of French 30-year bonds. However, at the Fed, Janet Yellen's rather accommodating speech in mid-July led to a turnaround on the markets. This spread tightening coupled with a dip in sovereign yields was subsequently extended during the second fortnight, fuelled by the Fed and ECB's statements (on July 20), both of which proved to be rather accommodating. Both institutions said they would leave their monetary policy unchanged for the moment. July saw a positive performance posted by the majority of subordinate financial securities on the market. The insurance sector outperformed during the month. Spreads tightened 35.5 bps on insurance perpetuals. Cocos also performed very well (up some +2.57% for those denominated in euros and +1.90% for those in dollars). The process of cleaning up the banking system in Europe was continued this month. In Italy, the European Commission accepted the Monte Paschi recapitalisation plan, deeming that the two necessary conditions were fulfilled: Solvency, and a formal commitment by the private investors to assume the bad debt portfolio. The recapitalisation comprises €5.4 billion in state aid, €4.3 billion in burden-sharing borne by shareholders and those with subordinated debt, AT1s converted into equity, and, lastly, €500 million from the disposal of various business. In Portugal, the European Commission has approved the sale of Novo Banco to the US's Lone Star Funds. However, the sale can only be made if the plan to optimise the liabilities, which are supposed to generate €500 million of Core Equity Tier 1, proves successful. RBS reached an agreement during the month with the FHFA regarding the issue of RMBS securities. Meanwhile, activity on the primary market was not particularly strong in July. Bankia issued its first AT1 bond (with 6% coupon) while Caixabank and NationWide floated Tier 2 subordinated bonds. The fund posted a positive performance for July, with Cocos and the insurance sectors contributing significantly to performance.

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Change in NAV

Chart – Base 100 (17/08/2017)
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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 SC-EUR Cumulative Annualised

Since inception

1.61 %

0.55 %

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

Share class (SC-EUR)

Benchmark

1.61 %

0.55 %

Annualised

Share class (SC-EUR)

Benchmark

*Rolling periods

Annual performance



Fund information

Inception Date (Fund)
10/03/2008
Inception Date (Part)
26/06/2017
Legal form
Mutual Fund
Benchmark
BofA Merrill Lynch Euro Financial
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
20000000.00 EUR
ISIN Code
FR0013233707
AuM (fund)
1,788 M (EUR)
Regulatory authority
AMF
EU Regulation
UCITS
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

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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