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EdR Start Defensive strategies

Defensive strategies
Change in NAV (18/08/2017)
552.11 EUR
Benjamin  MELMAN–FR0010459693–
Benjamin MELMAN
Eliezer BENZIMRA–FR0010459693–
Eliezer BENZIMRA
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
18 months
552.11 EUR
Change in NAV (18/08/2017)
2
1234567
Risk and reward profile
18 months
Recommended holding period
Change in NAV (18/08/2017)
552.11 EUR
Risk and reward profile
1234567
Recommended holding period
18 months
Benjamin MELMAN  
Eliezer BENZIMRA  
The identity of the managers presented in this document may change during the life of the product.
Contact

Investment objective

The UCITS' management strategy is discretionary and opportunistic. The UCITS takes positions on the bond and equity markets and on currencies. The UCITS' objective is to seek absolute performance, decorrelated over the recommended investment period, on the main international equity and bond markets. In the context of its management, the UCITS' target volatility may be up to a maximum of 3%.

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Commentary 31/07/2017

July saw the global bond markets becalmed. After ECB chief Mario Draghi's statements on the follow-up to QE, at the bank's meeting in July, he somewhat reassured the markets by providing evidence of the support necessary for the ECB in view of the low level of inflation. This was essentially the same reassuring speech that Janet Yellen gave at the Federal Reserve's FOMC meeting, reiterating that while inflation was below target this would not stop the Fed from launching a reduction in its balance sheet, which should start rather soon. Given this context, the 10-year US T-bond lost 1 bps in July, closing at 2.29%, while the 10-year German bund has evidenced some pressure this month. In this reassuring setting, peripheral bond and credit markets outperformed government bond markets. Peripheral indices as well as investment grade or high yield credit show gains from 0.5% to 1.2%. Likewise, emerging market bonds continued to post very good performances thanks to exceptional flows into this asset class, with year-to-date performance at 6.9%. It should be noted that the equity component found in convertible bonds suffered in July in the wake of European equity markets taken by surprise at the rise of the euro.

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Change in NAV

Chart – Base 100 (18/08/2017)
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 C-EUR Cumulative Annualised
Since 01/01/2017

0.52 %

-0.23 %

0.52 %

-0.23 %

1 Year

0.74 %

-0.36 %

0.74 %

-0.36 %

3 Year

2.89 %

-0.66 %

0.95 %

-0.22 %

5 year

4.64 %

-0.43 %

0.91 %

-0.09 %

Since inception

10.42 %

5.45 %

1.04 %

0.56 %

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

Share class (C-EUR)

Benchmark

0.52 %

-0.23 %

0.74 %

-0.36 %

2.89 %

-0.66 %

4.64 %

-0.43 %

10.42 %

5.45 %

Annualised

Share class (C-EUR)

Benchmark

0.74 %

-0.36 %

0.95 %

-0.22 %

0.91 %

-0.09 %

1.04 %

0.56 %

*Rolling periods

Annual performance



Statistics

VolatilityCorrelation coefficientMax. drawdownAlphaBeta
Share class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmarkShare class C-EURBenchmark
1 Year*0.51 %0.08 %-0.33 %
3 Year *1.09 %0.04 %-0.06 %-2.32 %0.04 %-1.48 %
Max. monthly gain Since inception0.83 %
Max. monthly loss Since inception-0.54 %
Share class C-EUR
Benchmark
1 Year* 3 Year * 1 Year* 3 Year *
Volatility 0.51 % 1.09 % 0.04 %
Tracking Error
Alpha 0.04 %
Correlation coefficient 0.08 % -0.06 %
Max. monthly loss -0.54 %
Max. monthly gain 0.83 %
Max. drawdown -0.33 % -2.32 %
Beta -1.48 %

Fund information

Inception Date (Fund)
14/05/2007
Inception Date (Part)
06/02/2008
Legal form
Mutual Fund
Benchmark
EONIA Capitalise (EUR)
Currency (fund)
EUR
Currency (share class)
EUR
Distribution Policy
Accumulation
Valuation frequency
Daily
ISIN Code
FR0010459693
AuM (fund)
574 M (EUR)
Regulatory authority
AMF
EU Regulation
UCITS
Management company
Edmond de Rothschild Asset Management (France)
Delegated Management Company
Edmond de Rothschild Asset Management (France)
Incorporation
France
Maximum management fee
0,700 %
Current management fee
0.700 %
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
15,000 %

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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